The 6 Steps of Financial Planning

The six-step process, as defined by the international Financial Planning Standards Board, includes;


Step One

Involves establishing and defining our relationship and is generally done at our initial meeting, which we call our Discovery Meeting.

What do you expect from your financial planner?
What does your financial planner expect from you?

The financial planner will explain what they will, and will not do, and agree the terms of engagement, fees and expectations.


Step Two

We need to collect the relevant data, which means answers to our deep and meaningful questions, and also your financials.

What do you really want to achieve?

What is important to you, and what’s not? This is your plan, not a template.


Step Three

We then crunch the numbers and develop a draft financial plan, it’s a draft plan because the final touches, the magic is done with you.

The financial plan is created with you, it’s not a report presented to you!


Step Four

The financial planning is done with you, at the Financial Planning Meeting, which we generally do at our second meeting with you, and periodically thereafter.

The financial planning process is carried out with you and is a fun and engaging process, where you view your cash flow and plan, on a large screen at our offices.


Step Five

The result of Step Four generally is action, this may be to repay debt, invest, or on occasions generate greater cash inflows! Action is the precursor to all success.

After 25 years in the financial planning profession, I have learnt that following a proven, successful plan, leads to predictable outcomes. But without action, nothing occurs.


Step Six

Financial planning is a dynamic process, and life happens and things change. It would not be reasonable to expect a meeting in a financial planners office to plan your whole future, forevermore.

Therefore, we like to meet with you periodically, ongoing to tweak and realign your planning, this is generally achieved on an annual basis.

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