Financial Planning

We all want to build enough wealth to provide financial security and a comfortable lifestyle. Investing can be complex and there are many options to choose from, so it is important to seek professional advice.

Meeting your Goals

A financial plan can provide direction and discipline. When making long-term plans the first step is to set out your financial goals, which means deciding what you want to achieve and by when.

Many people find it easier to identify short- and medium-term goals of up to five years. These may include buying a bigger home, acquiring an investment property, saving for your children’s education or building a share portfolio. Long-term goals of five years, 10 years or beyond may be less precise, however they should also be reviewed regularly in response to changes in the markets, government legislation and your own situation.

A house by the sea, an overseas holiday, a comfortable retirement - whatever your plans are for the future, putting money in a savings account alone isn't going to get you there, nor is wishful thinking - or worse, no thinking at all. For most of us, reaching any sort of large financial goal means maximizing your opportunities and investing wisely. In other words, having a comprehensive financial plan.

When it comes to planning for the future, many Australians are missing the big picture with their money.

 

Despite the much-publicised increase in share ownership, many investors (or would-be investors) still have their savings stuck in bank term deposits.

 

At the opposite end of the spectrum are investors who may be a little too brave in the new world, wasting time and even losing money trading on the internet. Then there are investors who are so caught up trying to minimise tax each year that they're missing out on long-term growth opportunities, while others forget to take their tax position into account at all.

 

There are also many investors who are genuinely interested in doing the right thing with their money, but don't know where to turn for advice.

 

If you're serious about reaching your long-term lifestyle and financial goals, and you want to make sure you're looking at all your options, see a professional financial adviser. Finlife Advisers can put you in the best seat in the house.

Some people think of saving and investing as the same thing. But the truth is, each requires a different approach and a different way of thinking.

 

Saving is simply putting aside some of your disposable income for a short-term goal, such as a holiday or a car. Saving requires a conservative approach, taking very little risk with your money. A bank account or cash management trust is usually sufficient to reach your savings goal.

 

Investing on the other hand, means putting your savings to a more profitable use. So you need to adopt a longer investment timeframe and a measured degree of risk. While a bank account may be suitable for short-term needs, history shows that the majority of cases have been inadequate for long-term goals such as funding your retirement or putting money aside for your children.

The key to successful wealth accumulation is to set clearly defined and realistic goals and to then design a plan that will help you to achieve those goals.

 

Your financial adviser can help you design a tax effective plan and an asset allocation strategy (i.e. the proportion of shares, property, bonds and cash) that is tailored to your individual circumstances. This will take into account the length of time you will be investing and your willingness to accept volatility in your investments

Our financial planning advice process makes seeking advice straightforward and transparent.

 

We will work closely with you at each stage of the process to ensure we have a full understanding of your situation and lifestyle goals so that we can implement a plan which meets your needs at every stage of your life. Here’s how we work together:

The first appointment is free of charge. It’s about meeting each other so that we can gather as much information about you and your current financial situation as possible. This helps us understand your current position and financial goals to determine how financial advice can help you. If you decide to proceed, we will discuss all fees and charges with you at this point.

We will work with you to identify what is important to you and to clearly define your needs and goals, both now and into the future. These will form the foundation of the initial advice we give you and should be revisited as we review your plan and as your life and circumstances change.

There may be a gap between where you are now financially and where you want to be. Our analysis of your situation and future goals will be used as the basis for developing the strategies we recommend.

We will prepare a detailed financial plan (also known as a Statement of Advice) outlining the recommended strategies and proposed solutions which will help you achieve your goals and objectives.

 

We will arrange a meeting with you to take you step by step through our recommendations, demonstrate how we can assist you to achieve your goals and answer any questions you have.

 

We will also fully disclose any associations we have with financial product issuers or other parties, and any fees and conditions. If a specific financial product is recommended, you’ll also be provided with a Product Disclosure Statement so that you can make an informed decision.

Once you are ready to go ahead, we will put your financial plan into action. This may involve setting up the investment and insurance products recommended in your plan, and working with other specialist professionals, such as your banker, accountant or solicitor where necessary.

The financial plan is the beginning of our long term partnership. We understand that your financial plan isn’t a one-off solution. Your circumstances, lifestyle and financial goals will change over time, and therefore it is important your financial plan stays in step and, if other things change, it does too.

 

At regular points we can review progress towards your financial goals. This helps you decide if your plan needs to change. It also gives you an opportunity to take advantage of any new financial products or services and we can look at any changes to legislation or taxation that may impact you.

 

Participation in our Ongoing Service Program will ensure your plan is regularly reviewed so that it remains up to date and relevant to your changing lifestyle and goals.