Financial Planning

Description

Step 1- Define your current financial situation.

What will we do for you?

Most people haven’t sat down to consider their financial circumstances let alone determine them.  Our team will assist you to objectively determine your current financial situation by taking a snapshot of your finances so you can put a stake in the ground and work on the next step.

How will we do this?

Using our proprietary software, we identify your assets and liabilities. This information is then analysed to identify any income generating assets such as your superannuation fund, shares, and investment properties. We then analyse your liabilities such as home loan, investment loans, credit cards and personal debts.  This allows us to roughly calculate a notional income stream and test whether that level of income would be sufficient to sustain your retirement goals. The outcome of this analysis and conversation will determine how we approach the next step.

Step 2- Develop financial goals.

What will we do for you?

We work with you to identify your short (12 months), medium (1-5 years) and long (5 plus years) term financial goals.  This is important as goals set across different time horizon often differ, thereby requiring different investment, funding and implementation strategies.

How will we do this?

This is a face-to-face fact-find over a cup of coffee, usually conducted with you and your spouse or where appropriate with extended members of your family. We draw on our experience to help you reach specific, measurable, attainable, realistic and time-bound goals in context of the potential value of your income stream in the short, medium and long term. This can be a tricky process that forces you to reconcile financial ambition with financial condition.

Step 3- Identify alternate courses of action.

What will we do for you?

Based on information gathered thus far, we  investigate and carefully consider investment options to allow you to realise your financial goals. Investment options are bountiful and comprise a trade-off between return and risk. Care and expertise must be exercise in selecting the right investment for the right person for the right time at the right risk/return profile.

How will we do this?

At this point our team would want to ascertain your attitude to risk, that is build your Risk Profile.  You’ll complete our detailed biographical, vocational, financial and recreational questionnaire which will assist us to match your goals with alternate courses of income generating action.

Step 4- Evaluate alternatives.

What will we do for you?

The alternative investment strategies are evaluated.  This process allows us to find the optimal strategy for your particular circumstances and the one that will help you achieve all your goals and sustain your financial ambition in retirement.

How will we do this?

Using our proven software tools informed by our market experience, we crunch the numbers, analyse the investment options and make recommendations to you regarding a carefully risk/return balanced set of alternative investment strategies.

Step 5- Assess risk and opportunity cost.

What will we do for you?

Risk management is an important part planning for financial independence. The first step towards that process is the identification of the risks so that they can be measured, managed and mitigated. Implementing one course of action means not implementing another and that alone carries risk as you may miss out on the other opportunities.  So how do you know which one creates the best opportunity?  Well, this is what we are good at helping you assess!

How will we do this?

We will analyse your entire situation and recommend risk mitigation strategies such as life, salary continuance, loss-of-profits insurance. We may even recommend refinancing, tax and asset protection strategies.

Step 6- Create and implement financial plan.

What will we do for you?

Our team seamlessly collaborate on modelling and creating your personal financial plan. This is the guiding instrument in reaching financial independence.  Once the plan is finalised and you agree it is what you want, the implementation process begins. We hold your hand every step of the way.  Patience and perseverance are prescribed here as implementation can take time as we work through the recommendations.

How will we do this?

Our accredited estate planning lawyer will discuss with you the role of wills, testamentary trusts, and powers of attorney to support your financial goals. A joint meeting is convened with our Tax Accountant, Property Adviser and SMSF experts to discuss your needs. This process ensures that all advisers are across your requirements and collaborating to maximise your chance of achieving financial independence as soon as possible.

Step 7- Review and revise financial plan.

What will we do for you?

A plan is not much use if you don’t implement, review and measure.  Once implemented, then it must be reviewed at least annually.  This ensures you remain on track with the original strategy and any forced or voluntary deviation can be addressed with a remedial strategy and action.

How will we do this?

Armed with all the information, we meet to discuss progress, and agree with any actions required to remedy any shortcomings or strengthen an element of the plan. If you wish, you can give us the authority to implement any subsequent action plan on your behalf, so you don’t have to worry about forgetting to do it and the best part, it’s all included in the fixed fee!