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What is a Financial Needs Analysis?

December 7th, 2009 | By: Andrew Molobetsi, Accredited Financial Adviser

Just in case you didn't know, your financial program will never be complete until you ask your financial adviser or financial planner to first conduct a comprehensive Financial Needs Analysis of your financial situation.

What is a Financial Needs Analysis?

FNA is your road map to financial goal success!  


Simply put, a Financial Needs Analysis is a document that forms part of your financial planning program. A FNA helps you see a bigger picture of your current financial situation, including problems, if any, that you may be having, from outside of the box. It helps you understand your current financial position compared to how you would like it to become in the next five, ten or fifteen years from now.

A FNA also takes into consideration your current position regarding, among others things, your assets and liabilities, income and expense budget, investments, cash savings, available spendable cash, your current financial security and protection, provision for retirement, provision for accidents and disability, provision for funeral expenses, provision for emergency expenses, and much more!

In some countries, including South Africa, for instance, legislation has been put in place which forbids financial providers and their intermediaries from providing customers with financial products such as life insurance, without evidence of a completed financial needs analysis document.

In other words, a financial needs analysis protects you from receiving financial advice which doesn't make sense to you, or investing in financial products which do not add value to your future financial goals. 

To arrange for your own financial needs analysis, contact Andrew Molobetsi!
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