Your financial planning should change as you progress through the different stages of life and this may affect your investment planning, but your financial goals should determine your investment strategy. Life's major events — your first job, marriage, childbirth, divorce, disability and family deaths — are all key in financial planning. When these events occur, your plans should be reviewed. This is because your savings plans may be affected and your life and disability cover will probably need to be reviewed, says Bruce Fleming, a financial adviser with Old Mutual Private Wealth Management and the winner of the Financial Planning Institute's financial planner of the year award. However, you should have savings goals, both short- and long-term ones, and your investment strategy should be dictated by the return you require to meet that goal in the time horizon you have. If the strategy is one that exposes you to riskier assets such as shares, which will cause big ups and downs in yo...
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