Call us: (08) 6267 2200
reception@optimapartners.com.au
  • PAY MY INVOICE
Optima PartnersOptima PartnersOptima PartnersOptima Partners
  • Home
  • About Us
    • Meet The Team
    • Testimonials
  • Our Services
    • Business Advisory
    • Taxation Services
    • Self Managed Superannuation
    • Bookkeeping Services
    • Corporate Secretarial Services
  • Latest News
  • Contact Us

6 Steps to Financial Planning

By admin | Blog | 0 comment | 2 May, 2018 |

 

Since very few people seem to understand what financial planners do and a common question seems to be “What am I paying you for?” I thought I’d give a very brief introduction to financial planning and the work that goes into creating a financial plan.

The financial planning industry is one heavy with compliance and we have a lot of boxes to tick to avoid having authorities shut us down. The entire process can feel cumbersome (for both client and planner!) however it’s a necessary evil that is the only way to get a conclusive, transparent, positive outcome for the client.

Financial planning can be broken down into 6 major steps:

  1. Establishing a relationship and clarifying what the relationship will be (much like dating!)
  2. Collection of client information and specifically identifying goals for the client
  3. Evaluation of the client’s current financial position
  4. Researching recommendations and preparing comparisons/alternatives to current position. This includes preparation and presentation of a Statement of Advice. Planners are not allowed to simply give you verbal advice, it MUST be written.
  5. Implementing the recommendations
  6. Monitoring the recommendations and maintaining the relationship

Financial planners are required by law to only act in their client’s best interest. This is called Best Interests Duty. It may sound like common sense to do the right thing by our clients, however there were planners out there that were doing the wrong thing by their clients for their own benefit and sadly all planners are now paying the price.

What does the above all mean to a client? Probably not much, other than viewing it as lots of paperwork. They put their trust in us that we know what we are doing. They also trust that we will only make recommendations that are appropriate for them and will better their situation. Without trust, there can be no relationship between a planner and client, and trust can only be built over time and with good results, which is what we aim for in every client/planner relationship.

If you have any questions please give us a call at Southern Cross Financial on 08 6267 2233 or email us

Shannon Bennett

 

 

 

 

 

 

SHANNON BENNETT

SOUTHERN CROSS FINANCIAL

 

 

 

 

financial planning

Related Post

  • INDUSTRY SUPER VS FINANCIAL ADVISER

    By admin | 0 comment

    Industry super versus  financial adviser. Oooooh we just said a swear word – “financial adviser”.  There is a stigma that surrounds the financial planning industry, stemming from the industry super funds and a very successfulRead more

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Optima Partners News – October 2022
  • HitIQ lists on the ASX
  • Top 7 Characteristics of Great Leaders
  • Jobkeeper 2.0 Update
  • Working at home tax deduction due to COVID-19

Recent Comments

    Archives

    • April 2022
    • June 2021
    • August 2020
    • July 2020
    • April 2020
    • March 2020
    • February 2020
    • November 2019
    • October 2019
    • August 2019
    • July 2019
    • April 2019
    • March 2019
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015

    Categories

    • APP Reviews
    • ATO matters
    • Audit
    • Blog
    • Economic Update
    • Estate Planning
    • Federal Budget
    • HECS/HELP
    • HR & Admin
    • Insurances
    • LIfe Lessons
    • MYOB / Xero /Cloud accounting software
    • Optima Team
    • Payroll
    • Rental / Property Investment
    • Shares, Options trading and other investments
    • Small Business
    • SMSF & Superannuation
    • Tax time / planning
    • Uncategorized
    • Updates/News

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

    Copyright 2021 The Small Business Lounge | All Rights Reserved
    • Home
    • About Us
      • Meet The Team
      • Testimonials
    • Our Services
      • Business Advisory
      • Taxation Services
      • Self Managed Superannuation
      • Bookkeeping Services
      • Corporate Secretarial Services
    • Latest News
    • Contact Us
    Optima Partners