Jargon buster - What is a Financial Plan?

The word "Financial Plan" is an overused and confusing term.
 
What's included in your plan depends what stage of life you are at, and what your priorities are.
 
I'm in the process of working on a way to visualise the components of a financial plan, there are many I am yet to include.
 
So what exactly is a financial plan then?
 
Think of it like a menu at your favourite restaurant, the chief could cook many things, but they usually have a set menu they specialise in, for example I wouldn't order a cheese burger at my local Indian restaurant.
 
Similarly, some advisers offer more structured plans, while others provide the flexibility to mix and match services.
 
The financial plan is then the combination of input from you and your adviser to identify the areas of your financial life that need refinement, direction, or improvement.

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The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.