What is the first step in financial planning?

Most people want to get a handle on their finances so they can make the most of every available dollar. And rightly so too, as you’ve worked hard to get it. 

Financial planning is a comprehensive evaluation of your current wealth and future financial state. It uses current known variables to predict future income, asset values and withdrawal plans. Engage with a financial adviser for your financial planning and it’s an ongoing relationship that will help you to manage your financial affairs and achieve your life goals. 

The first step of financial planning is to find a good certified financial adviser. Without one, it’s hard to make a thorough plan and this could cost you the wealth and financial future you’re dreaming of. 

Choose a financial adviser that’s experienced, knowledgeable, and located nearby. This will be a long term relationship, so you don’t want to be driving for hours every time you need to make an important financial decision. 

Furthermore, choose a financial adviser that has the heart of a teacher, not a salesperson. Your financial adviser should look out for your best interests and not have any other motive. At Prime Financial, our goal has always been and will always be to provide you with the best advice for you to make the right financial decisions now and in the future. 

The next step will be to determine your current financial situation. This will be in regard to income, savings, living expenses, assets and debt. Preparing a list of every expense, asset and debt gives you a foundation for financial planning activities and will allow your financial adviser to analyse your situation. 

The third step, before getting into the strategy-making part of the process, is to develop financial goals. These goals will differentiate your wants and needs and help guide your philosophy to managing money. Once you’ve got your entire financial picture in place, you can figure out ways to get what you need to make your goals a reality.

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

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