In this article, we take you through what typically happens when you come to us for financial planning advice. There are 5 main steps:
1 – Initial Discussions
Complimentary Meeting
We start with a complimentary session. This is to get to know you (and vice versa) and to make sure we can add value before we undertake any work with you.
Wealth Projections
We often do a Wealth Projections at this initial stage. This is essentially using your current situation and starting to map out future wealth and some ‘what if’ scenarios to show what is possible for you with some good focus and goal setting.
This process is a great pre-cursor to identify the needs and strategies that might work well in your situation.
Click here to learn more about our Wealth Projection Tool.
2 – Develop your Financial Options
The next phase is identifying the issues or services that will add the most value to your situation. This is a collaborative process between us.
Scoping
We then scope out what is required and prepare a quote. We like to meet with you to go through the quote as this gives us the opportunity to discuss the value, go through the benefits, explain various options identified and answer any questions.
Fee Transparency
For Financial Planning advice, we charge on a fee for service basis. We provide full transparency on our fees, and also allows us to discuss the costs and value of our services, ensuring that we will be adding value along the way.
Consulting assignments may come up from time to time and we always quote in advance of doing this work as we seek to avoid any fee surprises.
We do not charge on a % of Funds Under Management basis.
3 – Advice Preparation
Fact Find
Once we have all agreed on the scope of the project and the fee is accepted, we commence with the Fact Find process. Because of the work done so far, we can complete 80% of the Fact Find document for you to review and finalise.
This process is required before we provide any advice.
Statement of Advice
We then map out the strategic and investment advice elements and go about writing the Statement of Advice which is a required document for all advice clients. It is also a valuable document as it explains the overall strategy, why things are being done in a certain way or in a specific order.
We discuss the Statement of Advice in full with you so you have the opportunity to ask any questions you may have. We can then provide you with the various forms or actions required to implement the advice.
4 – Implementation
We guide you through the implementation process, doing many of the processes from our end to keep things moving to stay on track particularly when there are time sensitive actions.
Our clients enjoy the fact that we closely support them through this entire process, guiding them along the way with the myriad of paperwork that is involved to make sure things happen as they should.
Our team will keep you up to date on progress and help you with all administrative essentials.
5 – Ongoing Service
The ongoing process is an opportunity to make sure you are on track and discuss the different strategies that may come up due to changing circumstances. We will generally meet with you a minimum of once per year, and go through:
- Wealth Projections: Review your goals, priorities, track your progress etc.
- What’s Changing: Reviewing your personal changes will allow us to provide new strategies or modify existing ones.
- Investment Portfolio: We continue to review your investment portfolio performance and any changes needed based on our discussions.
- Questions: This meeting is an opportunity to bounce ideas. It allows you to talk about your wants and needs and lets us show you how new approaches may fit into your big picture objectives.
- Wealth Projections: Review your goals, priorities, track your progress etc.
What Should You Do Now?
If you have any questions, please contact us on 9886 0800 or via email.
What Should You Do Now?
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Meet with us
If you would like to discuss your financial goals further, contact us to arrange a time.
Wealth Projection Tool
TAG’s Wealth Projection Tool will show you how long your money will last and helps create targets and goals. Contact us to get started.
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).