Financial Planning

We all have different levels of knowledge about financial matters, and some people require more assistance with planning their financial affairs than others.

As professional financial advisors, we believe we can add value in most situations.  Despite this, we recognize that clients will not always need or want comprehensive financial planning services, so we offer four service levels;

  • Non-Advisory Execution Only Services
  • Limited Advice Services
  • Comprehensive Advice Services
  • Project Management Services

Non-Advisory Execution Only Services

Non-Advisory Execution Only Services are available to assist clients who have done their own research into a strategy or product and merely want assistance with implementation of their decision.  Under our Non-Advisory Execution Only Service we do not provide any advice in respect of strategy or product selection, and the client takes full responsibility for their decisions.

The most common Non-Advisory Execution Only Service we provide related to the buying or selling of shares.

Limited Advice Services

Our Limited Advice offer is provided for clients with fairly basic financial needs.  Strategy advice is limited to no more than two or three strategy areas from a single subject area (e.g. superannuation, or estate planning) at the same time.

By limiting the scope of our advice you accept we will not be considering your complete financial needs, and therefore you will not be taking advantage of additional opportunities and strategies that would be of benefit to you.  It does, however, allow us to agree a lower cost for advice and to focus our advice only on the area of highest importance to you at the time.

Comprehensive Advice Services

Comprehensive Advice Services cover assessment of your full financial circumstances and needs, and the development of appropriate financial strategies to assist you improve the likelihood of you meeting your goals and objectives. 

Comprehensive Advice Services cover the various areas discussed in the remainder of this guide.

Project Management Services

Project Management Services basically cover advanced and comprehensive strategies of a complex nature that require us to coordinate the efforts of other professional advisors, such as lawyers, accountants, insurance specialists and other financial advisors.  Examples of typical project management engagements would include:

  • Coordinating the financial plans of unrelated business partners;
  • Intergenerational farm or business transfers.

What is financial planning?

The term "Financial Planning" generally covers the broad categories of wealth creation, retirement planning, personal risk insurance, and estate planning.

Financial planning is a structured process to help you develop and implement strategies to assist you meet your financial and lifestyle goals and objectives.  A financial plan should be structured to meet your own personal needs and objectives, so you will have an important part to play in the process. 

We generally work through the financial planning process with you in the following steps;

    Fact Find – this is where we gather information about your financial circumstances and your financial objectives; 
    Evaluation – this step involves considering your present position in comparison to your objectives; 
    Consider Options – various options are considered and strategies developed to assist you achieve your objectives;
    Recommendations – are presented in a formal Statement of Advice document;
    Implementation – following acceptance of the recommendations we assist implement the strategies.
    Review – As with all good plans, financial plans should be reviewed regularly as objectives may change or strategies may require revision from time to time.

Wealth Creation

Some of the more common investment strategy decisions are:

  • whether to invest inside or outside of superannuation;
  • whether to focus on investment or debt repayment; 
  • Should you borrow to invest; and
  • What type of assets should you invest in.

Retirement Planning

There is a continuing trend towards people having a longer and more active retirement, and a need for retirees to be able to finance more of their retirement lifestyle themselves.  Retirement planning involves not only saving for your retirement, but structuring your affairs to maximise your government benefits and after-tax incomes.  Later in retirement you may also need to consider aged care accommodation.
It is never too late to start to plan for your retirement, but the earlier you start the better chance you have to achieve your retirement goals.  Talk to us now for professional advice.

Personal Risk Insurance

Most people don't think twice about insuring their home or their car, but it is surprising that so many Australians do not have insurance to protect the most valuable things in their life, their families. Personal Risk Insurance protects you and your family against the financial problems that would occur if you were to die or become disabled, or unable to work as a result of sickness or accident.  It can be used to provide a lump sum to repay debts or pay for any major expenses, or can be used to replace income to meet your recurring expenses.

Through the financial planning process we help you identify;

  • The nature and extent of any risk to be protected
  • The type and amount of insurance cover you require
  • The best policy(s) and provider(s) to meet your particular needs and circumstances.   

In selecting the appropriate insurance for your needs, we examine insurance products for: 

  • Policy wording
  • Product benefit 
  • Competitive cost structures

Estate Planning

Estate Planning concerns controlling what will happen with your assets when you die, or if you become mentally incapable of looking after you own affairs.  Generally the complexity of your estate planning needs increases as your personal circumstances and financial affairs become more complex.

As part of the financial planning process we discuss your options, and assist you to clarify your wishes.   We then provide you with recommendations as to how you can ensure these wishes are complied with in a manner that is financially efficient and tax-effective, reducing the burden on the loved ones you leave behind.  Estate planning generally involves the preparation of legal documents by a solicitor.

Planning Services are provided as an authorised representative of Interprac Financial Planning Pty Ltd, holder of Australian Financial Services Licence No: 246638.  Interprac does not issue its own products, so there is no institutional pressure to recommend in-house products.  We are able to recommend products from an extensive authorised product list drawn from quality third party product providers.