Recording your current financial situation
Why do we need to record your current financial situation?
When starting out working with a financial planner in preparing a good financial plan for you the expression “garbage in, garbage out” pretty much sums up the need to obtain correct information. Good financial planning or financial advice for those in the millionaire asset group is impossible without it. To be honest it is also a regulatory requirement for any independent financial adviser.
The first stage
At this first stage our Clear Future Program involves 4 steps:
- You complete a “Lifetime Focuser” questionnaire to help clarify your thoughts, plans and aims – both short term and long term
- You complete a comprehensive financial questionnaire regarding your existing financial plans
- We hold a “discovery meeting” to clarify, agree and understand all of the above
- You sign authorities to ensure your current plan providers will supply us with detailed information regarding your current financial plans, so we can properly advise you. This ensures we have the correct details
All this may seem a bit too much like hard work but it’s similar to putting in strong foundations for your ”financial house” and so is definitely worth the time and effort.
The end result of this stage
These 4 steps ensure we know and agree the following:
- What specifically you want
- Why you want it
- By when you want it
- The correct up to date details of all your existing financial plans
Extra benefit
To keep all your financial details in one place we will provide you with a personal financial statement or summary which will be updated annually as long as you remain a client.
What’s the next stage?
We are now in a position to move to the next stage which is compiling your personal financial statement and then producing a financial analysis of your current situation.
Any recording of your financial situation questions?
