These six steps help you to understand what you can expect when seeing a financial planner.
It’s important to make sure you are comfortable that your financial planner has taken the time to understand your needs, goals and preferences before they make any recommendations.
Your planner should explain the process they will follow, find out your needs and make sure they can meet them. You can ask them about their background, how they work and how they charge.
You work with the planner to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.
Your planner will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies.
Your planner recommends suitable strategies, products and services, and answers any questions you have.
Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, the planner may work with specialist professionals, such as an accountant or solicitor.
Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.