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Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield™ FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

    What areas of financial planning are you looking for advice on?

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield™ FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

What Is A Financial Plan and Why Do You Need One?

What is a financial plan and why do you need one?

It is often misunderstood what a Financial Plan is and how working with a Financial Planner can assist you.

People typically associate Financial Planning with things like investing, insurance and super advice. While these are part of what a Financial Planner offers, it’s important to understand that the plan that we create and tailor for you is where the true value lies.

Why Is Personal Financial Planning So Important?

While a financial plan is important to provide you with figures and strategies, it is more than the tangible items taken away from it. There is an intangible benefit that a financial plan provides you, which is the ‘peace of mind’ that you are in a secure position and are able to achieve your goals. A financial plan provides clarity and empowerment to help your financial decisions moving forward, which ultimately eases any worries you may have about the future. 

Below are some reasons why you might want to contact a financial planner today:

What Kind Of People Use Financial Planners?

Financial planning is not limited to one group of people. Regardless of your understanding of finance, dealing with the world of investment, debt markets and financial regulations can be difficult for even those that have a good understanding of money and the financial industry.

Finance is a constantly evolving field that requires proper analysis to work towards the best outcome possible, which for Yield, is achieving your goals that we discuss in detail together. In many ways, dismissing the service of a financial planner as a luxury you don’t really need, can be an excuse to put off what may seem scary or overwhelming.

A financial plan is a crucial tool to analyse your financial situation, and thus provide projections that can assist you in nurturing your future and a healthy financial outlook.

A finance professional will help create a realistic plan with innovative strategies that will allow you to reach your desired goals throughout all stages of life. 

How Do Financial Planning Meetings Work?

There is no universal approach to financial planning. Every professional planner should have a thorough understanding of your goals and needs. These may include:

  • Establishing and understanding of what you expect from the collaboration 
  • Establishing what you value and what your financial goals are
  • A thorough assessment of your finances
  • Preparing and implementing a financial plan
  • Undertaking regular reviews of your plan

what is a financial plan

Financial Planning Advice For Different Life Stages

Your financial priorities tend to shift throughout different life stages and circumstances. Below are some of the ways we are able to help you across all different age brackets:

Young Adult To Early Middle Age:

Early years of adulthood can be the foundation to lay out your path for the future and make decisions about your goals in life. Financial planners can aid you in planning for events such as buying your first home, setting up a business, getting married, having kids, or even travelling the world.

Middle Age:

By this period of time, you are likely to want to leverage off the position you are in, while protecting the lifestyle you have built for yourself, as well as those that may be dependent on you. Many people change gears in this phase, going from a growth phase to harvesting what they have been accumulating for their retirement. 

New considerations like children, spouses and multiple sources of income can complicate things. In this case, financial planners may be able to help with tax management, inheritance considerations, income protection and life insurance, investments and planning for retirement.

Transitioning To Retirement:

If you are on the cusp of retirement, you have a great deal to think about financially. 

We are, in general, living longer and that means longer retirement. As you switch from earning a salary to relying on a pension or savings, financial planners can help with exiting a business, eliminating debt, healthcare concerns, helping the children of their clients, and the setting up of wills and trusts.


Retirement represents a great opportunity to indulge in pursuits that you never had the time for before.

Financial planners can help make retirement as stress-free and enjoyable as possible by planning for capital preservation, estate planning, healthcare plans, asset protection, travel funds, and the mitigation of inheritance tax.

Retirement may be the last stage of your financial life, but that doesn’t mean you can just set your finances on cruise control. Careful planning can actually increase your net worth while also helping preserve it well into retirement.

what is a financial plan

Should I Consider Planning Out My Own Financial Future With A Financial Planning Expert?

Ultimately, financial planning is about easing worries you may have about the future and taking control of your money in a way that allows you to live comfortably now, and also have a comfortable transition for retirement with a range of strategies in place. 

While many people believe they are capable of planning their own financial future, it can be extremely difficult to achieve financial security on your own. A financial planner is trained to develop the most optimal monetary health and is the best way to secure your long-term financial health for every stage of life. 

Before you choose to try and do it yourself, make an appointment with a financial planner, and see how you feel at the end of it. After all, you can’t put a price on peace of mind and increased financial security through having a defined plan to achieve your goals with measurable progress as you move along. 

Yield Financial Planning Is Here To Help

If you’re looking for a professional to start your financial journey, please visit our Contact Us page to start the conversation. At Yield we’re here to answer your questions.

Important Note
Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.

About Yield™ - Financial Planner Melbourne

Who we serve – We help time poor professionals and business owners who intuitively know they should be doing more to improve their financial position and are seeking an expert to guide them on financial planning strategies. Our clients want personalised financial planning advice and to feel empowered and confident that they can achieve a secure transition to retirement.

What we do – We gain a deep understanding of your current financial position and preferences, what you value and want to achieve. We then help you develop a highly personalised financial plan, to show you how to make your money work harder for you. Ongoing we regularly monitor and measure progress against your plan projections, to show you how you’re tracking and help you manage change to your advantage.

How we do it – We apply our proven expertise in investment markets (Shares & Property), Tax and Debt structuring, Retirement Planning, Risk management and Estate planning, to help you reorganise the way you use your money to achieve your desired outcomes.

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