Buy Financial Plan Discussion Solutions

Buy Financial Plan Discussion Solutions
Description
Formulate a simple financial plan for your clients shown in the case below. Address their concerns and recommend suitable strategies that will meet their needs. Make appropriate assumptions if necessary and address your concerns or limitations, if any. Use point form to highlight your recommended strategies and give a brief summary at the end.
Circumstances
Ben and Alison, both aged 38, have been busy raising a young family while balancing their careers, family, and social demands. They recently moved into their second home which can easily accommodate a growing family. Their three children are currently 8, 5, and 2 years old. Ben and Alison do not have much spare time and their personal finances are often neglected. Recently they have decided to get their finances in order. They are concerned they may not be on track to reach all of their goals. They are motivated to take action on several items. Two immediate priorities are planning for their estate and planning for their children’s upcoming college education. They are interested in developing a written financial plan to clarify the areas of deficiency and monitor future progress toward goals like education and retirement.
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They have many future goals which include:
– Paying 75% of three children’s college education
– Retiring at age 60 with their current lifestyle
– Ensure their pension money is properly invested
– Develop and monitor a written financial plan
– Prepare for the event of incapacity and/or death
– Pay off several short –term debts
The Numbers
Ben works as design engineer at a medical device company, and Alison works in IT at a local consulting firm. Their combined household income is USD175,000 a year. Both Ben and Alison have access to standard employee benefit packages including health insurance, disability insurance, life insurance, and pension. Given their lifestyle they have the ability to save USD2,200 per month. Assume both clients live and pay taxes in Hong Kong.
Net Worth Statement for Ben