Pretty much everybody who’s in business has somewhere down the line conducted a SWOT analysis on that business, or probably has at least heard of it. For the uninitiated, as one authority puts it, ‘’The understanding of your position and planning for the future are keys to your success. A time-tested tool that can help you do this is a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and it offers a detailed yet straightforward way to assess your business, internally and externally.’’

As someone who is working with a financial Advisor to create a Wealth profile, you may be well aware then of the same need to plan for your financial future and this means from time to time analysing the threats we are facing, the strengths of our portfolio and its weaknesses – and ultimately seeking and implementing opportunities to ensure that the portfolio we have is diverse and holistic.

The threats

Let’s face it, we are constantly facing financial threats in a world that is dealing with a global energy crisis and a war, and living in a country that, particularly in current times, has an ever-weakening rand. We also face political uncertainty and threats of a mafia state, so it may just be prudent to talk to your Financial Advisor about various available offshore opportunities, depending of course on your personal view of the future.

The strengths

Analysing your portfolio strengths should include ensuring that you are covered in all the important areas of day-to-day living, protection against the unexpected and sufficient projections for future retirement and wealth accumulation. This is what we are alluding to when we talk about a holistic approach.

Do you have financial cushions that cover you for everyday expenses and those continual ‘extras’’ that plague your budget? This would include having a good available nest egg investment like some of the available unit trusts which can be drawn on quickly. Is your portfolio giving you the best possible retirement option, whilst utilising tax-saving vehicles like Retirement Annuities?

The weaknesses

Are you well equipped to face the unexpected, medically, financially and job-wise? Critical illness can strike at any time. Does your portfolio include protection like Critical illness cover and income protection to ensure that if the worst happens you are not compromised financially?

Is your family covered if, in the case of critical illness or a fatal accident, you are no longer around? Some people fail to have a Will or any Estate planning or to include the cheapest and most effective cover of all – Life cover!

The opportunities

Fortunately, for every potential threat or weakness that may be discovered when conducting a financial SWOT analysis, there will always be opportunities to rectify them and this is where Hereford Group Financial Advisors come into their own.

Understanding that every individual or business faces a unique set of challenges we constantly analyse your portfolio and can suggest where your weaknesses can become your strengths and how to minimalise threats by recognising the right opportunities.

Get our experience on your side

Contact us today to find out more and to benefit from our 30 years of extraordinary success and growth which we attribute to a combination of astute financial creation, management and preservation – and a passion for facilitating individual wealth and financial freedom!