2022 has only just begun and it feels like we’ve just blinked and are already at the end of January. So, what are your goals for this year? Does this year mark the year of retirement for you? Or are you looking to start a family in the next few months? Whatever it may be, having a stable financial plan can help you plan for your future goals. But how do you get a financial plan from a financial planner and what does this consist of? There can be a lot of confusion out there and online about what you need and when to get started, how much it costs and the meaning of all the acronyms that are thrown across the table. So, we thought we could write an article to clear up some of these confusions and get you ready for 2022, no matter what stage of life you are in.
Our financial planners follow a process that provides clear direction, to give you an idea of what happens from the moment you schedule an appointment with one of our professional financial advisors until the end of the journey. This process is not just based off one meeting, but our goal is to establish a long term relationship with our clients. Our Certified financial planning Brisbane north practice have been servicing the same clients for many, many years and have seen them through the journey.
We start our initial meeting by getting to know you. What do you enjoy? What are your goals? We listen to where you find yourself currently and discuss where you want to be financially in the future. This meeting is filled with questions, and we do not want to rush along to just get to the numbers, as we want to try and understand you. We will get an idea of your income, expenses, assets, and liabilities, ask you to provide identification and give you a clear indication of associated costs. It is likely that by the end of this appointment we will have established a draft idea of your goals which will allow us to move forward to the next stage.
We will also make clearly give you a quote for the cost involved or just charge you for the first appointment if you did not want further assistance. Although the cost of advice is dependent on your situation and the complexity of the advice required, it is likely to range between $2500 – $5500. We will also discuss our role and our accreditations such as 2 of our advisers being certified financial planners and aged care accredited, and our advisers all have over 10 years’ experience providing financial advice in areas of retirement, insurance, investment and aged care.
Following the initial meeting, we now conduct research in the background, including recommendations and projections to help see whether your goals are attainable. We will communicate with you along the way and will meet with you again. We will establish whether any adjustments need to be made to your goals or whether there is room for change. It is here that we will also discuss the strategy moving forward. We will confirm the figures you have provided and whether you would like to go ahead based on the strategy recommendations. A few documents will be signed at this appointment as well and the process will start for what we call a SoA – Statement of Advice.
This document is basically a written form of our discussion. It will explain your goals, your current situation and will include our recommendations. It will outline the strategies that will get you to your goals and how it will meet your desired outcomes for each specific goal and section such as superannuation, retirement planning, aged care, social security, investment, insurance and estate planning. It will also contain a clear document showing you the costs involved and information about how to cancel the service with us. This document can take around 3 – 4weeks to be completed, and sometimes longer if more information is required. Once it is completed, our north Brisbane financial advisers will meet with you again to discuss the SoA and get the final go – ahead from you. This is a very important meeting as following this meeting, all the discussed strategies will be implemented.
Over the next few weeks we will liaise with different companies depending on your scope of advice and send through documents to start or alter your superannuation, pensions, insurance or investments. Once completed, our financial planners will inform you that the strategies have been implemented and your journey to make the most of your finances will have begun.
Following on from this initial process (and you decide to come on as an ongoing client), we will see you yearly for an annual review or earlier if we need to communicate with you about important information relating to your products, assist you with withdrawals or answer any other questions you have throughout the year. We enjoy building relationships with our clients, so we’re always happy to hear how the family is going and where you’re planning your next trip.
This gives you a basic picture of what the advice process looks like, and although it can seem daunting, rest assured, we are with you every step of the way. We are more than happy to answer any questions you have throughout the process, and we welcome your feedback! The more information you provide, the better the plan will be and allow you to reach your goals.
So why not make 2022 the year of sorting out your finances and ensuring you are on track to meet your goals. Schedule an appointment with one of our financial advisors at our North Brisbane practice and we will help you make the most of your finances, no matter what stage of life you’re in.
Book an appointment with us today, or give us a call if you wanted to discuss any of our Services further.