Financial Planning

Financial planning is the process of meeting your lifes goals through the proper management of your finances. Your lifes goals may include buying a home, saving for your childrens education and planning for retirement.

Generally, developing a financial plan involves:

  • Accessing your personal circumstances, risk tolerance and financial needs.
  • Working out what you want to achieve, how you might achieve it and understanding any problems you might encounter along the way
  • Investigating and deciding on the best way to make your money work for you

The six step financial planning process

When developing a financial plan for you, professional financial planners us a six-step process to help you work out where you are now, what you may need in the future and what you must do to reach your goals.

The process includes gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan to assist in achieving your objectives.

Gathering the data Identifying your goals Identifying financial issues Step two  Step three  Step four  Preparing your financial plan Step five  Implementing your financial Plan Step six  Reviewing your plan

For more information:

Good Advice

A booklet which includes case studies to show the value of professional advice. It is designed to assist in finding a financial planner, preparing you for the first meeting and getting the most out of it.

An ASIC publication prepared with the FPA.

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