“ Your future is yours to create ”
Six Steps to Financial Planning
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.
1
Establishing and defining the professional relationship
Finfocus advisers' Letters of Introduction and the Service Agreement between Finfocus and you, as client, form the basis of the professional relationship involved and the services that can be delivered.
2
Gathering of relevant information and determining needs and goals
During a personal interview, your financial 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.
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 you require.
4
Development and submission of a financial plan with recommendations and alternative proposals, as needed
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 needed, alternative proposals will be made. All this is done to enable you to make an informed decision. After discussion, or at your request, the plan can be adapted.
5
Implementation of the proposed recommendations
You and your adviser agree on how and when the plan will be implemented and which recommendations should enjoy the highest priority. Your adviser assists with the implementation, can serve as co-ordinator of the process and as the link with other professionals, such as attorneys and auditors.
6
Monitoring of the recommendations and reviewing of the plan
You and your adviser agree on how the plan will be monitored and how frequently it will be revised.
