A Financial Planner is a professional who helps people reach their financial goals and objectives. This is done through an analysis of your current financial circumstances and the development of a long-term financial plan which involves advice on strategies and how to implement these.
Financial planning takes a holistic approach, taking into account your current situation and needs (eg. your assets and liabilities) and your future objectives and goals, in order to help you make the most of your financial situation.
Benefits of Professional Advice
Sound financial planning is necessary if you want to enjoy a secure financial future no matter what you aim to achieve in life, and no matter how much money you earn. Financial planning isnt only for the wealthy; it is an effective means for creating and protecting wealth on any budget.
Legislative complexity and changing financial markets, has meant that it has become increasingly difficult to make the right financial choices without professional advice. Even individual investors with industry knowledge who regularly follow the stock exchange find it time-consuming and incredibly challenging to keep up-to-date with the constant changes.
Developing a relationship with a financial adviser can, however, bring together your knowledge with that of a professional who spends their time focussing on how to make the most of the changing circumstances.
At Vaughan & Monaghan Insurance and Financial Services we have a structured education program to ensure our financial planners receive regular communications that introduce new opportunities and review the changes in the financial environment.
Through our dealer group, Australian Financial Services our research group is comprised of a team of dedicated and experienced professionals who analyse financial markets, investment performance, legislative changes and the overall shifts in the financial services industry. In addition our business partners commit millions of dollars a year to ensure that the best possible managers are looking after your money.
The Process
We start the financial planning process by defining your needs, objectives and current situation. Once these are established, your financial planner will meet with you to discuss a strategy to meet your goals.
Together we will develop a plan that will help you achieve your goals and objectives that will be confirmed in the Statement of Advice. It may involve recommending a selection of financial products and solutions (for example, managed funds, cash management accounts, income protection or superannuation).
Not all plans involve product recommendations and may only outline how a particular strategy will help you.
Payment Options
In return for providing advice, financial planners receive an income by:
- A Plan fee to construct your initial plan.
- Charging a fee for service based on an agreed time frame.
- Asset-based fee structure where the fee is charged as a percentage of the funds invested; or
- A combination of the above.
NB: We cannot provide advice until a signed Authority To Proceed has been received