Gaining a deep understanding of your life and financial goals is a big part of creating your plan.
Stage 1: Initial Evaluation
During the first meeting:
We explain how we operate;
We give you a taste of what you can expect from us;
You get to decide whether you feel comfortable with us;
We get to decide whether we can add value and work together; and
We discover insights into the dangers and opportunities you face.
This stage is important, because the relationship can last for many years. If we both agree we can be of assistance, we typically proceed to the next stage. There is no charge for the initial evaluation.
Stage 2: Discovery
We spend considerable time discovering "what’s important to you" and gathering information about you; your current circumstances; your family, business, work and employment; including finances, assets and liabilities. A detailed questionnaire will be completed covering all aspects of your financial life.
This step involves:
Specifying needs and objectives;
Identifying personal values; and
Identifying specific lifestyle goals.
Having gathered all relevant information we will identify issues that may be pertinent to you. As an example this may include estate planning and tax planning. Having determined these issues in order of priority, we can begin to investigate solutions, develop plan(s) and begin producing strategy options.
Another important part of the discovery is analysing your investor risk profile. It is crucial for us to determine and understand your attitude towards investment risk, your investment timeframe, where you are in your career or business and what type of lifestyle you lead.
Stage 3: Strategic Advice
We will outline clearly and concisely our understanding of your issues from the discovery phase, and if possible, this will contain a course of action. Typically the advice will be a combination of our input and recommendations together with other professionals, i.e. your existing accountant and solicitor.
Our advice will cover your asset protection, growth and distribution issues. This provides a solid cornerstone of your strategy. This will allow you to make informed ‘trade-offs’ decisions, which effect your ability to achieve your goals.
Peace of mind is all about having the confidence that you are ‘on-track’ to achieving your lifestyle goals and fulfilling what’s important to you.
Stage 4: Implementation
Following your agreement and acceptance of our advice, we will arrange for implementation of all recommendations made in our formal advice document. Our team will handle all aspects of this implementation – from paperwork, to queries, to follow ups, to cross checking. In implementing, we will co-ordinate with professionals as necessary and as agreed by you.
Stage 5: Ongoing Client care Program.
Our Ongoing Client Care Program will help ensure you continue to meet your financial planning needs and objectives.
Delivering a tailored financial plan is only the first component of Evolution Financial Planning’s dedication to achieving your financial independence. On a 12 monthly basis it is important for us all to get together and review:
Changes to your financial situation;
Recap on your lifestyle objectives;
Review of financial plan outcomes so far;
Discussion of further wealth management opportunities.
Shortly after implementing your investment program you shall be invited to attend an induction to outline all areas of our on-going service.
You will be able to access your account details. Information such as Portfolio Valuation, Investment Returns, Tax and Cash Account Transaction reports are all available.
Portfolio Tax Reports
You will receive a tax report for your portfolio in August - September each year to assist you in completing your income tax return.
By using the Ongoing Client Care Programme, you will have a complete ongoing management program in place which will ensure the continuing suitability of your investment portfolio.
At Evolution Financial Planning, we believe transparency and valued advice go hand in hand.
Evolution Financial Planning charge an annual fee. This covers all our work for the year. We also charge new clients for preparing Statements of Advice and implementing recommendations. We do not charge asset based fees.
We do not receive any form of commission or remuneration from financial institutions. Each year our clients have the option to re-engage us for a further twelve months.
Our fee varies for each client based on the amount and complexity of work required. After our initial meeting we will send a client agreement and a price for our work. Clients can make a decision about whether they wish to use us after they have received our client agreement and fee quote, and had time to consider them.
If we don’t think we can add more value than the advice will cost then we will be upfront about that as well.
We won’t take on clients unless we believe we can add value relative to the cost.