Financial Planning Process

 

Financial Planing Process
 
No two clients are the same. We all have different circumstances, values and needs. Our goals and objectives also differ and often change as we move through different stages of our lives. The key is to have a planned structure that can move with you, change with you and deliver the outcomes you are seeking.To provide an ongoing advisory service requires compliance with strict rules and regulations. To provide and adhere to these requirements requires a great deal of time.The process of putting in place a financial plan is as follows:-
 
Initial interview

Discussion of what you are seeking both now and into the future. An outline of what services my business can provide. We DO NOT charge for this meeting.

Obtaining important information

Obtain factual information about your current situation. Quantify levels of desired income and determine current expense prioritisation and intentions. This includes providing copies of super accounts, any insurances and investments currently held.

Writing of formal report

Looking at your current situation we then assess these against your goals and objectives as to if they are achievable. We provide a road map for you to follow which will lead you to your goals with key action steps for success. This will be included in a 5 to 8 page report for you to digest.

Assessment of Options

Upon assessing the recommendations within 30 days** you inform MPFP via email/SMS/Phonecall that you

  1. DO NOT wish to proceed with the recommendations     No cost
  2. Wish to implement the recommendations yourself         No cost
  3. Wish to become a client of MPFP                                   Costs outlined in report

With MPFP you recieve comprehensive recommendations for your circumstances without cost or obligation. Should you choose not to go ahead and become a client of MPFP the only cost to you is time.

**The Australian Securities and Investment Commission states that recommendations are only valid for a period of 30 days from the time of delivery. That is after 30 days they are null and void and it is determined by ASIC that after 30 days your circumstances may have changed and therefore the recommendations may no longer be valid. This is a strict law that MPFP adheres to. At MPFP, we believe that having provided you with recommendations to the value of $1650 it is not unreasonable that you make a decision as to the options above within the 30 days period as enforced by ASIC. If no decision is made within the 30 days then MPFP will reasonably invoice you $1650 to cover the cost of the recommendations preparation.

Signing and completion of all documentation

Upon agreeance on the contents of the report we undertake the completion and signing of all relevant documentation.

Implementation process

This is where the plan is put into place. Arranging rollovers, direct debits, movement of investments and the like. We also arrange the underwriting of any insurance policies. This process can take up to 6 months.

Follow up

There is a significant level of follow up required to ensure a program is appropriately in place. Often with insurance work the companies will require further details. Generally speaking there is a great deal of liaison that will go between clients and Michael during this period.

First Review

The first review is generally undertaken 6 months after the main components of the plan have been put in place.

Ongoing Review and fine tuning

No plan stays relevant forever. We meet formally every six months to ensure we are still on track, however we liase whenever there is a major change in your financial affairs or you seek my help on an issue that has come up.