So protecting your assets is incredibly important. Imagine this: you’ve worked all of your life to save a deposit for a house. You find the perfect place you move in you’re so excited about it and somebody’s got to insure it. If the house burned down then all of the dreams end up in ashes with it. Finances are a bit like that as well. We earn money and we want that money to provide us with a lifestyle. If we hadn’t protected our wealth and the lifestyle drops back if something untoward or unforeseen happened. So we want to make sure that the unforeseen is covered.
The best thing that you can invest in is yourself. Your knowledge and understanding of finance then enables you to make great financial decisions. Other than that whether it’s property or shares or fixed interest or a specific business or an investment property is irrelevant. It depends on what you want to do longer term and how each of those fit in with getting your objectives. That’s part of what we deal with in the planning process.
Advice is needed now. If you aren’t already well on track to getting everything that you desire financially you need advice right now or if something major has changed in your life. Divorce, children, change of job, new home – any major change that’s happened that’s when advice is really valuable.
So how does your advice get implemented? That depends. The plan is a standalone document and people can go off and implement that themselves. Most of my clients however are really busy in their lives and want to spend up time with their family so they choose to have us implement that for them whichever you choose will be fine.
To prepare for the first appointment you actually don’t need to bring anything except an answer to this one question. What do I want from a great financial planner? In saying that however it’s really useful to start to get your financial information together. Start getting bank accounts, superannuation accounts, all of your credit card statements and things like that together. Because what that does it starts to prepare you for making some changes. Will send out a welcome pack but consider this. Just gathering all of your financial documents together in one place start good sprinkling.
So the financial planning process looks like this No.1) book an insight session. In that session we actually go deep to find out what it is you really want and do we need financial advice on the strategy and tactics or do we want mindset advice. Either is fine. No.2) We Then start to work with you more deeply and collect the data about what you have, what’s missing and start to create a gap analysis. No. 3) We’re checking with you along the way as as we explore this information we need to ask a bucket load more questions about this option versus that option versus the other option. And No. 4) We then come back and we present that advice to you and make sure that you fully understand it. The 5th part of that is you deciding that you want us to implement for you so that the process is as easy as it possibly could be. And No. 6) Is that you then say we want you to look at this each year and make sure that we’re on track not just for now but for next year the year after the year after that and make sure that you’re going to achieve those goals over the long term.
The advice is provided by me. What I do is overlook every strategy every part of the planned production and also we have really competent staff members who get involved with producing the documents. But every single document that leaves here with advice on it is actually approved by me.
The topics that are covered in a great financial plan are dependent on what the client actually wants and that can range from great cashflow management how to get my cashflow under control. It can be financial planning for retirement. It can be tax effectiveness how do I pay less tax how to protect wealth. It can be how do I invest in something? Should I invest in shares or property? That’s the scope and spectrum of a plan should meet what it is each client actually wants to see in the plan and then should meet anything that the planner thinks is really relevant that might assist them or prevent them from achieving the goals that they’ve got.
Financial planning is part of understanding a client’s goals and then setting up a step by step plan to ensure with as much certainty as possible they achieve them.