It’s important to ensure your financial adviser has taken the time to properly understand your personal financial needs, goals and preferences before making any recommendations to you.
Positive Wealth Management advisers use the following 6-steps to help our clients on their financial advice journey.
Your adviser will explain the processes they will follow, identify your needs and objectives (as well as outlining areas not being covered in the advice process). They will provide details about their background, including education, experience, and what fees they charge.
You will work with your adviser to identify your short, medium and long term financial goals. This stage serves as a foundation for developing your plan
Your adviser will take a look at your overall financial position, including your assets, liabilities, insurance coverage and investment or tax strategies.
Your adviser will create a Statement of Advice (SoA), where they recommend suitable strategies, products and services, and can answer any questions you have.
Provided you are comfortable with the advice and have no further queries, your financial plan will be put into action. Where appropriate, the adviser may work with other professionals, such as accountants or solicitors.
Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed to make sure you keep on track.