- During the Discovery Meeting
- We identify your specific short, medium and long term financial goals - this stage serves as a foundation for developing your plan.
- There is no obligation to proceed when we meet.
- We meet and make sure we all feel comfortable with each other because the very nature of Financial Planning is such that it should be a LONG TERM relationship.
- Explain who we are, how we operate, the benefits to you & what you can expect from us.
- Determine if we can be of assistance to you and can improve your financial position.
- Provide you with a copy of InterPrac Financial Planning’s Financial Services Guide (FSG) and Adviser Profile and our Certificate of Authorisation.
- Get a clear understanding of your current position.
- Clarify your goals and objectives.
- Identify and quantify any gaps between where you are now, and where you would like to be.
- Discuss potential strategies to bridge those gaps.
- Decide how we can work together going forward.
- Explain & agree on fees, costs & the scope of advice or services to be provided.
- You give authority for us to prepare a specific'or'comprehensive Statement of Advice (SOA).
- We only quote a fee if our Advice is likely to improve your position by materially more than the cost.
Unique Value: We have free freshly roasted coffee and spend as long as you need to identify and address your true concerns, genuine goals and personal objectives.
During and after the Discovery Meeting
Unique Value: Quotes provided are inclusive of initial implementation so our clients are always confident their plan will be actioned.
- We take a comprehensive look and spend considerable time evaluating your present financial position - your assets, liabilities, insurance coverage, investment and tax position.
- Importantly we also investigate your terms of employment, leave entitlements, upcoming pay increases, history and experience in investing combined with your tolerance to risk.
- Help you consider and prioritise your goals & objectives (financial, personal & business) allocating a timeframe and monetary value to them.
- Identify your income & expenditure (budget plan).
- Discuss & ascertain your investor risk profile; by exploring investment experience, interest and tolerance to risk (sleep test).
- Overview your current insurance policies.
- Look for any holes, opportunities and create an effective risk protection strategy.
- Discuss any issues you would like addressed.
- Ensure that we get a clear understanding of what you want YOUR financial strategy to achieve.
Upon your written consent to proceed after receiving an obligation free quotation
Shaping suitable strategies and recommendations bespoke to your needs by financial modelling based on consistent variables, this ensures our recommendations are strategically optimal.
Only then do we consider whole of market product solutions to advise the most appropriate products and services, and answer any questions you have.
Unique Value: At Foundation Financial Advice we issue a Strategy Overview before your formal Statement of Advice (SoA) to clarify how our advice is set to meet your goals broadly, without jargon in plain English.
- Improve or streamline your current situation (to make it easier & save you money!)
- Identify appropriate wealth creation strategies.
- Protect your financial risk.
- Consolidate your debts (identifying ‘good & bad’ debt!!).
- Maximise investment returns, minimise taxation, maximise government entitlements.
- Investigate & determine ideal investment vehicles & investments to meet your objectives.
- Research products which best suit your needs.
- Consider taxation & Centrelink issues, legislation & rules.
- Optimise retirement income streams.
- Provide written, clear & understandable scenarios, explain, rationalise & teach you how to implement in detail.
- Privacy &confidentiality assured.
- Strictly comply with FPA, ASIC, and InterPrac Financial Planning compliance requirements.
- Formulate a clear, articulated plan which will meet all of your stated goals & objectives.
– Advice is provided prior to the presentation meeting for you to review and clarify
Unique Value: More complimentary coffee! We also complete and table a timeline for Step 05 or Implementation at this meeting too.
- Meet again to present strategy recommendations explaining in an understandable format & ensure there are no unanswered questions.
- Provide overview for your ease & future reference.
- Focus on how our recommendations will achieve your desiredoutcomes.
- Fully disclose all fees as per ASIC and InterPrac Financial Planning requirements.
- Proceed to implementation and set a timeline of when and how to put the plan into place.
During your presentation meeting
Even the most beneficial plan is notional and ineffective until it is put into action. Where appropriate, your financial planner may work with specialist professionals, such as an accountant or solicitor to implement or put the advice into place.
At Foundation Financial Advice all initial Advice Fees are quoted inclusive of initial implementation. We may need to make slight adjustments or clarify any details (make sure it's perfect).
Unique Value: At Foundation Financial Advice we provide clients with a complimentary 3 month catch-up to check on the plan progress and more importantly, on you.
- When you are happy, you provide us authority to proceed with our recommendations.
- We prepare all the necessary paperwork and filling in of forms.
- We assist with all requirements to make the process as smooth as possible.
- We monitor all aspects of strategy implementation through to completion.
Choices to ensure you are on track and your plan remains current and effective
Your circumstances, lifestyle and financial goals are likely to change over time, rules legislation limits and law will also alter so it's imperative that your financial plan is regularly reviewed, to make sure you keep on track.
Through consistency and effective advice the review service can be the primary benefit of the advice process. This will make sure what needs to happen happens, whilst building a long-term relationship which helps with further advice when needed with the benefit of knowing you haven't missed any opportunities or need to worry about your finances.
Depending on the amount of follow-up service you require, we will recommend that you subscribe to one of our Client Care Package options.The review process involves:
Unique Value: At Foundation Financial Advice we provide clients who engage in our Client Care and Review Packages with further advice and written recommendations where required, following the review of your financial plan.
- Updating your present circumstances.
- Revisiting your initial goals and objectives to ensure they are still valid & not changed.
- Reviewing the performance of the financial plan recommendations to ensure the investment managers and products are meeting expectations.
- Reviewing your investor risk profile because this may change as you learn from your experience and the education we provide on investing and managing financial affairs.
- Reviewing any changes to governing legislation, which will impact on your financial plan now and in the future and identify opportunities.
- Discussing your current lifestyle needs and checking that the financial plan is meeting these needs.
- Reviewing your insurance protection needs to ensure they are adequate to your changing circumstances.
- Updating you on changes occurring in the markets and in the different economies around the world and the affect these might have on your plan.
- Re-balancing your investments back to benchmark asset allocations to ensure that you maximise returns by constantly realising profits at the highs and investing in the lows, therefore reversing the natural trend to buy on the high and sell on the low.
- Coaching you through uncertain times and educating you through the process to ensure you are making smart financial decisions.