The Financial Planning Process... How does it Work?

Transcription

1 The Financial Planning Process... How does it Work? It is important throughout the advice process that we gather all relevant information about you and your current financial situation. This will enable us to provide advice appropriate to your individual needs, not only for today but also into the future. Before the first appointment you will Receive Blue Cube Financial Planning s business kit, and appointment confirmation letter. At the first appointment you can expect The first meeting will be at no charge to you, we will discuss how we can assist you. Unless you require specific limited advice where an agreed fee will be charged. An explanation of our advice process and the role of a financial planner. A discovery process around what is really important to you and your finances. An explanation of the resources available internally through the team of planners and support staff and externally through the research, technical and administration support of our GWM Adviser Services, who trade as Garvan Financial Planning. To receive advice that is relevant to you and the options available. To be advised of the fee structure under which we operate and your available choices, based upon on the complexity of your situation and the level of ongoing contact that you need. To receive up to date communication and our commitment for work to be undertaken prior to our next meeting or agreement that no further action is appropriate. After the first appointment we will Consider your situation in detail and outline to you strategies and options to guide you for the future. Research the various options and strategies available to you in detail. Prepare a discussion paper addressing the issues for our next meeting. Page 1

2 At the second appointment we will Confirm our understanding of what is important to you. Discuss the relevant options available to you. Present the strategy paper prepared for you, outlining how different strategies can relate to your situation, and how they can impact tomorrow s lifestyle. Fine tune and finally agree on the appropriate strategies and advice for you. Confirm the fee of our initial and ongoing advice and service. After we are agreed on the right direction for your individual needs we will prepare a Statement of Advice Quality advice and recommendations across all planning processes that help you achieve the lifestyle you want, today and tomorrow. Provide written advice and comments for you to consider. Enable you to formally authorise us to implement the recommendations we have provided for you. Once you have authorised us to proceed we can Project manage the implementation of your advice, and action the recommendations that we have agreed upon. Assist in the completion of relevant paperwork. Maintain contact with relevant financial institutions, Centrelink or Fund Mangers to ensure that your actions are implemented as desired. Set out a timeline for future contact to undertake regular reviews. Confirm what types of communication you will receive from us. Introduce you to Monika, who handles all our client services, and can assist you with any enquiries, or make appointments for you. Page 2

3 Ongoing Services Project management of your affairs Once established as a client you can expect to be supported by our team. You will have access to our business as required. Any member of the team can assist in your enquiry these will always be discussed with your financial planner before taking any action. Our services to you will include Newsletters from both ourselves and fund managers to keep you informed of relevant changes that may affect you. Invitation to participate in our seminar program involving high profile speakers on topical industry subjects Referral services to other professionals that may be specific to your needs, such as solicitors, lending authorities and general insurance brokers. Access to your investments through our own website which will also include regular updates on topical issues Maintenance of your personal client file in our office that will be an up to date record of our dealings with you. Benefit from the vast behind-the-scenes support provided through our GWM Adviser Services T/A Garvan Financial Planning. The Review Process As your situation may change at any time, we are available to address all issues and provide appropriate advice. This may involve revisiting your existing goals and strategies to gather appropriate research and provide relevant advice on the following matters 1. DEBT - management of debts should be under constant review 2. TAX - understanding its impact and the importance of planning 3. RETIREMENT - a complex area that should be under regular advice 4. INVESTMENTS - strategies to achieve your lifestyle goals 5. CASHFLOW - having a budget is crucial to assist you to make decisions 6. ESTATE PLANNING - is more than simply making a will Page 3

4 7. INSURANCE - advice on what is needed and why 8. PROJECT MANAGEMENT - overall Advice, Strategy and Service are the keys 9. GROWING THE BALANCE SHEET - assessing your total financial position Our Financial Health Check is undertaken annually where required, and we will sit down face to face and address the following issues the implications of many of these will be considered by us prior to your review meeting. Without limiting the general nature of the review, the following issues can also be addressed should they apply to you: Changes in your personal circumstances Income and spending needs Reconsider objectives Revisit timeframes to retirement etc Assess performance of investments Examine risk and overall asset allocation Taxation issues and opportunities Superannuation contributions and income streams Legislative changes and their impact Review current debt levels Ensure appropriate insurance cover is in place (health, personal) Estate planning Inter generational planning Review current strategies Centrelink implications Amend recommendations where required Review other appropriate reports Consider ongoing service requirements Implement any changes and fees Discuss the year ahead and significant milestones etc Any other issues you feel important that we may be able to assist you with. Page 4

5 Written confirmation of all advice and changes will be provided where required. As mentioned, many situations may arise where action is required immediately rather than waiting for an annual review, this service is also available to you on an as needed basis. Page 5