Our Advice Process
As a business and as a team, we are proud to have been helping clients create better financial futures for over 35 years. During this time we have refined our processes to ensure we deliver the best possible service and stay at the forefront of the industry.
Above all, a successful financial plan is based on mutual understanding. This is what we do best – getting to know you, your circumstances, your goals and dreams. We want our relationship with you to be a long term one, so we take great care in ensuring that our financial planning process can deliver the strategies that you need to reach your goals.
There are 6 stages in our financial planning process.
1. Initial Engagement: During our initial discussions with you, we will explain to you details about our practice, our association with AMP Financial Planning Pty limited, the services we can provide and the remuneration and other benefits we may receive. Specifically we will detail our ongoing service package and determine the frequency of review meetings and agree on what we will discuss at each meeting.
2. Information gathering: Once we establish that you are comfortable working with us, we will meet and discuss your current situation. We usually like to allocate approximately 2 hours to begin our education program and to ensure we have captured how you want your ideal financial future to look like. We will discuss how your finances are currently structured and what your ideal scenario is. We spend significant time on education, specifically on investment risk and how markets work, our job is much easier if you understand. We will explain a number of strategies that may be available to you, then get to work on formulating a number of options for you.
3. Advice Formulation & Documentation: Our Advice Development team, in conjunction with Financial Planners, work on formulating the advice. This involves a deep analysis of your current structures and modelling the long term outcome of a number of strategies. This is also where we develop a recommended tailored portfolio that meets your investment risk profile needs. Once we have all these details, we construct an advice document in an easy to read format.
4. Advice Presentation and acceptance: We will meet for a second time to present our recommendations. This meeting may also take approximately 2 hours to ensure that you fully understand and are comfortable with the recommendations. This is where we agree on the ongoing service package you would like from us.
5. Implementation: Our Client Service Team will manage the implementation of the advice. They will liaise with you on a regular basis to keep you informed of the progress of your strategy and will be your first port of call during implementation.
6. Ongoing reviews: At Edge Financial Partners, we believe that a regular ongoing review service is the only way that your financial strategy can stay on track. In each review, we discuss changes in your personal situation, changes in legislation, market movements and fees and charges. We specifically focus on your portfolios, believing that a portfolio review needs to be performed at least yearly. This is to ensure your investments continue to be aligned towards your attitude to investment risk, and that you continue to be invested in quality investments – things can change very quickly in financial markets.