Preparing a financial plan
Define your goals
Everyone has different financial resources, lifestyle needs and personal goals. Our aim is to work with you and to provide you with a simple process to assist you defining, quantifying and prioritising your personal needs and goals. Through goal setting we will work with you to develop a portfolio that best provides you with the required return to achieve your goals.
As part of defining your goals, ask yourself:
- What kind of current lifestyle do I want or need?
- How much will that allow me to save?
- What kind of future lifestyle do I want or need?
- How much will I need to spend?
- When do I want to stop contributing and start using savings?
- How much investment risk do I want or need to take?
- Do I want or need to leave a specific amount of money in my will?
- What else do I want or need?
To assist answering these questions, we use a detailed fact finder which we assist you complete. This will prompt you into thinking about these important issues and is the basis for preparing your plan.
Develop an investment strategy
Having defined your goals with you, we will review and assess the options that are suitable for you and together we determine the financial investment strategies that are right for you. This includes consideration of the investment return you need to reach your goals and the portfolio that will deliver that return.
Review of your risk and insurance requirements
An important part of reviewing any clients needs is a review of the risks and how these can affect you and your family and your business.
Review of estate planning needs
We have always encouraged clients to regularly review their wills. This is particularly important when your personal circumstances change; for example after marriage, divorce, children and retirement. We can work with your existing solicitor or recommend one to ensure your estate eventually ends up where you want it to go, and that tax effective options are explained to you.
Implementing your plan
After assessing your requirements and discussing the proposed plan we move on to implementation. This is where we work together to choose the most effective solutions for you.
We will spend time with you to explain the options, how they could affect your plan and how appropriate we believe the option is for you.
In selecting investments it is necessary to ensure you have a diversified portfolio to take advantage of not only the Australian market but also, where appropriate, international markets. Importantly, you must feel comfortable with the choices made.
Ongoing Service Program
Every financial plan, no matter how carefully structured, is vulnerable to the effects of change. Changes to your personal circumstances, legislation, social security and taxation, as well as changes to the financial markets, can all affect your financial plan and its ability to achieve your goals.
A common complaint from people in relation to their financial adviser is they never hear from them once the plan has been implemented. It is for this reason we will schedule with you regular reviews and ongoing financial advice to ensure your plan remains on track.
At each review, we will revisit your goals and priorities in light of changing circumstances.
If you believe you do require the service of a financial planner then please feel free to contact us at Growth Plus Wealth Management on 02 9264 6733 or drop us a line at info@growthpluswealth.com.au