What is the financial planning process?

Financial planning process

The financial planning process can differ from client to client as more than one meeting can be involved to understand your current circumstances, goals and objectives. The first step is to book a cost and obligation free appointment to discuss your situation in detail with a licensed Right Choice Financial adviser.

Initial Meeting

The first meeting is a chance for you to meet your adviser and for your adviser to get a clearer understanding of your current situation, goals and objectives. The first appointment is cost and obligation free and is a great chance to discuss with your adviser any questions that you may have.

Your adviser will give you a copy of their FSG (Financial Services Guide) and complete what is known as a client fact find which is a series of questions designed to gain a better understanding of your current financial situation, your attitude towards money, investments where your are today and where you would like to be in the future.

Your adviser will discuss the areas of your financial life that are important to you and help you identify areas that can be improved and discuss the areas they feel that they will be able to assist you with.

The first appointment can be completed face to face at our office, your home or workplace at a time that is convenient for you. We also conduct first appointments over the phone, Skype and video conferencing and we are Australia wide.

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Develop

Once you and your adviser have agreed on the areas of advice that they will be providing your adviser will document their advice in what is known as a Statement of Advice (SOA).

The Statement of Advice documents in detail the strategy that your adviser is recommending to assist you achieve your goals and objectives, it outlines the benefits of adopting the advice, alternative strategies that they considered and any costs and charges involved in implementing the advice.

Your adviser will develop an affordable and sustainable financial plan that helps your meet your goals and objectives. Your financial plan is unique to you and your circumstances.

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Implementation

Your adviser will go through your statement of advice and explain their recommendations in detail, you should make sure that you fully understand the advice and are happy with all aspects of the financial plan.

Once you have gone through the statement of advice and are happy to proceed with the recommendations the next step is implementation,

Your financial plan may contain advice that requires application forms to be completed or a new account to be setup. Your adviser and our support staff will be with you at every step of the way assisting you to get the advice implemented in a timely and efficient manner.

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Review

Financial planning is not about implementing advice and then sitting back and watching it unfold. You adviser will outline the best review options for you to ensure that the advice and strategy is always in line with your goals and objectives. Financial Planning is also a two way street and you should let your adviser know if something in your financial life changes. Generally speaking we suggest at least six monthly review of your overall situation to ensure the financial plan is on track and is still appropriate.

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