What is financial planning advice?
If you could achieve your financial goals by simply putting money away in the bank, you wouldn’t need a financial plan. Unfortunately, life is a little more complex – it’s hard to understand the intricacies of investment, taxation and ever-changing regulations, so you need professional help.
A Hillman Morgan financial planner will help you reach your goals; even if retirement may seem a lifetime away, the sooner you start planning the more likelihood you’ll have to achieve financial independence and peace of mind. They have the expertise and ethical standards to ensure your finances are in safe hands.
Many people end up forming a long-term relationship with their financial planner, like an athlete who works with a coach to improve their performance and reach their potential.
The value of financial planning goes beyond dollars and cents – it can simplify your life and give you a sense of security and peace of mind about your current and future financial position.
How it works
It’s important to make sure you are comfortable that your financial planner has taken the time to understand your needs, goals and preferences before they make any recommendations. Here is what you can expect from the financial planning process.
DEFINING THE SCOPE OF ENGAGEMENT
Your financial planner should explain the process they will follow, find out your needs and make sure they can meet them. You can ask them about their background, how they work and how they charge.
IDENTIFYING YOUR GOALS
You work with your financial planner to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.
ASSESSING YOUR FINANCIAL SITUATION
Your financial planner will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies.
PREPARING YOUR FINANCIAL PLAN
Your financial planner recommends suitable strategies, products and services, and answers any questions you have.
IMPLEMENTING THE RECOMMENDATIONS
Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, your financial planner may work with specialist professionals, such as an accountant or solicitor.
REVIEWING THE PLAN
Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.
To find out more call Hillman Morgan today to make a complimentary appointment in either our Toowoomba or Brisbane office to meet one of our planners and find out how we can help you.