The financial planning process generally involves a number of key steps. By following these steps, you get an understanding of where you are today, where you want to be in the future and what is required to get there. The steps include:
1. Collecting your financial data - such as details of your income (pay slips, invoices and so on will help), debt level (mortgages, credit cards, personal loans, HECSHELP and so on) - to determine your current financial position.
2. Developing a budget that demonstrates your spending habits. We have attached an online budget that can help you.
3. Identifying and then prioritising your lifestyle goals and financial goals.
4. Outlining any financial issues. A financial planner will tell you if there are any gaps between where you are now financially and where you want to be.
5. Preparing your financial plan with the appropriate strategies to help you achieve your goals.
6. Implementing your financial plan once you understand and are comfortable with the recommendations.
7. Reviewing and revising your plan at least annually, to ensure it stays on track even when personal circumstances or the economic environment (interest rates, job prospects and so on) changes.
Common objectives and how they can be dealt with; Estate planning for young families and older clients and blended families - what engages the clients. Asset protection - the risks arising from blended ... Watch video
As goals-based advice continues to become an increasingly important part of an adviser's offering and service delivery, investment platforms are playing a pivotal role in bridging the relationship ... Watch video
Advisers share their personal experience on how their aged care services have assisted their business practice Discussion on what were the key hurdles at the start of the transition and how they have ... Watch video
Life commissions, referral fees still kosher: AFA27 February 2020, 11:39amA regulatory update at the Association of Financial Advisers' Roadshow event in Sydney provided financial advisers a clear message on life insurance commissions and referral fees, and took aim at a former ... Read more
More courses get FASEA approval21 February 2020, 4:26pmFASEA has approved applications for the recognition of coursework from the Australian Financial Advisers (AFA) and Stockbrokers and Financial Advisers Association (SAFAA) as part of its education standards ... Read more