What is the financial planning process?

Financial planning is defined as “the process of determining whether and how an individual, family or company can meet financial goals through the proper management of financial resources.” Financial planning integrates the financial planning process with the financial planning subject areas in six steps:

  1. Understand you and your current situation
  2. Set goals and objectives
  3. Identify critical success factors and barriers to achieving your goals
  4. Identify possible strategies 
  5. Implement the agreed strategy
  6. Continually review and monitor your strategy

A financial planner’s goal is to give you the best possible advice you need to understand your aims in life and your current situation. Your financial planner should explain the process they will follow, find out your needs, and then make sure they can meet them. You can ask about their background, how they work and what you will be charged. 

Your financial planner will work with you to develop your financial plan. They will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies, and will make recommendations based on this. Feel free to ask questions throughout the process. 

Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, your financial planner will work with other specialist professionals, such as an accountant or solicitor. If your circumstances, lifestyle or financial goals change (which they likely will), your financial planner will work with you to review your plan and make amendments where needed. 

Introductory meeting

Your introductory meeting is an opportunity to make sure that you feel comfortable with the financial planner’s credentials and that you get on well. Financial planning is a long-term relationship, not just a one-off meeting. 

Ask questions of your financial planner and make sure they are listening to you and clearly explaining where they can add value and where they can’t. Ask about their experience in dealing with people in similar financial positions and whether they have any specialist training. 

Want to learn more about financial planning? Subscribe to our events and we’ll let you know when our next webinar or seminar is on. 

What our clients say

“Prime provides us a highly personalised service covering our financial needs. Our strategic advice has been proactively provided whilst ensuring our investments are professionally managed without requiring our daily input. We feel comfortable knowing Prime is looking after our investments.”

Ian, VIC

“In working with Prime, I have been connected with a trusted ‘go to’ source of knowledge, mentorship, tools, services, contacts and – most importantly – a friend on the ground for anything related to financial decisions when feeling a little overwhelmed.”

Amy, QLD

“I am very pleased with Prime. I have called my adviser when I have questions and have always received prompt replies and all of the support I needed.”

Bob & Denise, NSW

“We are busy running our business, which takes up most of our time! To have someone we know and trust in charge of our money is so comforting. I enjoy the quick and clear communications I have with my adviser and I trust his suggestions for our investments.”

Jack and Pauline, VIC

“We have worked with Prime for fifteen years as our financial adviser. Prime has always guided us through with professional advice on our financial decisions, whether it be in the local office or over the phone. We have found our adviser, Garry, has gone above and beyond the call of duty with regards to our retirement and financial matters in a friendly and caring way.”

Karen & Russell, QLD

“I find Michelle service to me is of high value. She is knowledgeable and transfers the information to me clearly. Thank you Prime.”

Kathryn, WA

“We have always felt that our advisor listened carefully to what we expected and responded appropriately. Livio is always interested in us as a couple and our lifestyle- we have never felt like we were bulk handled.”

Ian & Cherie, VIC

“I have been a client of Prime for just over 3 years and I am confident that the advice and service I have received during that time has been in my best interests.”

Lannette, QLD

“I have been using Prime for many years and one of the things I appreciate most is that their advice is only a phone call away and I always feel as a customer that Prime have my best interest at heart. It is a very personal service executed by very personable and helpful individuals. My advisor feels like family I am very satisfied.”

Christopher, ACT

A unique and personal service approach to support all your business advisory and personal wealth management needs.

Request a free consultation