6 Stages of the Financial Planning Process with Sound Life
So, you've never engaged the services of a Financial Adviser but wonder what's involved? What some may view as complex and overwhelming, we hope that by walking you through the steps, you will feel more comfortable and informed.
After all, we are just normal people who want to help by offering solutions to your financial situation. We've broken the process down for you so you can see that it's not as complicated as you think!
We ensure you feel empowered and informed on your financial planning journey.
Step One: Book a half-hour discovery call
We invite you to book a free half-hour discovery call to determine if we can assist you with your financial planning queries, and if in fact, we are the right fit for you!
Step Two: Time to get organised!
If after your free discovery call, we’ve determined that you’d like to engage our services, we ask you to do a little pre-planning in preparation for your first meeting. We've created a handy ‘Pre-meeting Preparation Checklist' to help with this.
Of course, this will differ from person to person, depending on your own current situation and circumstances. Try to be as prepared as possible to get the most out of your first meeting with us.
Step Three: Goals & values-based meeting (getting to know you!)
We know that meeting with a financial planner for the first time could place you out of your comfort zone, but this is an opportunity for us to get to know you and chat about your values - what’s most important to you (& your partner if you have one). It’s your values that help to give clarity to your financial and lifestyle-related goals and dreams. It’s a good idea to reflect on your values, prior to your first meeting, although we’ll give you a little help with this as we have some great value-determining resources!
It’s important for you to be open about your finances and as difficult as this may be, it really will help us to understand your needs and wants. What stage are you at in your life? Do you have any concerns? What do you hope to accomplish? What are your priorities? When do you hope to retire?
We provide an inclusive environment where we treat all clients with respect, sensitivity and understanding. We listen with presence and genuine consideration.
Equipped with a cup of tea or coffee, you can expect this meeting to last anywhere from a half hour to two hours. Our aim is for you to have felt listened to and supported.
Step Four: We do the research (so you won’t have to)
Now that we’ve met and based on your core values and the goals that you’re hoping to achieve, it’s our job to research and analyse your current circumstances and future goals. We look at ways to help you bridge the gap from where you are now, to where you want to be.
Consideration is given to your assets, liabilities, income, including insurances and estate plans if you have them. We walk through a range of insurance, investment, superannuation, and retirement income stream products, all of which have been researched and industry-approved, to determine the best and most appropriate options for building your wealth creation.
Step Five: Strategy meeting (let’s get strategic together)
At this stage, we’re really looking forward to meeting with you again for a ‘Strategy Meeting’. This is when we discuss our proposed strategies for you to achieve your financial goals. We really want to make sure that together, we get it just right and that you understand what we are proposing.
We view you as the most important piece of the financial planning journey. We consider the big picture, guiding you to be disciplined rather than indulgent.
Once you’re happy with our recommendations, we can discuss our fees. It's never a one-size fits all as the cost is determined by the services suggested, for example, you may only require assistance with budgeting, or you may need a full suite of services, ranging from insurance and superannuation to cash flow management and planning for retirement.
Step Six: Presentation meeting (presenting your financial plan!)
Okay, so now we join all the dots, having listened, researched, strategised, and provided our recommendations, we’re excited to be working with you to map out your financial journey.
We have documented and finalised your personalised plan for the future! This is where we meet with you to present and discuss your Statement of Advice (SOA) and to sign the documentation to enable us to implement your plan of action.
We complete any requests that you may have (such as underwriting insurance or liaising on your behalf with third parties such as Centrelink or your employer)
We ensure you feel empowered and informed on your planning journey.
Now it's up to us to help you implement your plan correctly and effectively. It doesn't end here, in fact, it's just the beginning and together, we will schedule the ongoing management of your plan to help you stick to your timeline and stay on track!
Through this six-step process, our aims are to save you time by taking out the guesswork, to empower you to create and maintain long-lasting financial success and to provide you with the tools to achieve your financial goals, because your goals and our knowledge, will build your financial confidence.
Still have questions? Our team is here and happy to answer them. Please phone us on 9841 1688 or send an email to enquiries@soundlife.com.au
Sound Life & Superannuation Agencies Pty Ltd trading as Sound Life Financial Services is the Authorised Representatives of Synchron, AFS Licence No. 243313.
The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
