Financial Advice Steps
It’s important that your financial adviser takes the time to properly consider your personal financial needs, goals and preferences before making any recommendations to you.
1. Identifying your goals
In the initial meeting, your financial planner will work with you to identify your short and long-term financial goals. Identifying your goals serves as a foundation for developing the advice. Whether you are planning for retirement, a trip overseas, your children’s education or paying down debt before a particular date, your adviser can help you plan to reach these goals.
2. Assessing your financial situation
Financial advice can help you at any stage of life. Your financial planner will assess your current position and identify your assets, liabilities, insurance coverage, investments, and tax strategies. You don’t need to be rich to benefit from financial advice – you just need to be in a position to benefit.
3. Preparing your financial advice
Once you have decided to engage with your financial planner, they will research and recommend suitable strategies, products and services, and put them together into an advice document called a Statement of Advice. They will then meet with you to present the advice document and answers any questions you may have.
4. Implementing the recommendations
Once you’re ready to proceed, your recommendations will be put into action. Where appropriate, your financial planner may work with other professionals such as accountants or solicitors.
5. Reviewing the advice
Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that you regularly review your needs and previous advice, to ensure you stay on track. Adjustments may need to be made along the way to ensure you achieve your goals and objectives.