Financial Planning

Goldsborough uses a financial planning process, which involves 6 key steps that combine to ensure you receive advice relevant to your individual needs and goals. These steps are:

1. Gathering the Data

To make appropriate recommendations on your financial future, your Goldsborough financial adviser will work with you to understand your present financial position, your financial objectives and needs, and the levels and types of investments that will meet your needs. This will include details of such things as your debts, salary, savings, current investments and cost of living requirements.

2. Identifying your Goals

An integral part of the planning process for your financial plan is the identification of your goals and objectives. This simply means discovering what you want out of life and will involve identifying the major financial milestones you want to achieve. Issues we may need to consider include:

The income and asset levels you are seeking
Placing your investment in a secure manner
Future education expenses
Upgrading the family home
Protecting your occupations income through adequate death, disability and income protection cover
Accumulating assets to a defined level by a defined date
Maintaining an agreed level of investment accessibility and flexibility
Maintaining your lifestyle against rises in inflation

3. Identifying Problems or Financial Issues

Your adviser will compare your financial situation with your financial goals and identify steps necessary to achieve your goals and any problems that may affect your ability to achieve the desired outcomes. Your current situation, your goals and future plans will all form part of your financial plan.

4. Preparing your Financial Plan

Having identified your goals and objectives and assessed your financial situation your adviser will formulate an overall strategy.

Central to the strategy will be your 'risk profile' - it is your attitude to risk that will principally determine the investments that the adviser recommends for you. This is important because investments that offer a higher rate of return have greater risk of losing value.

Your individual financial plan will be presented as a 'statement of advice' and provides clearly identified recommendations relating to your goals and objectives. It will also recommend any actions necessary to remedy shortfalls, for example, in capital or income.

5. Implementing your Financial Plan

Once you have agreed to the financial plan developed with your adviser, he or she can implement it on your behalf, or assist you through the process.

6. Reviewing and Revising Your Plan

The preparation and implementation of the financial plan is the starting point for your relationship with your adviser.

Ongoing services provided by your adviser can include:

Tracking of existing investments
Reviewing progress in achieving your financial goals and revising strategies as needed
Investment portfolio valuations and reviews
Information on new investment opportunities
Ongoing communications
Ongoing consultations as required