Financial Planning Process
Step 1: Establishing and Defining Client-Adviser Relationship
We will clearly explain or document the services to be provided to you and define both our and your responsibilities. We will explain the process that we will follow, find out your needs and make sure they can meet them. Please ask us about our background, how we work and how we charge.
Step 2: Gathering of Qualitative and Quantitative Information
We work with you to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.
We will consider your current situation – your assets and liabilities, income, expenses, estate planning and insurances, together with your investment experiences, age and your risk profile (this will be determined as part of a fact-finding process). Click here to see a sample risk profile.
Step 3: In-depth Analysis
We will analyse the information gathered, subject to the scope of the engagement, to gain an understanding of your complete financial situation. We will assess the strengths and weaknesses of your current financial situation and compare them to your objectives, needs and priorities.
Step 4: Developing and Presenting Recommendations
We will consider one or more strategies relevant to your current situation that will meet your objectives, needs and priorities. We’ll develop and present the financial planning recommendations based on the selected strategies, and the supporting rationale in a way that allows you to make an informed decision.
Step 5: Financial Plan Implementation
Once you’re ready to go ahead, we will work with you to implement your financial plan.This may involve opening an investment account, consolidating your superannuation accounts, applying for risk insurance etc.
Step 6: Ongoing Monitoring
This process is ongoing, and we will regularly monitor and re-evaluate your financial plan. As our relationship grows and your circumstances and needs change, we will make the necessary amendments to your financial plan. Every effort is made to ensure that you stay on track to meet your objectives as discussed in the initial stages of the plan.