Financial planning is not only about the money and creating wealth. It is ultimately about assisting your clients to make informed decisions, through a process of communication, education and implementation, to achieve their goals and dreams.
To do so, attention must be paid to creating a relationship of trust between the client and the financial planning business. This can be achieved if the business provides an ethical foundation of sound legal, technical knowledge, good business skills and a focus on excellent service.”Taken from the introduction of “Business Management for Financial Planners” by Lee Rossini and Johann Maree
The 6 Step Process to Creating and Protecting Wealth
1. Establish Relationship
At the first client meeting we hope to Define & Establish a working relationship. It is important for us to ensure that InSync’s financial planning philosophy & skill set will be beneficial to a client. It also provides a relaxed environment to ask questions and determine if the client & financial planner would be a good fit for each other. As your financial plan is a life-long ‘work-in-progress’, it is important to be comfortable with your financial planner.
2. Financial Needs Analysis
A Financial Needs Analysis is an analysis of your current financial position and objectives. We will gather information about your income and expenses, assets and liabilities, your investments and insurance policies. We use this information to assist you in setting your financial planning goals and objectives.
3. Analyse and Evaluate
We then use the above information to Analyse & Evaluate your financial planning position. Using financial planning software we will evaluate the shortfalls and excesses in your financial portfolio as well as highlight your high, medium and low financial risks.
4. Develop and Present
Based on our analysis we will Develop & Present a financial plan to you. The solutions provided will take into account your personal situation, financial objectives, costs and any tax consequences. The personal financial plan will highlight and address the financial planning needs within all 6 ‘areas’ of creating & protecting wealth.
Once we have agreed on which recommendation will be carried out, we will gladly assist you in Implementing the agreed upon solutions.
6. Review and Monitor
Our role as financial planners is to help you prioritise and plan for different events in your life that will have a financial impact on you or your family. In order to do this, we need to meet regularly, at least annually, to ensure that your financial plan remains relevant to your needs.