After we have a clear picture of where you want to go and have done initial research on where you are today, we will work to make suggestions as to how we might structure your financial life to help you live your best possible life. We will provide you with choices based on your situation and goals and discuss your preferences. In this conversation, we will review your whole situation and agree on the scope of advice you are seeking. At this stage, you may want to focus on a particular area, or you may be seeking support for your whole financial picture. We will show you a model that demonstrates your current position and how various advice strategies could impact your future.
The goal of this meeting is to:
- ensure we have all your details documented accurately
- confirm your goals and objectives
- discuss conflicting objectives to determine your personal priorities (this helps us to clarify your best possible life, the version of your life that focuses on the things that are most important to you)
- map out some scenarios of your best possible life, present some options for you to consider based on our expertise)agree on an action plan to move forward.
At this time we will provide you with an Initial Terms of Engagement which outlines the scope of advice that we have agreed to assist with, and the cost of providing this advice.
If you are happy to proceed based on our terms of engagement, we get down to work. We will conduct further research into your needs and current position. We begin to document the strategy we believe will work best for you and send that to our specialist teams for further research and testing.
As we prepare your strategy, we must consider alternatives and document what we find. This ensures that the advice we settle on is in your best interest. Once our internal advice team has conducted sufficient research and determined the most appropriate products and strategies, these are then documented in a Statement of Advice. This is a legally required document that records our advice to you in written format. It will outline the information you need to make an informed decision on the next steps of your advice journey.
Given we pride ourselves on high quality, legally compliant and tailored advice, once we’ve prepared your advice document, it then goes through a number of quality and compliance checks, both internally and via our licensee.
Challenge – Empower: 8 – 12 weeks
The time between our Challenge meeting and our next meeting, called Empower, when we share the full plan with you, is variable depending on your situation. If you have a very time critical piece of advice, it will be prioritised to meet your needs where ever possible. If we are conducting holistic financial advice, it’s our responsibility to be thorough. This can take 8 to 12 weeks to complete. We will keep you posted along the way.
Next step: Empower