what is the process

Financial planning is the process of meeting your life goals through the proper management of your finances.

Financial planners use a six-step process that helps you take a 'big picture' look at where you are and where you want to be financially. Using this process we can help you work out what you need to do now and in the future to reach your goals.

Our financial planners structure their advice in the following way. The six steps of the financial planning process are:

1. Gathering your financial data - such as details on your income, debt level, commitments, etc.
2. Identifying your goals
3. Identifying any financial issues - or deficiencies between where you are now financially and
   where you want to be.
4. Preparing your financial plan - which will identify recommended investments and will address your attitude to risk
5. Implementing your financial plan
6. Reviewing and revising your plan - to ensure it stays up-to-date and relevant to the economic climate and your changing lifestyle

financial planning process

Moneytax offer the following information which should be used to guide you in your financial planning process. We are trainined to assist in each step of the process, and we follow these steps with all clients.

The following steps are both proven and logical.

Step 1 - Fact Finding Meeting

Before any advice or recommendations are made, your Moneytax adviser needs to know all about you and have a complete understanding of your financial positions and goals eg. do you want a wealth creation plan, a retirement income plan, a rearrangement of your affairs for tax purposes, a risk protection plan etc.

Step 2. - Concept Report

To ensure we have a complete understanding of your needs, we will need a report from you. This can either be in written format or in a cashflow spreadsheet format. This will give you and the Moneytax financial planner a clear picture of what is the most appropriate strategy for you to take.

Step 3. - Recommendation Report

It is at this point that recommendations can be made to suit your circumstances. Your Moneytax financial planner will explain the reasons for the recommendations and agree a fee which will be charged for the services offered.

Step 4. - Implementation

You will be asked to sign an ‘Authority to Proceed’ to enable us to ‘make it all happen’. On completion of the implementation process a final meeting is held to confirm everything and to present a folder with copies of all documentation of your records. Discussion will also take place regarding any ongoing reviews of your plan.

Step 5. - Annual Reviews

The annual review is the most vital component in the financial planning process. The purpose is to ensure the plan is still doing what it was designed to do. Changes can be made if necessary and the performance is reviewed to ensure it is meeting your expectations. We will assess your plans based on market activity and any changes in your circumstances.