The Financial Planning Process


What is Financial Planning?

Financial Planning is the process of us working together with you to assist you in meeting your short, medium and long term financial and lifestyle goals, following a comprehensive evaluation of your current and desired future financial position.

It is important for you to understand the financial planning process, the role of your adviser, what you can expect from us and also the role you will play in the process.

Our financial planning services may include the following:

Please click on the relevant heading for information about our services.

 

What is our financial planning process?

We adopt an eight step approach for the delivery of our financial planning services to you.  The eight steps are as follows:

  1. Defining the scope of engagement
  2. Collecting and assessing your information
  3. Determining your financial and lifestyle goals
  4. Analysing and evaluating your financial situation
  5. Developing your financial plan
  6. Presenting your financial plan
  7. Implementing your financial plan
  8. Reviewing and updating your financial plan

A short explanation of each step follows:

1.       Defining the scope of engagement

We will explain to you our approach to the financial planner/client relationship and discuss with you your expectations of this relationship.

Our financial planning services are able to be structured to provide advice on a comprehensive, limited or specialised basis.

In the event you approach us for limited or specialised advice, please understand our advice may not be appropriate for your overall situation.

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2.       Collecting and assessing your information

It is essential for us to collect information from you and to ensure all relevant issues have been considered and discussed.  This information is typically collected via our Confidential Client Data Collection Form.

Information we may ask you to provide includes:

  • Family relationships
  • Employment status
  • Financial and lifestyle goals
  • Current and future income requirements
  • Assets and liabilities
  • Insurance coverage
  • Attitude to risk
  • Taxation position
  • Social security entitlements
  • Estate planning arrangements

This information will provide us with a clear understanding of your current circumstances and is important as it provides the foundation for the development of your financial plan.

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3.       Determining your financial and lifestyle goals

We will work with you to formulate your short, medium and long term financial and lifestyle goals.  Taking the time to consider your goals is fundamental in the development of your financial plan.

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4.       Analysing and evaluating your financial situation

We will analyse the information collected in conjunction with your financial and lifestyle goals.

This step also involves us conducting a risk tolerance analysis, to assist where designing an appropriate investment strategy is required.

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5.      Developing your financial plan

We will develop strategies appropriate to your specific circumstances and goals, which may include recommendations relating to various financial strategies, investment products and services.

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6.       Presenting your financial plan

The written financial plan will then be presented to you.

We encourage you to take the time to review your financial plan and contact us with any queries.

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7.       Implementing your financial plan

Once you are comfortable with your financial plan, the implementation of the agreed upon recommendations will take place.

We will assist and guide you through the implementation process.

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8.       Reviewing and updating your financial plan

The ongoing review and monitoring of your financial plan is imperative in ensuring your financial plan remains appropriate and relevant, given that your financial and lifestyle situation and goals may change over time.

The review process enables us to revise your financial plan and make any necessary adjustments, in consultation with you.

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If you would like more information or would like to discuss how we can help you, please contact us.