Financial Foundations
What is it?
Even though you may need advice, you may not need us to manage your money forever, and that’s okay! Sometimes it doesn’t make sense to pay on-going fees for someone to manage your whole situation as you may be in a period where there’s not much to do, such as early on in your career, or you are happy and capable enough to manage it yourself. It may be something as simple as comparing which superfund is best amongst your many options, or how to set up your bank accounts to be organised and efficient and easy to report on. Our once off Financial Advice model allows you to come in, set up, review or change your structures in line with your goals without having to feel obligated to be locked in forever and a day paying on-going fees. As long as we agree you are capable of doing so and it is the right thing for your situation, we are more than happy for you to manage yourself and just pop in when needed for check-ups. Just don’t be a stranger!
• Financial Advice is always more expensive and time consuming as it does take into account your personal circumstances and objectives. This means the solutions will be tailored to you and what you need rather than a generic idea of things.
• However, the process is far more valuable as every person is different and even though ideas and theories are similar for numerous people, the execution is usually different across multiple areas.
• For this service you pay and up front fee according to how much work is involved and have no on-going fee obligations. If you wish to have your advice reviewed in the future we will price it under the same model as per your initial engagement adjusting any changes to what you would like to review the next time around.
• The process for financial advice is to first have a 15 minute call to rule out if you may be suited better to Financial Consulting. We then discuss your main areas of concern and what it is you want to achieve. This will give us an idea on what areas we need to focus on.
• We will then book you in for a 45-90 minute session and request some pre-game information for you to gather to help us get to the good bits sooner in our meeting – your family is welcome to this also.
• The first session is one of the most valuable sessions you will do. We cover off on almost nothing financial and focus on the WHAT of your life i.e. what is it you want to do with your precious time.
• Between this session and the gathered information we can determine what areas of advice you need such as Superannuation, Insurance, Cash Flow, Investments, Debt Reduction, Taxation strategies or a mix of those and any others we come across.
Strategy
This talks about the big picture, no mention of product specificity or small details. An example is – “You need $XX.XX amount of Life Insurance and should structure it this way due to your liabilities…” or “To reach your Investment goals you need to contribute $XX.XX into a portfolio that returns an average of 6% over the next 30 years to top up the shortfall of your Superannuation/Business allocation…”, strategy advice will not dive into what insurance product or investment fund is best just the overall strategy to achieve the outcome. Our philosophy is that you can still achieve your goals with a good strategy and average product but it is very hard to do so the other way around.
Implementation
The most time consuming and costly part of Financial Advice can often be implementing your solutions. This is greatly thanks to the in depth paperwork and compliance checklists that go with the advice to ensure the outcome is in your best interest. You can choose to let us implement the advice for you, or you are more than welcome to execute it on your own.
Product
This area discusses which of the products to implement the strategy may be best such as comparing certain insurance products or superannuation funds. We will come up with a detailed research analysis on our top choices and make a recommendation of our preferred with an alternative solution as a back up, however the decision is always yours.
On-Going Management
This is exclusive to the Wealth Management clientele. Under this service you will be in control of your own on going management, though feel free to engage us for future reviews as needed!