If you’re spending more than you’re earning, it might be time to sit down with an experienced financial consultant and assess your situation.
How Can a Financial Paraplanner Help Your Financial Situation?
The process of gaining financial advice varies depending on your situation, but the process will generally include the following:
- Setting goals: Identifying your lifestyle and financial goals.
- Agreeing on the scope of advice: This involves you and your adviser agreeing on the areas you wish to receive advice on.
- Gathering information: This will involve information on your finances and research on appropriate strategies.
- Strategy development: Based on your goals and the information gathered, the adviser will develop your individual financial plan.
- Statement of Advice: The Statement of Advice is a document your adviser will give you that details your situation, their recommendations, and the specific products to support this. See below for more.
- Implementation: Your adviser will help you implement the plan, purchase recommended products, assist with ongoing administration, and provide you with regular updates and reports as agreed.
- Review: The frequency of review will depend on what level of service you have negotiated with your adviser. Reviews may be undertaken annually, every six months or quarterly.
You’ll Be Asked to Discuss Your:
- Financial situation, commitments and dependants
- Current business super and insurance arrangements
- What you expect and want to achieve through the advice
- Risk tolerance (e.g. aggressive or conservative)
- Existing savings
+ any other factors affecting your finances now and in the future.
It’s important to note the more detail you provide, the better equipped they will be to understand and assess your needs, and develop appropriate recommendations.
This article has included extracts from One Path.