Find the right cover for you
Insurance has one main purpose: to protect you, your family, and your assets from anything that could leave you financially vulnerable. As simple as this may sound, the mountains of insurance policies and companies that exist can prove a daunting task to navigate your way through. To the untrained eye, insurance policies and jargon easily blend together to look like one in the same, only varying in price. This is where we come in. Below are the steps we follow during your insurance process.
1. Establish the Goal/Client Relationship
Initially the purpose of a first meet and greet is to establish a bond between yourself and the financial advisor. This is integral moving forwards as planning for you and your family’s future financial wellbeing is an important and oft times personal process. During the first meeting your financial advisor will aim to clarify what your goals and expectations are in relation to your financial affairs. It is also the responsibility of the advisor to disclose information about him/herself to you.
This information will include their knowledge, particular areas of expertise, past history in the industry and various elements of their background including whether or not they have any conflicts of interest. In addition, your financial advisor will explain how the financial planning process works and they will provide you with a Scope of Engagement in writing. The Scope of Engagement is designed to be a written agreement that outlines all services that will be provided by your financial advisor.
2. Develop Recommendation/s
We will create one or more possible solutions for you after analysing the information that you have provided. The reason that we offer multiple solutions is so that you as the client are able to see that the choice is in your hands. Of course, the solutions that we offer will have been thoroughly and carefully researched to ensure that they are of the highest quality regardless. Each recommendation that is presented will have a supporting rationale which will enable you to make an informed decision going forwards.
Every strategy that is formulated will have the intended result of meeting your goals, needs and priorities. As part of each recommendation various financial products such as insurance, investment portfolios or lending facilities will be suggested in order to achieve the desired results.
3. Analysing The Information
After the necessary data is collected by your financial adviser it is then analysed according to your goals, needs and priorities. Throughout the intitial first two steps of the process yourself and your advisor will have talked at length about these. As such the strengths and weaknesses of your financial position will be reviewed in order to create a unique, effective and affordable solution for yourself and your family.
4. Gathering Client Data
Gathering sufficient personal and financial information is a necessary step towards making an accurate, non-biased recommendation tailored towards you and your family’s situation. The information gathered would include assets, debts, income, expenses, investment as well as health, employment and relationship statuses. If you have dependents then this would be factored into your recommendation as well as a whole host of other factors. Of course, all information gathered is protected by the Privacy Act and as such is only utilised with the express purpose of assisting our clientele when assessing their situations.
5. Implement Recommendations
After you have chosen a recommendation to proceed with both yourself and your financial advisor will sign the relevant paperwork. This will be done with the understanding that you accept the recommendation in full (you can ask for it to be amended at any stage) and that you believe your advisor possesses the ability to implement the financial planning recommendations.
6. Review
The financial advisor and yourself will mutually agree upon how often you wish to have a review of your financial affairs. Most people often opt for an annual review as it is a good idea to check in with your adviser as a lot can change in a year. Life events such as getting married, having a child or receiving a raise at work can mean that checking in sooner rather than later is a good idea. Over time the initial recommendation or strategy that you was setup for you may no longer be relevant due to changes in circumstances. This is why it is recommended to stay in contact with your financial advisor on a consistent basis.