What You Can Expect
In order to ensure that your financial plan is appropriate, there are a number of steps which must be followed. These steps are known as the financial advice process. At Veracity Wealth Planning, our financial advice process comprises of the following steps:
1. Initial Meeting (Free)
The initial meeting is to review your personal and financial details, and discuss the reason you are seeking our advice. We will complete a detailed questionnaire together, to ensure we have a clear and accurate picture of your current situation, and where you want to go.
2. Financial Plan Proposal
Following the initial meeting, we will complete preliminary calculations and determine the ways we can help you achieve your goals. We will provide you with a “Financial Plan Proposal”.
This will summarise our strategies and outline the areas we will be providing you with advice. Based solely upon these strategies and the level of advice required, we will calculate our Advice Fees. These fees will be included in our Financial Plan Proposal, so that you will know exactly how much our advice will cost before you go ahead.
If you decide to accept our proposal and request a detailed Financial Plan, we will require a deposit at this time. This deposit will be deducted from your Initial Advice Fee.
3. Pre-Advice Meeting
Following receipt of your deposit, we will arrange another meeting.
At this meeting we will discuss your current situation in more detail, and will undertake detailed questionnaires regarding the level of investment risk you are willing to take, your insurance needs (if appropriate), your cash flow, and a more detailed discussion of your financial goals.
4. Presentation of strategies
This is where you will be presented with our recommendations with clear and concise strategies to show you how you can best achieve your financial goals and objectives.
We will discuss the reasoning behind these recommendations, how they will be implemented, who is responsible for each step and how you need to assist the process. This meeting is a great opportunity to raise any questions you may have regarding this advice or any changes to your personal situation.
5. Implementation of strategies
Once you have read your financial plan and we have answered any questions you may have raised, you need to provide us with the “authority to proceed” so that we can begin to implement your strategies. It is important to understand that you can choose to accept any of the strategies included in the financial plan and can request to amend any strategies you are not comfortable with.
Once we have received your authority we will prepare the required paperwork to implement your recommendations and will contact you regarding the steps you need to complete.
Once all recommendations have been completed, we will provide you with an Implementation Review to confirm the action that has been taken and to provide you with important information regarding any new superannuation, insurance or investments you may have.