What is Financial Planning?

What should you look for when selecting a Financial Adviser?

It is important that you ensure that the person with whom you are dealing has the appropriate qualifications, knowledge and experience necessary to assist you to achieve your goals. The key is working with a trusted Financial Adviser to put together a financial plan that is tailored to your circumstances. Following are a list of questions that may assist you in determining the appropriate person to assist you:

• What are your qualifications and professional designations?
• What advisory services are authorised to provide to me?
• How will I pay for the service?
• How are the fees and commissions calculated and deducted?
• Do I get detailed information about the actual commissions and other benefits my adviser gets from making the recommendations?
• Will you give me advice that is suitable to my investment needs and financial circumstances?
• What should I know about any risks of the investments or investment strategies recommended to me?
• What information do you maintain on file and can I examine it?
• Can I tell you how I wish to instruct you to buy or sell my investment?
• Can I set up a system that allows me access to you to review my investments?
• Who can I speak to if I have a complaint about the Advisory service? 

Addwealth is committed to ensuring that our clients receive advice that is relevant to their individual circumstances. To this end, we have included the answers to these questions in our Financial Services Guide, which readily provides answer to the most commonly asked questions.

An initial consultation with one of our Advisers has no obligation, and our process will provide you with professional advice and personal service that will help you to achieve a secure, comfortable life, free from worry.

Six steps to success

Step 1 – The initial consultation

Once you’ve decided to make an appointment with an Addwealth Adviser, you will spend some time getting to know them and generally discussing your financial needs and objectives. Your Adviser will explain the financial planning process to you and answer any questions you may have.

Step 2 – Goal setting

The basis of all successful achievements is setting achievable goals and laying the foundation of the plan before you start. Your Advise will work with you to determine and document what you want to achieve.

Step 3 – Identifying any issues

Once your goals are set, your Advise will use their experience to guide you through any issues you face now and are likely to face in the future. They will then recommend sound strategies to address these issues.

Step 4 – Statement of Advice – your personal Financial Plan

You Statement of Advice sets out the strategies and recommendations that will help you to achieve your goals by growing and protecting your wealth. It will give you a clear understanding of where you are today, where you want to be in the future and the way in which you can get there.

Step 5 – Implementation

Once you’ve agreed on the way forward, your Adviser will assist you in implementing the strategies and recommendations they have provided to you in your Statement of Advice.

Step 6 – Ongoing review

The most important part of the financial planning process is to ensure that it continues to meet your needs on an ongoing basis. Change is an important part of life so it is important that your personal investment portfolio changes with you, to keep you on track for achieving your goals. Typically, your financial adviser will review your financial strategy with you at least annually to ensure it continues to meet your needs and goals.