As a financial adviser helping clients in Sydney, Bowral and the Southern Highland region, one of the most common questions I get asked is “What is actually involved in creating a financial plan?”.

At Poole Advisory, we approach financial planning a little differently. We believe that financial plans should consider more than just money.

Still, it is, of course, incredibly important to ensure your financial health is in good health considering things like:

• The performance of your investment portfolio
• How you can pay off debts quicker (credit card debt, car loan, your mortgage)
• What your savings account looks like and how much monthly cash flow you have coming in
  
  

But your financial situation is only part of the puzzle. We place a lot of importance on getting to know you and your family’s lifestyle goals before we get started on developing your personalised financial plan.

A good personal financial plan should give you confidence and peace of mind that you can live your life the way you want to without having to worry about financial stress.

So what are the financial planning steps involved in creating a complete financial plan?

Step 1: A complimentary meeting with a financial planner to understand you and your financial goals

At Poole Advisory, the very first step we take with new clients is to sit down and simply chat!

We chat about all things finance but also place an important emphasis on your personal goals and what financial security looks like to you – because we understand it is different for everyone.

Our financial philosophy is holistic in nature and simplified for better returns: where are you now and where do you want to be?

In this first meeting, we will ask you questions like:

• What are your values?
• How do you feel about your current financial situation?
• Do you have savings, an emergency fund or investments already in place?
• How comfortable are you with taking risk?
• What does financial freedom look like to you?
  
  

These questions can be difficult to answer, but once we have a good understanding of your situation, we can determine how best to help you.

To ensure, we can tailor the right financial advice and create a plan that it most suited to your life goals, we also ask questions like:

• Do you have any major concerns with your lifestyle and or finances
• Do you feel you are living your best life?
• Is there anything you would change with your life and finances to better yourself
• What are the most important things to you in your life
• Do you feel you are on track to achieving your life goals and living your best?
  
  

Step 2: The Initial Advice Phase

Before you engage your financial advisor to undertake the advice process, we will clearly communicate the next steps involved by our team to complete the research, advice & implementation of our recommendations along with the proposed fee.

Upon identifying that we can add value and assist, we provide a letter of engagement outlining all areas of the proposed scope work, timeframes of when this work will be completed, the cost of the work, what you can expect from us and what we expect from you. We legally cant proceed further until clients accept that they wish to proceed. An invoice will be provided upon acceptance and payment requested and then work commences.

Upon engagement, Poole Advisory will arrange an Educational/ Fact find completion meeting. During this meeting we educate clients on all aspects of their current finances, scoped topics and other. Further information maybe requested upon completion of meeting that has been identified as part of the meeting.

Step 3: The Research and Strategy Phase to Create Your Financial Plan

This stage of the process is where a pre statement of advice meeting is arranged to run through different scenarios towards clients goals and modelling. This is a collaborative meeting to develop financial plans together with clients. 

This meeting is generally at a high level whilst research of products are being completed by the our Advice Specialists team, our financial adviser will utilise technical skills and product knowledge to deliver your comprehensive financial plan.

Depending on your situation and preferences, your financial plan may include recommendations on:

• Investment advice and how you can create positive cash flow while taking into consideration your risk tolerance
• Tax planning and tax-saving investment options
• Retirement planning and how to put more money aside for your retirement fund
• Your Estate Plan and recommendations
• Opportunities to save money on insurance premiums, investment fees etc.
  
  

We complete the required research on your existing financial products, develop the most appropriate strategy and consider the most appropriate product selection for you.

Next, we present you with the plan. We will meet with you to step you through the plan as well as discuss any questions or changes needed.

Step 4: Implementation of your Financial Plan and Ongoing Support

When you are 100% happy with your personal financial plan, we then implement the strategy on your behalf and put you on the path to achieving financial success!

Our advice team will continue to keep you updated on the progress of the implementation.

We will also check in with you from time to time. This is where the benefits of having a strong relationship with your financial adviser are realised. We will check in to:

• Determine if your circumstances have changed
• Discuss if there is a complicated financial situation that needs additional support or advice
• Advise you of any relevant changes in government regulations that could affect your circumstances
• Review and adjust your strategy regularly to ensure it still meets your needs
  
  

If an ongoing arrangement is recommended and accepted, we provide an ongoing service agreement and implement based on level of service required. 

Poole Advisory will then schedule future reviews to ensure strategies remain aligned to goals and that advice remains current and appropriate.

Additionally, our team is always happy to help with any other questions you may have so please at any time, feel free to get in touch.

Good financial planning carefully considers your goals and financial future

Are you ready to create a financial plan that you can feel confident in now and in the future?

By working with Poole Advisory, you can be sure that your hard-earned money is working hard for you.

Ready to take the first step? Book a complimentary Introduction Meeting with Anthony Poole today.

We look forward to working with you to create your dream future!

Compliance Disclaimer:

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917