We strive to render apt advice and a professional service to our clients. For this reason we apply the Financial Planning Institute’s recommended 6 steps in financial planning. The application of the process ensures that we will comply with the stipulations of the FAIS legislation.
Step 1.
Establishment and defining of the professional relationship. Finfocus Advisers’ Letters of Introduction and Disclosures and the Service Agreement between Finfocus and you, as client, form the basis of the definition of the professional relationship and the services that can be delivered.
Step 2.
Gathering of relevant information and the determination of needs and goals. During a personal interview, your goals, needs and priorities are determined and discussed. Finfocus’ Financial Needs Assessment Form, together with the collection of documents as required by legislation (FICA), a general questionnaire and a determination of your investment profile all form part of this section.
Step 3.
Analysis and evaluation of the client’s financial status. Here we often use sophisticated computer programmes. The comprehensiveness of the analysis depends on the type of analysis and services that you require.
Step 4.
Development and submission of a Financial Plan with recommendations and alternative proposals, where necessary.
A personal report and plan is compiled following the analysis and information provided by you. Proposals will be made as well as explanations of the implications and costs of implementation. Where necessary, alternative proposals will be made. All this is done to enable you to make an informed decision. After discussion, or at the client’s request, the plan can be adapted.
Step 5.
Implementation of the proposed recommendations. The client and adviser agree about when and how the plan will be implemented and what recommendations should enjoy the highest priority. The adviser helps with the implementation and can serve as coordinator of the process and as the link with other professional people like attorneys and auditors.
Step 6.
Monitoring of the recommendations and revision of the plan. The adviser and client agree about the manner of monitoring the plan and how regular revisions of the plan can be made.
