Our Advice Process

The advice process can be broken down into two stages below; initial advice and implementation (green) and ongoing strategic reviews (grey).

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 90 minutes for this. At the end of this meeting, we offer to investigate your situation further and arrange another time to meet to discuss potential strategies, how they may 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 benefits, costs, risks and financial modelling. This is your financial plan and blueprint of advice going forward. After authorising us to proceed, our job is to ensure the recommendations are implemented in full on your behalf. When this has been completed we arrange a ‘Post Implementation’ meeting to recap what has been done and schedule a suitable month next year to begin our annual strategic reviews.

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, review schedule to update and make adjustments to your plan and investments as things change. Reviews can be held face-to-face or via Zoom, depending on your preference and location. Our client portal allows you to check and update your information securely online prior to each meeting to ensure our time together is productive and meaningful.

Our aim is to partner with clients who value and trust us in this ongoing 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.

At each strategic review, we check the following:

  • Review the accounts and policies we manage and advise on your behalf:
    • Check the asset allocation, underlying investments and default cash balance to ensure it matches the strategy being used
    • Check investment research
    • Make calls to obtain updated balances and insured amounts on accounts we do not have direct visibility of (such as industry super funds)
    • Check current super contributions against legislated concessional and non-concessional caps
    • Check pension payments to see if they meet minimum and maximum requirements
    • Check super nominated beneficiaries to see if they are due to lapse or need updating
    • Obtain updated insurance policy information
    • Check the client investment risk profile
    • Run reports
    • Note recommended changes to discuss
  •   Check for strategies that may apply / management of existing strategies in place:
    • Transition to Retirement (TTR), tax-effective income streams
    • Salary sacrifice, personal concessional contributions, super splitting, catch-up contributions etc
    • Non concessional contributions, Government co-contribution, Spouse contributions
    • Tax-paid bonds
    • Minimisation of non-dependent beneficiary tax upon death in super
    • Qualification for Centrelink
  • Check for existing estate planning documents:
    • Wills
    • Enduring Powers of Attorney
    • Advanced Care Directives
    • Reminder to arrange or update if necessary
  • Check current Centrelink payments
    • Check current payments
    • Update income and assets following meeting through our adviser portal
  • Check the file
    • Update any outstanding tasks
    • Check for any updated details

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The difference we found with Bob and Daniel are that they really, really (& I mean really!) felt how it is for us in our situation on a personal level and looked at every possible option for us.

Kerri & Darren Greig, Birdwood

Planning for Prosperity assisted me in making the right choices regarding my superannuation and personal debt.

John Kelly

The trust and friendship developed with Bob and Daniel allows us to work together towards common goals.

Karen and Graham Warren, Yorketown

General Advice Warning

Please view our General advice warning here