What is Financial Planning?

Financial Planning is the process of meeting your life goals through prudent management of your finances. Your life goals will be unique to you and may include buying a home, saving for your children's education, managing your debt or planning for your retirement.

At Strategic Solutions we use a six-step process to help you take a 'big picture' view of where you are financially now and where you want to be in the future. The six steps of the financial planning process are:

  • Step 1. Gathering your financial data
  • - such as details of your income, debt level, commitments, etc.
  • Step 2. Identifying your goals
  • - this is an opportunity for you to clarify your current position, financial goals and objectives, and to cover off with us any other questions or concerns you may have.
  • Step 3. Identifying any financial issues
  • - or deficiencies between where you are now financially and where you want to be. We will review the information you have provided and work with you to explore any financial issues or obstacles existing that may come between you and your desired outcomes. This presents another opportunity for you to refine your financial goals and objectives.
  • Step 4. Preparing your financial plan.
  • - which will identify recommended investments and will address your attitude to risk. We take all the information you have provided, including your personal circumstances, into consideration and craft a financial plan document, called a Statement of Advice which we will present to you face to face. At this meeting you need to ensure that you understand what we are recommending and why. We will be happy to take the time needed to ensure you fully understand and have comfort with our recommendations and that any issues identified at this point needing further clarification or change are addressed. This is your financial plan and roadmap for your future thus it's vital that you are completely comfortable with it.
  • Step 5. Implementing your financial plan
  • - once we have made any adjustments, if required, and have received your authority to proceed with the recommendations in the Statement of Advice we will perform the tasks necessary to put your plan into action.
  • Step 6. Reviewing and revising your plan
  • - to ensure it stays up-to-date and relevant to your changing lifestyle. Regular review meetings, at a frequency you are comfortable with, are vital to ensuring your plan remains on track to deliver your financial goals and objectives.
  • Tip: At Strategic Solutions Australia we will supply you with a Confidential Data Form along with other helpful information prior to an initial meeting. We recommend you complete and return the Confidential Data Form to us prior to the initial meeting or, if not possible, bring it along with you to the initial meeting. This approach has a number of mutually beneficial outcomes including you being fully across your current financial position including revisiting your personal goals as well as allowing us to be prepared so we can maximise the value of our time during the initial meeting.

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    ABN 90 070 215 360 | AFS Licence No 229168