Reviews and Ratings for Financial adviser Chris Wheatman, Lancaster

How to plan

How to construct your financial plan….

First, let’s just have a brief recap of blogs 1 and 2:

1 – ….change of plan….

  • The pandemic has meant a change of plan for many of us – so what to do and how to adapt?
  • Question: do you have a financial plan, or know what such planning involves?

2 – ….’fail to plan; plan to fail’….

  • We looked at the specifics of a plan such as the tremendous engineering feat of Panama – which, by the way, was the answer to the question: “a man, a plan, a canal, panama”

This blog looks at how to make your plan.

The end of the last blog gives the clue – start at the end and work backwards. So, for instance, you might have a simple, straightforward financial plan stating: “I’m aiming to retire at 60, in 10 years’ time, with no debts and a net income of £25,000 per annum (in today’s money), indexed with inflation @2.5%”

So, start at the end and work backwards to the beginning – what do you have to do in order to achieve the above?

We now have the numbers, but how do we put this plan together? There’s a very useful acronym which will help you with this, as all plans should be S.M.A.R.T:

  • Specific – age 60, in 10 years, income 25k, inflation 2.5%
  • Measurable – with the assistance of a detailed cash-flow modelling programme, we measure our clients’ programmes every 6 months to make sure they’re still on-track
  • Attainable – push the boundaries too far and the motivation can drop off (‘I will never get there!’) – when we get beyond Covid-19, will your plan still float?
  • Relevant – retirement probably represents the most common financial plan – so, yes, very relevant
  • Time-bound – 10yrs., then a forecasted lifespan thereafter – say, age 90

So there’s the thing: does your plan meet all the above criteria?

Or does it just read: “I wish to be comfortable when I eventually retire”?

Or, as yet, is there no financial plan at all??????

Get in touch and let’s chat – 0113 2687928 or email at



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