The six steps of financial planning

Our approach to securing your financial future is in keeping with the Financial Planning Association of Australia's (FPA) recognised six-step financial planning process, explained below.

Step 1: Gather your financial data

A financial planner will need to gather as much information about your current financial situation as possible, including details on your income, debt level and other commitments.

Step 2: Identify your goals

A financial planner will put your needs first, so make sure you clearly define your needs and goals at the first meeting.

Step 3: Identify any financial issues

A financial planner will tell you if there are any deficiencies between where you are now financially and where you want to be.

Step 4: Prepare your financial plan

This step involves your financial planner identifying recommended investments and will address your attitude to risk.

Step 5: Implement your financial plan

You will agree to take the plan, possibly with some adjustments, and when you are ready to go ahead, your planner will show you how to put your plan into action.

Step 6: Review and revise your plan

For most people, their financial plan is the start of a long-term relationship with their financial planner. To ensure your plan stays up to date and relevant to the economic climate and your changing lifestyle and goals, it should be reviewed regularly.

These steps can be found in the FPA's 'Good Advice' brochure. Visit the FPA website  or contact us for more information.