Meeting with a Financial Planner is both exciting and daunting. We understand that the idea of talking about your financial goals for the next 40-50 years may seem like a big task!
That’s why your Great Financial Planner will explain the process with you and provide a clear understanding of how we’ll build a relationship with you over time, while fitting into your busy lifestyle. Our unique service even offers home consultations at a time to suit you – in the evening or on the weekend.
Each situation is unique, so your personal financial planning journey will be unique, but in broad terms the process is:
Complimentary Initial Meeting
This is a fairly brief (30-40 minute) meeting at our expense where we will introduce ourselves and get to know you. The aim is to:
- Understand your situation
The key to creating a successful Financial Plan is understanding your personal situation, which stage of life you’re at right now, and you expectations, preferences and risk tolerance. Full disclosure of your current financial position, including income and expenses, along with any superannuation and insurances, will be needed to build a clear picture and set the foundations for your strategy. Your initial first meeting is at our cost. By the end of that meeting we will have decided if our financial planning service can help you achieve your goals, and if we are a good ‘fit’.
- Understand any risks
Examining any potential risks involved with your personal situation is not a bad thing. It’s important to consider everything that may affect you and how, and knowing the risks you face allows you to work with your Financial Planner to help manage and eliminate them as you progress on your journey. Your plan needs to address these ‘what if’ questions.
- Understand your goals and objectives
No matter your current situation, we understand that you will always have goals you want to achieve. So we’ll work with you to identify your short term needs and priorities, but we’ll also consider your long term goals. Having a complete picture creates the base for your initial plan, and fits it within a framework for your longer term strategies.
- Describe our services and costs
We will go through the Financial Services Guide (FSG) and answer any questions you may have. The costs for providing a Statement of Advice, implementation costs, and the options for ongoing advice will be discussed. If you decide to engage our services to develop and investment strategy and produce a Statement of Advice, a Letter of Engagement will be signed. The cost of your Statement of Advice (SOA) will depend on the complexity of your situation and goals, and the estimated amount of work required. The relevant SOA fee will be determined and written into your Letter of Engagement. You should take the time to read and consider before signing and returning it to us. There is no rush to decide and we are here to further answer any questions or queries you may have. You will be provided with a Financial Needs Analysis workbook to complete. We will schedule the second meeting to commence detailed work once your signed client service agreement is received.
During our second meeting (usually 2-3 hours) we will answer any questions you have about the financial planning process, and go through your Financial Needs Analysis in detail to ensure we have a complete picture of your financial situation. You will sign an Authority for us to obtain details of any existing superannuation, insurance and investment products that you have. We will have more detailed discussions of your goals and aspirations, and utilise a Risk Profiling Tool and interview to determine your risk tolerance – this is a vital piece of information required to ensure your asset allocations are appropriate to you, and will let you sleep soundly at night. We will also discuss various financial strategies with you in general terms, as input for tailoring a financial plan that is completely in tune with you.
Formulating your Financial Plan
Your Financial Planner will then investigate a range of options and prepare your Statement of Advice, which is your initial financial plan. This plan outlines the recommended strategies and solutions specific to your situation and goals. This will usually take between two and three weeks to prepare.
When the draft SOA is ready we will arrange a meeting where we:
Present your Statement of Advice
This means taking you step by step through the recommendations, answering any questions you may have, and ensuring that you have a clear understanding of the plan as a whole. If we recommend specific products, we’ll also provide you with supporting documentation and full product details. If you require any changes this will be recorded on the SoA and signed off by both of us.
In this appointment, you’ll confirm if you are happy to have the financial advice implemented, and to work alongside your Great Financial Planner to achieve the goals outlined in the Statement of Advice.
Once you confirm that you’re happy with your plan and agree to commence the relationship with your Great Financial Planner, we’ll get to work on implementing your strategies. An Authority to Proceed will need to be signed before any implementation can commence. We will keep you regularly updated during implementation. Depending on which option you choose for ongoing advice, you may receive regular reports monitoring your investment performance and newsletters. This is in addition to an annual face-to-face meeting to discuss the findings of our annual review of your financial plan to ensure things are going as expected, or make any necessary adjustments.
When you break the process down, it’s easy to see how simple it is to set yourself up for long term financial success. The earlier you discuss your options, the sooner your strategies can be achieved – so why wait?
Book an appointment with Great Financial Planning today! Either phone Ralph on (0412) 755 966, email email@example.com or book a convenient time for your initial consultation using the online booking tool.