The 50Plus Planning Process...

The 50Plus Planning Process is designed to assist you in making informed decisions about;

• Our Staff:

  do you feel you have some degree of rapport with the team at 50Plus? Do you feel we are the right people to develop a long term business relationship with?

• Our Advice:

  Is our advice clear and easy to understand? Does it make sense to you?

• Our Ongoing Service

  Is your financial plan likely to be reviewed regularly? Will you be kept abreast of regulatory changes, including new opportunities?

Read more about our process...

Step 1 – Getting to know you…

Before we can give anyone advice, the first thing we have to do is get to know you. We do this by meeting face to face to find out the issues that are important to you (plus the things that are not so important), what it is you are trying to achieve, the issues that may be worrying you, the risks you are prepared to take, how we should pass your wealth to your beneficiaries, etc. These are just a few of the areas we will address at the first meeting. We will also tell you more about 50Plus and our association with Financial Wisdom (see our Financial Services Guide).

Please keep in mind, this initial meeting (or any other meeting), can be conducted at your home or at our premises. You will not be charged for this meeting (or any other meeting) – regardless of where it is held.

Step 2 – Collecting your information…

We will collect the information that we need to prepare your financial plan (sometimes called a Statement of Advice). This information will be kept securely and will only be used for the purpose of preparing your financial plan – or for any other purpose that you authorise.

Step 3 – Identify your Objectives…

Now that we know you a bit, and have collected the information we need, it’s time to identify the issues that are important to you – to know what it is that needs to be achieved. From our perspective, this is the most important step in the whole financial planning – where we encourage you to really open up and express your views on a number of issues. We will certainly be helping you in this area – by relaying the experiences of other investors in similar situations and with similar objectives.

Step 4 – Preparing and presenting your Financial Plan…

Once we have completed steps 1, 2 and 3, we are ready to start considering the strategies that may suit you. However, to determine the best strategy, we will analyse a number of options before making a final recommendation to you. This recommended strategy will be explained to you in a document called a financial plan (commonly called a “Statement of Advice”).

The Australian Securities and Investment Commission (ASIC) in it’s booklet “Getting Advice”, says that a good financial plan should:

1. summarise your financial position
2. list your goals
3. explain how you will reach those goals
4. show how carefully chosen investments mesh together as working parts of your overall strategy
5. disclose and explain any risks and how they can be overcome
6. state all the costs
7. reveal the commissions your financial planner might receive from the investments they recommend. 

As well as the above, ASIC says a good financial plan will be clear, concise and effective. This is further explained in Plan Preparation & Implementation.

Step 5 – Explaining our Advice…

From our experience, most investors find financial documents confusing and difficult to understand. At 50Plus, we place a strong emphasis on client education, and the “financial plan presentation meeting” will certainly be used for this purpose.

We will explain our advice in a simple bullet form at the start of the document, and then explain each point in greater detail later within your plan. We will also explain the rationale behind our advice and how our advice will help you to meet your goals and objectives.

We will explain our fee structure in detail, as well as the risks associated with the investments we recommend (sometimes called the volatility of an investment).

We will explain the services we will be providing to you in the future, and also discuss an ongoing review schedule that suits you.

Step 6 – Implementing your Financial Plan…

In this step, one of our Client Service Coordinators will arrange for the completion of all paperwork required to implement your financial plan. This is also an excellent opportunity for you to get to know our support staff better, and visa versa.

Step 7 – Reviewing your Financial Plan…

For most of our clients, we have found their circumstances will change regularly. This is particularly the case with clients who have retired – where their lifestyle tends to go through a number of phases.

As well as client’s circumstances changing, we find the rate of regulatory change can have a significant impact on a client’s financial plan – particularly in the areas of superannuation and Centrelink, where changes are common. Also market influences may require us to fine tune your portfolios asset allocation (where your funds are invested).

When we meet with you to review your financial plan, we will check to see if your situation has changed in any way. If changes have taken place, we will review our recommendations to make sure they continue to be relevant. We will also check to make sure no regulatory changes have taken place that may impact on your portfolio.

As well as an annual review, we will also meet with you throughout the year to discuss other issues/opportunities as they arise.