Financial planning process

Confused by financial planning? Here's a guide to the steps in the process.

Step 1 - Gathering your information

The first meeting with your financial planner will give you the opportunity to discuss your current situation, giving them a snapshot of your financial situation. They will ask about your cash flow, commitments and spending.

Step 2 - Identifying your goals

An essential part of this process is to clearly identify your financial goals, taking into account your timeframes, financial commitments and other influences that may impact the development of your plan.

Step 3 - Identifying and prioritising your financial issues

Your financial planner will assess your financial situation by asking you about your attitude towards risk and diversification as well as your time frame which will then help you prioritises your goals.

Step 4 - Preparing your financial plan

Based on your financial situation and goals, your financial planner will develop a complete strategy and then prepare a plan for your review.

Step 5 - Implementing your financial plan

It’s good to approach your plan with flexibility; once you’ve agreed with your plan, it’s time to put it into action.

Step 6 - Reviewing your plan

A financial plan is not set and forget. Staying on track is important in helping you meet your goals and expectations. Your situation will change and from time to time, your financial planner will review your plan and check the progress of your strategy.

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