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
Calls for clarity on personal advice in DDO11 November 2019, 12:41pmThe definition of personal advice and the treatment of platform operators in the design and distribution obligations legislation must be clarified, the Financial Services Council has argued in its sub Read more
Ethics code creates confusion around ESG11 November 2019, 12:39pmA debate is raging about what the Financial Advice Standards and Ethics Authority's Code of Ethics means for ESG investing and advising clients on ethical investment options, with FASEA chief executive ... Read more
FPA Congress could be biggest yet11 November 2019, 12:26pmThe 2019 Financial Planning Association of Australia Congress is on track to be the biggest yet, with numbers of delegates registered surpassing last year's. Read more