The following six steps outline the financial planning process
An important part of a financial planner’s role is to make sure that they take the time to understand your goals, needs and preferences before they make any recommendations.
1.Definingthe scope of engagement
The planner should explain the processes that they will follow and determine your needs. You will have the opportunity to ask them questions about their background, how they work and how they will charge their fees.
2.Identifying your goals
Working with the planner to understand and identify your short and long term financial goals, this stage is the start in building the foundations to your financial plan.
3.Assessing your financial situation
The planner will work with you to get a full understanding of your current situation and your circumstances. They will look at things like your assets, liabilities, insurance coverage and investment strategies.
4.Developing your financial plan
The planner will prepare and present a financial plan to you and make recommendations of strategies, products and services that suit your circumstances and answer any questions that you may have.
5.Implementing
When you are ready to proceed, the financial planner will help you put your financial plan into action.
6.Reviewing your plan
Your circumstances, lifestyle and financial goals will change as you go through the different stages of life. It's important that you regularly review your financial plan to ensure that it is relevant and to ensure that you stay on track.
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