Financial Planning
Financial Planning is the process of developing strategies to help you manage your financial situation so that you can protect and build wealth, enjoy life and achieve financial security.
Some people may think that financial planners only give advice on investments. This is not true. The role of a qualified professional financial planner is to look at all aspects of your lifestyle, goals and requirements and develop a financial strategy suitable for you.
Advice falls into two areas: general or personal.
General advice is advice on financial products that helps people make decisions about money but does not take personal circumstances into account.
Personal advice considers a person’s objectives, financial situation and needs. With this understanding, the financial planner can recommend appropriate strategies and, when required, appropriate financial products to suit individual needs and goals.
The six-step Financial Planning process
When developing a financial plan for you, known as a Statement of Advice (SOA), a financial planner will follow a structured process to help understand your needs and recommend an appropriate strategy. The six-step financial planning process is as follows:
See the Financial Planning Association (www.fpa.asn.au) for more details.
Our Financial Planners are authorized representatives of the Licensee Financial Master Plan Pty Ltd 344628
Financial Planning is the process of developing strategies to help you manage your financial situation so that you can protect and build wealth, enjoy life and achieve financial security.
Some people may think that financial planners only give advice on investments. This is not true. The role of a qualified professional financial planner is to look at all aspects of your lifestyle, goals and requirements and develop a financial strategy suitable for you.
Advice falls into two areas: general or personal.
General advice is advice on financial products that helps people make decisions about money but does not take personal circumstances into account.
Personal advice considers a person’s objectives, financial situation and needs. With this understanding, the financial planner can recommend appropriate strategies and, when required, appropriate financial products to suit individual needs and goals.
The six-step Financial Planning process
When developing a financial plan for you, known as a Statement of Advice (SOA), a financial planner will follow a structured process to help understand your needs and recommend an appropriate strategy. The six-step financial planning process is as follows:
- Gather your financial information
- Identify your goals
- Identify financial issues
- Prepare your financial plan (called a Statement of Advice)
- Implement the recommendations based on your financial plan
- Review and revise the plan at regular intervals, or when circumstances change.
See the Financial Planning Association (www.fpa.asn.au) for more details.
Our Financial Planners are authorized representatives of the Licensee Financial Master Plan Pty Ltd 344628