Having a financial plan will help you to make informed decisions about using your money to its best advantage.

Financial planning advice can help you make informed decisions about your money and develop a strategic approach to managing it. It can help you determine what your short and long-term financial goals are, and give you solutions to meet them. Other benefits of financial advice include:

• up-to-date information about changing laws and investment markets
• access to new investment opportunities
• a one-on-one relationship with a Certified Financial Planner™
• access to research and market insights.

Do you need advice?

You might need advice if you:

• have a portfolio and you're looking to build a strategy or plan
• don't have the time or knowledge to manage your portfolio on an ongoing basis
• have received an inheritance or windfall
• have received a lump sum
• are new to investing and want to turn your savings into investments
• have a complex financial situation
• have been made redundant
• are changing jobs
• are nearing retirement

What your financial adviser does for you

The following explains the steps involved in the Financial Planning process, what information and documents you may need to take with you to an interview and other important time saving preparation tips.

The Six Steps in Financial Plannning

Step One	Gathering the Data To make appropriate recommendtations on your financial future, your Adviser will work with you to understand your present financial position, your financial objectives and needs, and the levels and types of investment that will best meet your needs.
Step Two	Identifying your Goals An integral part of the planning process for your financial plan is the identification of your goals and objectives. Issues you may consider include: The income and asset levels you are seeking Placing your investments in a secure manner Future education expenses Upgrading the family home Protecting your occupational income through adequate death, disability and income protection cover Accumulating assets to a defined level by a defined date Maintaining an agreed level of investment accessibility and flexibility Maintaining your lifestyle against rises in inflation
Step Three	Identifying Financial Issues Your Adviser will compare your financial situation with your financial goals and identify steps necessary to achieve your goals. Your current situation, your goals and future plans will all form part of your financial plan.
Step Four	Preparing your Financial Plan Having identified your goals and objectives and assessed your financial situation, your Adviser will formulate and overall strategy. Central to the strategy will be your "risk profile" - it is your attitude to risk that will principally determine the investments that the Adviser recommends to you. This is important because investments that offer a higher rate of return have a greater risk of losing value. Your plan will provide clearly identified recommendations relating to your goals and objectives. It will also recommend any actions necessary to remedy shortfalls, for example, in capital or income.
Step Five	Implementing your Financial Plan Once you have agreed to the financial plan developed with your Adviser he or she can implement it on your behalf, or assist you through the process.
Step Six	Reviewing and Revising your Plan The preparation and implementation of the financial plan is the starting point for your relationship with your Adviser. Ongoing services provided by yourAdviser can include: Tracking of existing investments Reviewing progress in achieving your financial goals and revising strategies as needed Investment portfolio valuations and reviews Information on new investment opportunities Ongoing communications Ongoing consultations as required

What to Bring to the Interview

	Details of any superannuation entitlements, roll-Overs, account based pensions.
	A list of your assets and liabilities, e.g. home, contents, cars, caravans, land, etc.
	Budget Planner (you can use our downloadable Budgeting Tool).
	Details of any existing investments, e.g. shares, debentures, term deposits, managed funds.

It would be helpful if you had an idea of your objectives, and the outcome you would like to achieve. Some clients find it helpful to leave a notepad on the kitchen table and write down issues as they think of them. If you do this bring your list with you, it can help a great deal.

Cost: There is no cost for the first hour of the initial interview, we are just going to have an informal chat to see if we can help you achieve your goals and objectives.

How to Prepare for an Interview

The more you can do to prepare for your meeting with your financial planner, the more effectively a new plan can be prepared to meet your future financial needs. There are several things you can do.

1. Define your goals, both personal and business. Setting goals helps determine how much income and capital you will need and when.
   
   
2. Decide your attitude to risk. Are you comfortable with a portfolio of volatile investments that can yield higher returns but at higher risk of loss, or would you prefer a more conservative, low risk investment portfolio?
   
   
3. Work out your current personal financial position (you can use our downloadable Budgeting Tool). To help speed up the planning process, you can easily email the completed statement of your financial position to your financial planner. Gather together the items listed above.
   
   
4. Contact your financial planner a few days in advance of your interview to confirm that you have gathered and prepared all the relevant and necessary information you and your planner will need to get your new plan right first time.

Reproduced with the kind permission of Macquarie Investment Management and the FPA

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