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PKF Australia

Accountants and Business Advisers

Stages of a Financially Planned Life

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Chris Davis

Financial Adviser

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Stages of a Financially Planned Life

Posted 30 Mar 17 by Chris Davis

People often turn to a financial adviser to help them achieve financial success. The challenge for financial advisers is then understanding what financial success means to the client.

Because all of us measure success in different ways the starting point for great planning is uncovering your true life goals. Not just the “I want to get fit” goal for the New Year. By that we mean the goals that if you took away all excuses would be first on your agenda.

Once we determine which phase of financial life you are in we can then overlay these life goals.

Identifying goals

A financial adviser will be able to help you with areas such as budgeting, cash flow management, a savings plan, superannuation, tax planning, home loan repayments, debt management, insurance, investments and retirement.

Understanding that your financial goals will change over time, you need a financial plan to suit your stage of life.graph

How it works

It is important to make sure you are comfortable, that your financial adviser 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.

Defined scope of engagement

Your financial adviser will 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 for their service.

Identifying your goals

You work with your financial adviser to identify your short and long term financial goals – this stage serves as a foundation for developing your plan. Understanding your goals is the basis for our advice and the foundation of attaining your “Future of Choice”. 

Assessing your financial situation

Your financial adviser will take a good look at your financial position – your assets, liabilities, insurance coverage and investment or tax strategies, assess your current investment allocation and whether this is aligned with your risk profile. Often clients are taking more risk with their financial assets than their risk profile would suggest is appropriate. 

Preparing your financial plan

Your financial adviser recommends suitable strategies, products and services and answers any questions you may have.


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