When it comes to financial advice, it pays to get it right. For most people the best way to sort their finances is by using a financial adviser. An adviser can help you long term, not just today or tomorrow.
Maybe you’re not sure what you need to do or maybe you don’t have the time. Whatever your reasons, using an adviser has some great benefits – from helping you reach your financial goals and future-proofing your finances to tailoring products to your unique circumstances.
Step 1: Establish the relationship
We’ll meet with you and talk about what you wish to achieve both financially and in terms of lifestyle. We’ll also fill you in on our background and the services we can provide to assist with achieving your goals. We’ll provide you with a Disclosure Statement which outlines what you can expect from us.
Step 2: Gather information and identify your goals
As with any plan for the future, you need to take stock of your current situation and what resources you have available. Part of this will entail determining your personal net worth, which is essential to establish a firm foundation for an effective plan and it is the best way to gain a sound knowledge of your financial position to enable an adviser to give you effective advice. This process will also involve determining and quantifying your financial goals and requires you to be precise and specific about what you are trying to achieve.
Step 3: Analyse and evaluate
We’ll go away and prepare our recommendations to help you meet your financial goals. These will come in a document called a Statement of Advice (SOA). Our recommendations will be developed through an analysis of different options and products, based on your goals at this stage.
Step 4: Present advice and agree on a plan
We’ll present your SOA and explain how it matches your needs, We’ll also explain any risks and premiums associated with the SOA, and provide you with brochures to help you learn about the products we have recommended.
When you’ve reviewed the SOA, it’s a good opportunity to ask us and additional questions to ensure you understand the advantages and disadvantages.
After this you’ll agree your strategy. This may be the same as the SOA, or a modified version. It’s completely up to you to decide how or whether to follow the recommendations in the SOA.
Once you’ve agreed your strategy, we’ll help you put your plan in place. This may include helping to complete any application forms and documents.
Step 6: Monitor and review
We’ll review your plan with you over time, to make sure it remains appropriate based on your situation and goals.