Welcome to the Hellenic Financial Planners Association!
The Study of F.P.
«You can't manage what you can't control and you can't control what you can't measure»
Peter Drucker
A very important principle of the Financial Insurance planning method is the Analysis of the data and the Creation of a Personalized Study.
A software is an essential tool for a financial planner because it enables him after entering all the data, to test various scenarios in order to assess if in any case there is a risk. The goal is for the planning not to derail for the customer.
It is an extremely important process because it projects in the future every financial consequence in the life of the consumer, an element necessary for making the right financial decisions.
INABILITY
The graph above (Present Status – Longevity) shows the current financial situation of the client (blue = adequacy = the percentage of income that covers family expenses, yellow = surplus = the excess income left for saving) as well as the stability that this it will evolve in the future, based on its current data (income, health status, number of family members, etc.). On the right (Present situation – Disability) we see the financial consequences (red = deficit) that will occur in the customer’s financial situation, in case of his Permanent Incapacity for work during his productive age.
The study of financial planning helps us measure the financial consequence of a risk, red = deficit, in the specific case of a permanent incapacity for work, while the financial planner advises us what exactly we need to do to ensure the maintenance of income and quality of life we have already mastered, blue = proficiency. In any case, we can ensure that the family will continue to receive the money it needs without interruption.
DEATH
The graph above (Present Status – Longevity) shows the current financial situation of the client (blue = adequacy = the percentage of income that covers family expenses, yellow = surplus = the excess income left for saving) as well as the stability that will evolve in the future, based on its current data (income, health status, number of family members, etc.). On the right we observe how dramatically the income and, by extension, the standard of living of a family can change, from sufficiency = blue, to deficit = red, in case of loss of life of the one who produces the income.
The study of financial planning helps us to measure the financial consequence of a risk, red = shortfall, in the specific case of an unexpected death, while the financial planner advises us what exactly we need to do to ensure the maintenance of the income and quality of life that we have already mastered, blue = proficiency. In any case, we can ensure that the family will continue to receive the money it needs without interruption.
It is important to mention that, in a Financial Planning study, intersections such as retirement planning, loan repayment – inheritance taxes, children’s education and others can still be included.
The study prepared by the financial planner facilitates clients to understand, influence and shape their own financial future, through the knowledge it provides and the resulting solutions, for the different financial sectors of their lives, while subsequently and in cooperation with the financial planner they choose the solutions that correspond to their own data.
A few words about the HFPA's collaboration with the Dutch Figlo
The Dutch Figlo, a member of the American company Advicent Solutions, is the provider of the Financial Planning software for the HFPA. Figlo provides technological solutions in terms of Software, as a service, serving some of the largest financial organizations in the world, in the field of financial planning.
***All names and details do not correspond to real persons