Working With Us

Strategy. Planning. Execution.

 

At The Wealth Affect, we aim to provide you with personalised advice to assist you in meeting your financial goals. To provide us with the best chances of achieving this, we guide you though a structured process.

STEP 1

Getting to know you

In this first stage we will meet with your, either in person, over the phone, or over the internet. This first appointment will allow us to get to know you, establish what you are looking for in a financial adviser, and identify areas where we are able to provide advice and assistance. 

This is also your chance to get to know us, learn about out firm, our team, our culture and values, and how we operate. This will give you an opportunity to decide if you feel we can work well together, and if you would be comfortable with us assisting your. 

STEP 2

Collection of information

This stage, while maybe not the most exciting, is one of the most important steps in the process.

In this stage we collect information to provide us with a complete picture of your current situation, along with determining what you would like to achieve from our advice.

We collect information using a variety of sources, such us:

  • Detailed questionnaires

  • By obtaining documentation such as account statement or superannuation reports

  • Detailed discussion around your current circumstances, goals, and objectives

By the end of this step we should have a detailed understanding of your current situation, your personal goals and objectives, and begin to identify areas where we believe we can provide you with valuable advice.

STEP 3

Analyse your information

Once we have gathered your information we will provide you with a proposal regarding any advice we believe will help you meet your needs.

This proposal will include:

  • The areas in which we believe we can provide you with beneficial advice

  • The areas that we will not be providing you with advice on

  • A high level overview of our initial thoughts on the advice to be provided – this may also include approximate product, investment, or insurance costs.

  • Detailed information on any costs associated with receiving our advice, including how and when any fees are payable.

Not convinced that our advice will provide you with a meaningful benefit? Be sure to review our Value Guarantee offering.

STEP 4

Strategy development and documentation

  • Once you are happy with the areas of advice to be provided and the costs associated with receiving this advice, we now begin the process of taking these high level strategy concepts and turning them into detailed, personalised advice recommendations; this is achieved though a combination of:
  • Strategy research and application to your situation

  • Review of any existing products, investments, or insurance included in the scope of our advice

  • Research on products, investments, or insurance we believe may be able to assist you in meeting your goals

  • Comparison of alternative strategies, products, investments, or insurance to be considered

  • Creation of detailed financial modelling to demonstrate the outcomes of our recommendations.

Once we have formulated a personalised financial plan for you, we present these recommendations to you in either:

  • Strategy Letter (where our advice is strategic in nature and does not include specific product recommendations)   
  •  A Statement of Advice (where financial product recommendations are made)
A Strategy Letter will provide you with an overview of any strategic recommendations we have made, such as making superannuation contributions or establishing a savings plan, along with the benefits, risks,  and alternative available. If we are providing you with financial product information, such as a recommendation on an appropriate superannuation fund to make contributions to, a Statement of Advice will be required. 
 

The more comprehensive Statement of Advice will provide you with a detailed overview of all strategy and product recommendations, including the reasons we are making the recommendation, any risk or consequences that will arise as a result, the range of alternatives we considered, and any costs associated with accepting and implementing our recommendations.

We will work through this document with you, with the aid of graphs and projections where appropriate, to ensure you understand what is being recommended, and why we believe our recommendation are in your best interests.

STEP 5

Implementation of advice

Once you have agreed to proceed with our recommendations (in full or in part), we begin the process of implementing these recommendations.

During this process we will assist you in putting our advice into action by:

  • Implementing advice (such as setting up investments or making changes to your superannuation)

  • Assisting you with the completion and lodgement of forms (such as insurance application forms)

  • Lasing with other professionals, such as accountants or solicitors, to assist them in actioning any advice we provide that they are required to implement.

All steps of the implementation process, along with who is responsible for actioning them, will be clearly laid our in your Statement of Advice document.

STEP 6

Ongoing review and advice

Any financial plan needs to be regularly reviewed and updated to ensure it remains appropriate to your situation, considers changes to rules, regulations, and legislation, and remains on track to assist you in meeting your goals.

At a minimum we recommend that your financial plan be reviewed annually, however depending on the complexity of your situation, the financial planning strategies recommended, or changes to your situation, these reviews may need to be more frequent. 

Changes in investment market conditions (such as market volatility seen in early 2020 due to the COVID-19 pandemic), changes to legislation, or the introduction of new products or investments into the market all create the need to regularly review your plan to ensure your recommendations remain appropriate, and to compare them to any new alternatives available. 

This review process is undertaken in either of the following arrangements:

  • Ad-hoc: Under this structure we will review your situation and provide updated recommendation when required (such as when you contact us for a review, or we contact you to recommended a review and you agree to this). This review is charged at an hourly rate, with an estimate of cost provided before any work is commenced.

  • Ongoing Advice (Our most popular option): Under this option we provide you ongoing advice and access to a Financial Adviser for a fixed period (generally 12 months with the option to renew at the anniversary each year) . Your financial plan, products, and investments are reviewed on an ongoing basis. Under this option we will contact you to provide ongoing advice when required, along with providing you with a full annual review of your situation, and ongoing support and access to a financial adviser and the back office staff as required. To access ongoing advice, you will be charged an ongoing fee (generally payable monthly) based on the complexity of your situation and the ongoing advice that is expected to be required. A majority of clients utilise our ongoing advice service as this provides them with certainty around annual fees in advance, year round access to a financial adviser at no extra expenses, and ongoing advice and support, providing peace of mind that their financial plan is constantly being reviewed and adjusted to meet their needs.

Important Information

Our Financial Services Guide, Adviser Profiles, and Privacy Policy can be found on our Important Information page.

This page contains information that is for Australian Residents only.

 

Making It Happen Pty Ltd trading as The Wealth Affect is an Authorised Representative of Lifespan Financial Planning Pty Ltd AFSL 229892

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