FINANCIAL PLANNING PROCESS
THE PRIVATE WEALTH PARTNERS APPROACH
Other firms will have a standard approach to the financial planning process but we like to do things differently. We make it our business to understand you and the root of your objectives in order to build, grow and protect your wealth. It’s important to compare your choices and understand how they impact the big picture.
Once the plan is in place, the focus is then turned to keeping you on track because life is always changing and sometimes the overall strategy needs to change with it.
01
Identifying
your goals
We first need to understand your goals. You may have an age in mind that you would like to stop working or perhaps shift gears and spend more time with the grandchildren. Your goal may be to pay off the home sooner or pay for children’s schooling. Identifying these goals builds the foundation for your strategy.
02
Building a
starting point
Once we have identified your goals and understand your current position, we establish a base case financial model. This model paints a picture of what your financial journey may look like on its current trajectory and provides us with a foundation for our recommendations.
03
Exploring
your choices
We use our financial modelling to analyse and compare various strategies and their trade offs against your current position. For example, paying off your home loan versus contributing more to superannuation. Being more conservative or more aggressive with your superannuation/pension investment strategy. We may identify a number of strategies that achieve your goals.
04
Putting together
the strategy
We then need to decide which strategy is most suited to you. Not only does the plan need to achieve your goals, you have to be able to “sleep at night” along the way. Our agreed strategy will form the foundation for achieving your goals.
05
Choosing the investments
At this point we start to build a portfolio of investments. These investments need to deliver the financial outcomes required in order to meet your goals. Our overarching objective is to achieve your goals with the least amount of risk possible.
06
Identifying
risks
Sometimes things happen that are out of your control but that doesn’t mean you can’t prepare for them. We will identify the risks and put in place a risk management plan that ensures the journey you set out on still takes place despite what happens around you.
07
Staying on track
Life is not linear. Your goals, financial situation, risk appetite, family and lifestyle will constantly change. By regularly reviewing your strategy we can make the necessary adjustments to ensure you always stay on track.