Financial Planning
Financial planning is the process of developing, implementing and managing strategies to achieve your personal and financial goals. Six phases are involved in this process.
Phase 1: Collection of information
The value of any financial plan depends on the quality and accuracy of the information upon which the plan is based. The data collected includes specific details on your current financial situation, your lifestyle and financial goals and objectives, and your needs and personal preferences. This specific information is required to ensure the plan is tailored to suit your individual circumstances and priorities. collect information
Phase 2: Setting goals and objectives
The next step is to determine short, medium and long-term objectives. Your objectives may include funding future education expenses, purchasing or upgrading your family home, providing for your retirement and/or building your wealth.
Phase 3: Formulation of strategy
A personalised strategy is developed to achieve your stated objectives. It is likely we will recommend a combination of strategies devised to achieve your goals within the agreed risk and time framework. formulate strategy.
Phase 4: Implementation of strategy
Your financial plan is now ready to be implemented and all the necessary paperwork completed.
Effective implementation of your plan is critical to ensuring that you achieve the full strategic benefits the plan can provide.
Phase 5: Selection of appropriate investments
Once a strategy has been formulated and agreed with you, high quality and reliable investments and other financial products such as insurances must be selected which will deliver the results you desire. A key part of the selection process is the evaluation of appropriate investments and other financial products using independent research. We assess the specific products features to determine their suitability to meet the requirements of your strategy.
Phase 6: Ongoing review
It is essential that your financial strategy is reviewed and refined regularly to ensure you stay on track and that your goals are achieved. Your plan should be adjusted to take into account changes in your personal circumstances and/or objectives, the economy, investment markets, and legislative changes (including tax and superannuation) and to enable you to take advantage of effective new strategies which will suit your objectives. ongoing review of progress.
Achieving your goals
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Where are you now? |
Identify your current needs, financial circumstances and objectives. Consider:
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Strategies to protect |
Risk management to protect your current position and cover the downside:
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Strategies to build |
Wealth generation strategies:
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Your goals |
Setting the strategic direction and target wealth to fund your lifestyle objectives:
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How does this apply to you?
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Age 24-35 |
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Age 35-45 |
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Age 45-55 |
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Age 55+ |
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For more information
To discuss your financial planning requirements please contact your local office.