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Concept of Financial Planning |
Financial Planning is about helping you with the process of meeting your life goals by making the most of your finances. You may be wanting to buy a home, fund for your children's education, plan for retirement, or manage debt. Financial Planners [also known as Financial Advisers] are professionals who have the qualifications, skills and experience to assist you in this process.
The six steps of the Financial Planning process are:
Step 1 - Preparing your financial information
During the initial meeting with your financial planner you will discuss your current financial situation. The financial planner will gather this information in a fact find or financial needs analysis document. You will discuss details such as your income, debt level, assets and other commitments.Step 2 - Identify your goals
This step assists you to identify your goals and assist the financial planner to prepare appropriate strategies to help you meet those goals.Step 3 - Develop a strategy
Your planner will be able to identify any financial issues - or deficiencies - between where you are now financially and where you want to be.Step 4 - Prepare appropriate advice
Your financial planner will meet with you again and provide you with detailed recommendations designed to assist you achieve your long-term goals. You will be provided with supporting documentation for the recommendations. These recommendations will also address your attitude to risk.Step 5 - Implement your Financial Plan
When you have considered the advice prepared for you, and you are completely satisfied with your financial planners recommendations, we are ready to implement your financial plan. This may involve completion of some documentation such as investment application forms, life insurance application forms or superannuation rollover forms.Step 6 - Reviewing your needs
This step is ongoing and will help to ensure that your financial plan stays up to date and relevant to the economic conditions at the time, and your changing lifestyle. Your financial planner may discuss these changing circumstances with you, and will provide you with updates on your portfolio. You can advise us how often you would like your financial plan to be reviewed, but generally we would review your financial plan at least annually. You can contact us at any time if your circumstances change and you need to review your financial plan immediately.