The financial planning process can be a tough one to follow. When investing your money you want to be clear and understand what you’ll be getting at the end. The role of a financial planner is to understand the client’s situation and goals, and deliver solutions to help them achieve their financial lifestyle.
The way we do this with our clients follows a really logical process, which clients really appreciate as they are clear on the starting point and know where they’ll end up.
The steps involved in this process include:
- Financial Plan
Firstly, the discovery step may be one of the most important parts of the process. This is where we spend time to understand where you are now, where you want to go and what your needs are.
The important underlining factor of financial planning is that it’s not all about investments. It is vital to ensure that all aspects of your financial life are considered. My role is about striving to exceed clients’ expectations across all aspects, be it investment management, performance or client service.
The next step is to create a financial plan, called a ‘Statement of Advice’. This is where the financial planning process is personalised to your needs and goals. The Statement of Advice is a tool to illustrate what actions must be taken to help you achieve those goals.
Thirdly, it’s time to implement the financial plan. This is where the paperwork is taken care of, confirming investment transactions and reviewing results.
Finally, the review is undertaken. All the work achieved in discussing and identifying the clients’ goals are wasted without the review. Through regular contact this means we can keep a close eye on the outcomes and update your plan as needed. That way, we can be absolutely confident that your financial plan is adapting to your circumstances and will ultimately deliver your overall goals.