• Level 1, 100 Havelock Street West Perth WA 6005

Financial Planning

Home Financial Planning Process

The Financial Planning Process

The financial planning process involves a number of steps.
These steps are noted below:

  • Initial Meeting
  • Data Collection and General Assessment
  • Preparation of the Advice Document
  • Presentation of the Recommendations
  • Modification of the Advice (if necessary)
  • Implementation of the Strategy
  • Ongoing Review and Evaluation

Initial Meeting

  • The purpose of the initial meeting is to confirm that we are able to assist you and that you feel comfortable with our organisation.

Data Collection and General Assessment

  • We will gain a thorough understanding of your current financial position, objectives, risk profile, and attitude to investing through a discovery meeting. This enables us to provide a tailored financial plan.

Preparation of the Advice Document

  • We will prepare a Statement of Advice (Financial Plan) that outlines the strategies required to help you achieve financial success.

Presentation of the Recommendations

  • We will meet with you to present and discuss the recommended strategies and any associated implementation and ongoing cost in this regard.

Modification of the Advice

  • If adjustments are needed following the presentation, we will ensure the advice aligns with your goals and comfort.

Implementation of the Strategy

  • Once agreed upon, we will implement the final strategy. This may be phased in over a longer time frame.

Ongoing Review Analysis and Evaluation

  • We offer an ongoing or fixed-term review service to ensure your strategy remains effective amid changing circumstances or legislation.

Cost

  • There is no charge for the initial meeting.
  • There is a charge for the preparation of the Statement of Advice as well as for the ongoing or fixed-term review services. These costs will be explained at the initial meeting and detailed in the Statement of Advice.

Strategic Advice

Some of the major reasons that people use the services of a Financial Adviser are to:

  • Create Wealth
  • Plan for Retirement
  • Provide Investment Income in Retirement
  • Ensure that loved ones and dependants avoid financial hardship in the event of the death or illness of the main income providers
  • To identify any obvious gaps in relation to Estate Planning

Investment of Funds

In constructing an investment strategy to meet the objective of the individual, a number of factors are taken into account.
These are:

1. Identification of the Strategy Objective

  • It is very important to determine what the objective of the individual is so that the investment strategy can be designed to achieve this objective. For example, if the main objective is to provide income in retirement then the investments that are selected need to have the achievement of income as their main characteristic. Similarly, portfolios with an objective of capital growth and tax reduction will be designed with a greater emphasis on assets that provide capital growth.

2. Risk Profiling

  • Determining the investor's risk profile is vital to ensuring that the investor is able to cope mentally with the volatility and risk that a particular strategy may exhibit. The investment strategy therefore needs to cope with the constraints that the risk profile may place on achieving that objective. A thorough risk profiling assessment is therefore a very important element in investment portfolio design.

3. Portfolio Construction

  • Having determined both the objective of the investor as well as the investor's risk profile, the investment portfolio Is customized to ensure that the objective is achieved within the risk tolerance level. In selecting the individual investments that make up the investment strategy, research and analysis is used.

4. Ongoing Appraisal of Performance

  • It is important to review the performance of the investment strategy on an ongoing basis to ensure that it is achieving the objective that was set for it. World markets are constantly changing and therefore constant review of the investment strategy is crucial. Adjustments to the strategy will take place at the portfolio review so that the strategy is fine-tuned to take into account the changes in market conditions and financial outlook.

5. Review

  • The review not only examines the performance of the investment strategy relative to the objective but takes into account the changing needs of the individual so that adjustments to the strategy can be made in order to cater for these changing needs.

Life Insurance

Life insurance provides financial protection and peace of mind for individuals and their families. In the event of the death and disablement of the life insured, it provides financial benefits to enable families to cope better. It can help cover essential living expenses, support children's education, and allow families to maintain their standard of living when the main income earners are not able to work or have died.

For many, life insurance acts as a crucial safety net, offering stability and security when it's needed most. Life Insurance provides benefits in the following scenarios :

Fisher GT

Death Cover

Death cover provides a lump sum payment to your beneficiaries (or estate) if you pass away or are diagnosed with a terminal illness (depending on the policy).
Fisher GT

Total and Permanent Disability Cover

Total and Permanent Disability Insurance provides a lump sum payment to you if you become totally and permanently disabled, preventing you from ever working again.
Fisher GT

Trauma Cover

Trauma insurance provides a lump sum payment if you are diagnosed with a serious specified medical condition, such as cancer, heart attack, stroke, or other specified illnesses.
Fisher GT

Income Protection Cover

Income protection insurance replaces a portion (typically up to 70-75%) of your income if you are unable to work for an extended period due to injury or illness.

Estate Planning

Estate planning is the process of arranging and documenting how your assets, finances, and personal wishes will be managed and distributed if you become incapacitated both before and after your death. It typically includes the creation of a will, superannuation death benefit nominations, appointing enduring powers of attorney and guardianship, and making decisions about medical treatment through an advance health directive. The goal is to ensure your wishes are respected, to reduce stress for loved ones, and to avoid legal complications.

The components of Estate Planning broadly speaking comprise:

  • Will
  • Testamentary Trust
  • Enduring Power of Attorney and Guardianship
  • Advance Health Directive
  • Death Benefit Nominations for Superannuation
  • Reversionary Pension Nominations

Will

Reasons to have a will include:

  • To reflect your wishes
  • To protect your dependants
  • To preserve your assets
  • To appoint an executor
  • To give you peace of mind

Death Benefit Nomination

  • A death benefit nomination will guide the trustee of the superannuation fund as to how you wish your superannuation funds to be distributed.

Testamentary Trusts

  • Created through your Will, a testamentary trust enables controlled asset distribution to beneficiaries at a specified time or age.

Enduring Power of Attorney

  • Authorises someone to manage your financial matters on your behalf during your lifetime, even if you lose decision-making capacity.

Enduring Power of Guardianship

  • Allows someone to make personal, lifestyle, and treatment decisions for you if you become unable to do so yourself.

Advance Health Directive

  • A legal document that outlines your future treatment decisions, to be used only when you are no longer capable of making those decisions yourself.
+