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Steps to Financial Planning
At StateWest Financial Planning our team of planners use the Financial Planning Association of Australia (FPA), six-step process. This way, we can help you work out where you are now, what you may need in the future and what you must do to reach your goals.
Step One: Gathering your Financial Data
We will work with you to understand your present financial position and your financial objectives and needs.
Step Two: Identifying Your Goals
We will help you identify and quantify your goals and objectives, such as maintaining an agreed level of investment accessibility and flexibility, maintaining your lifestyle against rises in inflation, upgrading your family home and other anticipated expenses.
Step Three: Identify Financial Issues
We will then compare your financial situation against your financial goals and identify steps to achieve those goals.
Step Four: Preparing Your Statement of Advice
With goals, objectives and financial issues in mind, we will then formulate an overall strategy. This will incorporate your 'risk profile', clearly identified recommendations relating to your goals and objectives as well as any actions necessary to remedy shortfalls.
Step Five: Implementing Your Statement of Advice
Once you are happy with the overall strategy, we can then implement the recommendations on your behalf, assisting you throughout the process.
Step Six: Reviewing and Revising Your Situation
The preparation and implementation of the Statement of Advice is only the starting point of your ongoing relationship with your financial planner. Ongoing services provided by us include access to your Financial Planner, tracking of existing investments, reviewing progress in achieving your financial goals and revising strategies as needed.
Download FPA/IFSA booklet "Six Easy Steps Towards Sound Financial Advice and your Rights as a Consumer."
For details on how to choose your Financial Planning and check your financial plan, you can download the FPA/ASIC "Don't Kiss your Money Goodbye."
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