The advice process can be broken down into two stages represented in the graphic below; initial advice and implementation (blue) and ongoing strategic reviews (orange).
Initial advice and implementation
This process begins with an initial ‘Discovery’ meeting, where our sole objective is to learn about your situation and why you are seeking advice. We allow 1.5 – 2 hours for this. At the end of this meeting, we offer to investigate your situation further and arrange another time to meet to outline our proposed strategies, how they will benefit you and the cost to proceed.
The next step is to put our recommendations into writing, called a Statement of Advice, which provides the important necessary details about the changes. This is your financial plan and blueprint of advice going forward. After authorising us to proceed, our job is to ensure that the recommendations are implemented in full on your behalf. When this has been completed, we arrange a ‘Post Implementation’ meeting to recap what has done and establish our ongoing review schedule with you.
The importance of regular reviews
After creating a financial plan, it is crucial for it to be reviewed to ensure it remains relevant to your goals, financial circumstances and the changing legislative environment.
While most people have good intentions to keep on top of this, our experience is that they need help and direction to stay on track. Our regular review process ensures that we are taking care of the ‘out of sight, out of mind’ during the year and setting a disciplined, strategic, face-to-face review schedule to update and make adjustments to your plan and investments as things change.
Our aim is to partner with clients who value and trust us in this relationship.
Annual strategic reviews
While each client review and resulting actions are different, the preparation process we follow each time is identical, documented and thorough. This should give you peace of mind, knowing that all facets of your personal financial situation are being examined with the care and attention that it deserves. Strategic reviews occur annually for clients on Gold, Silver and Bronze service packages and every 2 years for Essentials. At each strategic review, we check the following:
Review notes and actions from the last meeting
Review the accounts and policies we manage on your behalf:
- Check the asset allocation, balance of the default cash account and whether any term deposits are due to mature
- Check current super contributions against legislated concessional and non-concessional caps
- Check pension payments to see if they meet minimum and maximum requirements
- Check nominated beneficiaries on file to see if they are due to lapse or need updating
- Obtain updated insurance policy information
- Run reports
- Note recommended changes to discuss
Review your other the accounts that we do not manage:
- Make calls to obtain updated balances and insured amounts
- Check current super contributions against legislated concessional and non-concessional caps
- Check pension payments to see if they meet minimum and maximum requirements
- Check nominated beneficiaries on file to see if they are due to lapse or need updating
- Check our ‘authority to obtain information’ is up to date
- Update our systems with current information
- Note recommended changes to discuss
Check for strategies that may apply / management of existing strategies in place
- Transition to Retirement (TTR) – Running calculations to ensure optimal tax / income objective
- Tax effective investment such as salary sacrifice or tax-paid bonds
- Government co-contribution
- Spouse super contribution
- Cash-out, re-contribution to minimise non-dependent beneficiary tax upon death
- Drawing a tax-effective Account Based Pension income stream
- Qualification for Centrelink
Check for existing estate planning documents:
- Wills
- Powers of attorney
- Advanced care directives
- Reminder to arrange or update if necessary
Check current Centrelink payments
Update all data collected following meeting through our adviser portal
Check the file
- Update any outstanding tasks
- Check for any updated details
- Scan and file any loose documents
Create meeting agenda with specific items to discuss
