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Financial Planning and Wealth Management

John Tran
May 5, 2022
what is financial planning by unicorn financial services

Financial planning and wealth management are important aspects of your personal finance. Why?

All aspects of your financial life such as risk management, retirement planning, investing, and saving, should be included in a detailed financial plan. This plan will should take account your personal goals and objectives. So in order to create long-term financial security, we will help you to have a good understanding of financial planning and wealth management.

What is Financial Planning?

Financial planning is the process of setting goals, analyzing your current financial situation, and developing a plan to help you meet your goals. It is a process in which you must assess your financial capability in order to achieve financial stability.

The goal of financial planning is to help you use your money in a way that will allow you to achieve your financial goals and make smart decisions that will help you to be successful.

Importance of Financial Planning

Financial planning can help you to determine what you want to achieve both in the short-term and long-term. This process of goal setting allows you to develop a roadmap for your financial future.  

Here are the 5 major benefits of financial planning that will help you realize how important it is:

  1. Financial Security. Everyone wants to live a life where they are financially secured. Are you one of those people?
    If so, then you should start your financial planning now; since financial planning can help you secure enough money for your future and your family. Having a good financial plan will help you track your expenses and prioritize your needs over wants.
  2. Improved your standard of living. A financial plan doesn’t only help you to save money, it can also help you to use your money wisely and grow your money through the right investment tools. Having knowledge and understanding of financial planning can help you to invest your money in a trusted company, and might also help you to build a business for yourself. It’s a dream come true right?
  3. Preparation for Emergencies. Unexpected accidents or events can happen and we cannot even predict when they will happen. So, what will happen if you don’t have enough money?
    The worst-case scenario may occur, however, if you have stable financial standing you will be able to fund your emergency needs without borrowing money or taking out extra loans. Executing a financial plan means you need to save a specific amount of money for emergency use.
  4. Achieving Financial Goals. It’s exciting to think of finally achieving your financial goals! Without a financial plan, your dream won’t become reality, that is why you need to set in stone how much money you should save every month to achieve your goals.

You can set your goal according to what age you want to achieve it and how much money you need to save for your need. In this way, you can make smart decisions and know how you will prioritize your money.

Asset Protection

Asset protection by Unicorn Financial Services

It can take a lifetime to build up your money and asset foundation, yet it only takes a split second for it to be snatched away. Asset protection is the process of safeguarding your assets from seizure by creditors. Typically, it entails creating formal legal frameworks, like trusts, to retain your assets so that they are not held in your name directly. In the event that you are sued or experience other financial issues, this may make it more challenging for creditors to seize your possessions.

There are many different asset protection strategies that can be used and the best approach will vary depending on your individual circumstances. However, some common method is transferring your assets to your partner in the form of trust. Here are the other types of trusts:

  • Discretionary Trusts
  • Unit Trusts
  • Hybrid Trusts
  • Family Trusts
  • Testamentary Trusts

Asset protection is an essential part of your financial planning and is not just for the wealthy or people without enterprises because it may help you protect your precious items from threats like lawsuits, creditors, and other obligations.

Retirement Planning

Retirement Planning by Unicorn Financial Services

Planning for retirement is crucial because it ensures that you will have enough money to support yourself in retirement. You can have financial difficulties if you don't have a retirement plan. You can preserve your existing way of life by planning for retirement. If you don't develop a retirement plan, though, you can be forced to make unsettling lifestyle choices. Never forget that retirement planning can prevent you from needing financial assistance from others.

Maybe you are still young or you haven’t thought about the future yet, but retirement planning can help you take advantage of opportunities to enjoy your golden years. By planning for retirement, you can ensure that you'll have the resources you need to do the things you want to do after retiring.


The majority of people are fairly clear on their financial goals ye t not everyone has a clear strategy in place to make those objectives a reality. That's why p lanning your finances and managing your wealth can help with this since it assists you in devising the most effective tactics for achieving those objectives and in putting them into action.

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