Adviser fp offers clients the option of receiving either comprehensive financial planning advice coupled with ongoing service or an occassional advice and administration service at competitive hourly rates. Finding out what is most suitable to you will depend on your personal circumstances and previous experience. In the pages following we have endeavoured to provide an overview of some of the more common areas of advice.
The information provided is an overview only and we recommend seeking further advice before any strategy is implemented.
Financial planning is simply the process of designing and implementing a plan of action in relation to your financial affairs. Financial plans can be specific to one asset or strategy, for example paying off debt or establishing a regular savings program, or can be all encompassing and complex.
A comprehensive financial plan addresses all areas of current and future financial matters that influence a person’s financial wellbeing. A comprehensive financial plan is recommended for the majority of clients, as it ensures that all areas of financial concern and importance to the specific client are incorporated.
The following is a guide of what may be examined in a comprehensive financial plan:
- Cashflow analysis, including sources of income and all regular, impending and lump sum expenditure (download our Adviser fp Budget Planner);
- Risk analysis and risk/return fundamentals;
- Asset and investment analysis including allocation, and reasons for recommendations;
- Debt planning and management;
- Accessibility funding and the necessity to plan for unforeseen emergencies and/or one off expenses;
- Income producing investments, including income replacement in retirement and top up income;
- Asset accumulation for future needs, including education funding, asset upgrade or replacement, future lump sum expenditure and retirement planning;
- Retirement funding, including superannuation and income stream planning;
- Wealth accumulation, including a regular savings regime and gearing strategies;
- Taxation planning, including the benefits of income splitting, imputation credits, superannuation and income stream treatment and remuneration planning;
- Social security eligibility, including family benefits, pensions and allowances;
- Risk management, including health insurance, asset protection, income replacement insurance, medical trauma cover, premature death cover and business insurance planning;
- Estate planning, including wills, powers of attorney, trust structures and tax payable upon death;
- Review the structure recommended after establishment of the financial plan to ensure the suitability of the financial plan in the event of changing circumstances;
- Fees and charges payable for the implementation, maintenance and review of the financial plan;
- Projections for cashflow, investment income and growth and anticipated portfolio valuations over the anticipated investment time horizon.
The key to effective financial planning and advice is a thorough investigation and understanding of your individual financial position, investment objectives and financial goals. A successful financial plan is the result of an effective partnership between you, the client, and your financial planner, from the beginning and over your investment timeframe. To ensure that the advice given is constructed to meet your individual goals and circumstances, it is vital that all information regarding your finances, health, goals, objectives and risk tolerance is provided to your financial planner.
If you do not provide sufficient information you should be aware that inappropriate advice may be given. If this advice is implemented, you risk making a financial commitment to investments and policies that may not be appropriate to your requirements.
You need a plan – start now
“People don’t plan to fail, they fail to plan”
Life is short, you need to start planning now, no matter how old you are. At Adviser fp we help you uncover the future you want to create for yourself and then provide you with the stepping stones to achieve your goals and dreams.