6 STEPS TO EFFECTIVE FINANCIAL PLANNING

INTRODUCTION

At Ethos Financial Planners we pride ourselves on the relationships that we maintain with our clients, allowing us to help and guide them through the constant change(s) within the financial services regulatory environment and to meet personal changes as and when then happen.

We believe that our Effective Planning process is key to building these relationships.

Talking about concerns and discussing personal finances with a stranger (even if they have been highly recommended) is a daunting process for many. We understand that trust needs to be earned and confidential discussions can only be commenced once that level of trust exists.

At Ethos we follow a six step process to ensure that the trust and communication continues throughout the lifetime our relationship.

  • STEP
  • 1

    Getting to know each other

    This is a critical first step as it allows us to understand the plans and objectives that you have both now and for your future, we can discuss “what if” scenarios and explain the latest government and financial services initiatives that are currently being implemented. During this process we will get to understand your attitude to risk.

  • 2

    Defining the Goals & Timeline

    Defining the Goals. A financial plan is nothing without a goal at the end, be it Retirement Planning, Long Term Care, Succession Planning or even that long cruise to exotic locations. With these goals in mind and knowing more about you and your expectations, we can see how these goals can be achieved.

    Defining the Timeline. Once the goals have been identified it is time to put that stake in the sand and decide when these goals will ideally be achieved. This is an essential part of our Effective Planning process as without a timeline we cannot review the progress to achieving these goals.

  • 3

    Build & Action the Plan

    Building the Plan. Once steps 1 & 2 are complete it is time for us to do our thing and work through the best solution(s) for your requirements. We are conscious that personal circumstances change and that goals and objectives have to have their timelines moved. It is with this knowledge that we will factor flexibility into our plans so that changes in personal circumstance can be managed.

    Actioning the Plan. Once the planning process has been completed, it is then time to action the plan. During the initial steps you will have learnt that the action process is often not a big bang approach and that certain short term goals and requirements will need to be met before some of the longer term plans can be actioned. It is with this in mind that we begin the journey together.

  • 4

    Regular Reviews

    At Ethos we are proud of the positive feedback that we have received on our personal touch. Much of this is achieved through our regular meetings and reviews. Of course you do not need to wait for the review, the team is always available to discuss any query that you may have. The objective of these reviews is to discuss the progress of the plan(s) that have been implemented and to check the Goals and Timeline to see if there are any changes. For example, do you want to bring some goals forward and push others a little further into the future?

  • 5

    Redefining Goals

    As mentioned in Step 4, goals and personal circumstances can change, we are on hand to be able to discuss any changes that are needed. We see how these changes can be worked into the plan(s) that we have actioned and align them to the revised Goals and Timelines.

  • 6

    Succession Planning

    Succession Planning.Often a result of your hard work means that you have accumulated a personal wealth that you would like to pass on through to family members, this could take the form of:

     • Inheritance Tax planning
     • Long Term Care planning
     • Estate planning

    We are in the privileged position to have worked with clients from the initial planning steps through to the Succession Planning stage. Our team have extensive experience within this arena and can carefully guide you through the challenges of creating an effective Succession Plan.

So what is the next step?