Partners in Financial Planning endeavours to practice holistic financial planning. We are committed to our clients and prefer to have life-time clients rather than once-off sales opportunities. To achieve this, we have a set financial planning process that would normally involve two to three appointments at the onset of a new business relationship.
1: Establish Relationship:
Clearly establish the nature of the service required by the client, as well as the responsibilities of the parties.
2: Gather Information:
Complete a financial planning questionnaire with the client wherein we ask for the relevant information, including the following:
a) Personal details.
b) Financial position eg. employment details and employee benefits.
c) Assets and liabilities.
d) Financial objectives.
3: Analyse the Information:
Quantify and calculate the client’s need/shortfall based on objectives and current financial situation. This would include scenarios of death, disability, dread disease and retirement using licensed software.
4: Present Solution:
a) Presentation of recommendations.
b) Full disclosure of product options and fees.
c) Allow client to reflect on recommendations to make a decision.
a) Once client has decided to proceed, agree on implementation.
b) Complete all necessary documentation and see administration process through to completion.
Conduct a review at least annually or otherwise as agreed, to:
a) Assess changing circumstances and needs.
b) Monitor progress toward objectives.
c) Make changes as may be required.
Typically, step 1 and step 2 compromise one appointment, after which our analysis (step 3) is done and presented (step 4) at appointment two.
The implementation (step 5) is appointment 3 and the review annually thereafter.