When you work with an adviser, particularly the first time, there is likely going to be recommendations to change elements of your financial life. This might mean setting up new bank accounts to help you save in a more structured way. You might take on a new investment portfolio. Perhaps you’ll consolidate your super into one account to save on fees. A new insurance policy might be an important part of protecting your family or lifestyle in the event of an accident or illness. The list goes on, but how does all of this change occur? Who does the work? What impact will that have on you? How long will it all take? In this article we talk about implementing a financial plan, and how to stay on track.
The first step is to come in and meet with an adviser so you can understand what we do, and we can understand if we can help you. This initial meeting is free. From there we have two more meetings to ensure we have a full understanding of who you are, what you want and how you want to proceed. After that, it is time to implement your agreed financial advice.
When a potential client meets with us, we go through in detail what is important to them, and understand their goals, dreams and future ambitions. In the second meeting, we discuss strategies that have been put together to get them there. It is after this meeting that a financial plan is prepared, presented, discussed and subsequently put in place for the client. With a Financial Plan, the client feels like they have direction, know they are moving forward with achieving their goals, and importantly feel comfortable with the plan set out for them to achieve what is important. The plan is reviewed in future progress meetings.
Invest Blue Financial Adviser
We want clients to feel confident that they are on track to implement the advice that they have been provided and agreed to. This is why we have such a refined process at Invest Blue, to ensure clients are looked after. Understanding our clients is critical at Invest Blue.
There is plenty of research that demonstrates the value of financial advice. There are direct monetary benefits (save money, earn more, make smarter decisions when options are available, etc.) as well as more intrinsic benefits like less stress, peace of mind and confidence. But changing up your financial life will take time.
First of all, we need to really understand what is important to you and what you want for your life. Our aim is to empower you to live your best possible life. In order to do that we need to be clear about what your best life looks like, Then we need to map out your current situation, set a plan and map out how we think you can get to your best possible life.
As your adviser, our team will do most of the heavy lifting for you. You will have to come to some meetings, talk through your goals, dig up some paperwork and share information with us. But from there, we really do take the lead in getting the work done.
Once a financial plan is in place, it is our role to implement the financial advice agreed upon and to check in with the client to track progress towards goals and hopes for the future. When we check-in, It is an opportunity to provide guidance, encouraging a disciplined approach in some cases, to ensure the plan is progressing well and the client is on track. We like to celebrate the wins too when a client achieves a milestone. It is always motivating to see how far the client has come financially and often personally when they come back in future years, and continue to map out what the future is looking like.
Invest Blue Financial Adviser
When you decide which elements of your financial life you want to change, we will do the research and the majority of the paperwork for you. We will take you through this in our meetings so you don’t have to worry in between. Our practise works as a team so not only will you work directly with a Financial Adviser, but you will also have a Client Support Manager to offer support and field queries along the way. We also have dedicated research, paraplanning, administrative and implementation teams that will help carry your work through from start to finish.
With recommendations from the Banking Royal Commission, compliance obligations for Financial Plans have expanded. We have workflows in place to ensure we meet or exceed the requirements and endeavour to make this as streamlined and efficient as possible for you. Having roles with expertise in the elements of compliance and advice within our business means that your adviser has more time for you 1-1.
There are recommendations that mean you may have to change the way you are spending, such as sticking to a budget. You may also need to pay closer attention to the goals you have set for yourself, and the aspirations for your future. Some activities that you have been spending time and money on may no longer fit within your values set, and others you may need to focus more attention on. Your Adviser is here to keep you clarify your priorities, understand the consequences of choosing from the options available, and to stay on track and help you achieve the goals and dreams you set out for yourself.
Depending on how much work is involved, and which elements of advice you are taking on; full implementation of financial advice can take anywhere from a few weeks up to a number of months. That may seem excessive, but behind the scenes, there is a lot happening. Invest Blue adheres to the strictest of guidelines when it comes to managing our client’s affairs compliantly, and that takes time. We also want to ensure that research is done thoroughly. We wish things could move more quickly, but we take an intentional view that the work must be done thoroughly before speed.
You’ll meet with your adviser and Client Support Manager and they will ensure you are comfortable with your new products, policies and tools. From there, there will be regular catch-ups to see how you are progressing towards your goals. As your goals or circumstances change, there will be new advice to implement. What won’t change is our commitment to seeing you realise your dreams and goals.
We know that Financial Advisers need to do more than inspire Clients to change their behaviours and unlock the benefits financial advice can bring. We also know that Australians think about money and their finances a great deal, and it is a primary cause of stress for a lot of people.
A recent article in Monday and Life Magazine states that Advice can help – they have found that consumers with an active relationship with a financial adviser feel more organised, are more confident when making financial decisions and they’re less likely to suffer from financial stress.
So we know that while clients can feel a sense of relief and optimism after they receive a financial plan, there is work to be done to achieve those goals discussed in the meeting.
Money and Life point’s to three key elements for changing behaviour – reminders, repetition and rituals. Setting a reminder, say monthly to review an element of financial advice, sets a repetitive action, that in turn creates a ritual once the repeated behaviour is learnt.
In summary, your role is to think deeply about what you want your money to do for you, provide information when required, work with an adviser to determine which choices you want to make and then continue to make informed choices about your money, your earning and spending behaviour.
At Invest Blue we are very true to our unique advice process. We encourage our Clients to engage with the advice provided in our meetings, that includes using online tools and any cash flow budgeting. We know that Clients value the information we provide and that it helps, to point them in the right direction to achieve their broader goals and dreams for their life and that of their family members. Once the financial advice is implemented, we have formal Progress Meetings to review the plan in place and ensure it is still delivering on the Client’s individual goals and needs.
Invest Blue Financial Adviser
We are here to help, so get in touch if you need some independent advice on how well you are managing your finances and goals for the future.
It all starts with you, and your goals, your dreams, hopes and ambitions for the future. Start by reviewing our simple goals worksheet, and by completing our Financial Health Check, then come in and talk to us about how we can put you on the path to living your best possible life.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
 Andriessen, Jason: Vision Without Execution is a Daydream, Money and Life Magazine July 2019.
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