The financial planning process
The key to any successful financial plan is achieving a sound personal and professional relationship with your adviser. Trust is key to any professional relationship; without trust any plans put in place are likely to be based on poor information, unsound principles or conflicting objectives.
The development of a holistic financial plan follows a clear set of steps to help discover your current financial situation and a clear understanding of your future goals and objectives. A brief outline of the steps to be undertaken between an adviser and client are outlined the illustration below.
Armed with this information we will be equipped to assess your current situation and discuss your short and long term objectives in great depth.
In addition, in specialised areas such as personal insurance, tax and estate planning, it is often the case that there may be several alternate courses of action, each potentially impacting on the effectiveness of the other. Combining all these elements into a final comprehensive financial plan involves the consideration of each series of options.
If there are any suggestions or changes required these can be assessed and incorporated in the next and final version of the the Statement of Advice.
Your lifespan adviser will be there at every step of the way to assist and coordinate with you in carrying out the recommendations and the implementation of the plan.
In such a review your Lifespan financial adviser will ascertain whether all recommended financial strategies continue to meet your needs. Should it be required, your adviser can recommend changes and adjustments to the strategy as part of an ongoing service arrangement tailored to meet your continuing needs.
How it works?
Before we ventured down the path of undertaking the detailed work involved in preparing a financial strategy and statement of advice; in our initial meeting we will seek to better understand your specific wants and needs, unique situation and what challenges you are facing in your financial life.
We will help you understand the basic principles to be applied, address any questions or doubts you may have regarding the process and our qualifications, and encourage you to ask questions to help you better understand what lies ahead.
We will also step you through some required documentation which will help you better understand how financial planning can assist you, our part in the process, and the next steps required.
Once we have completed our initial meeting and agree on the scope of the advice to be undertaken we are then able to proceed with an in-depth examination of your current financial position, your primary goals, and explore any other matters that may have an impact on your ability to achieve your financial objectives.