Every person, family, or household has a unique financial position. Therefore, to achieve your specific financial needs and goals, careful planning is required before implementing any recommendations.
We work closely with you during each stage of the financial planning process so you have a full understanding of your current situation and the steps required to develop and implement our advice.
Here is what to expect from JMT Wealth Management’s financial planning process:
1. Initial Contact
The first contact is generally a quick exchange that is ideally done by phone or email.
The purpose of this is to introduce you to JMT Wealth Management and for the Planner to understand what you wish to achieve.
From this initial exchange, we can understand how we can help you and then schedule a 60-minute strategy meeting.
2. Gather Data and Complete Due Diligence
After our initial contact, we will send you our Financial Services Guide (FSG) which outlines details about our business, services offered, fees charged and the dispute resolution process.
You will be required to complete our Fact Find and Investment Questionnaires before our first meeting as this will allow us to understand your financial position (income, expenses, assets, debts, superannuation, lifestyle choices, investment risk tolerance). Having this information will ensure our strategy meeting is productive and results in thought-provoking discussion around the areas we can assist you with.Accurate completion of a Fact Find Questionnaire is the most important step of the financial planning process as it provides the foundation for all financial planning activities.
3. Strategy Meeting and Confirmation of your Goals and Objectives
This one-hour meeting works best through visual interaction (video call or face-to-face). There is no cost for this strategy meeting as it allows both the client and adviser to determine if a mutually beneficial relationship can evolve.
We will discuss the information provided in your Fact Find and confirm your goals, differentiate your needs from your wants and go into further detail about the areas we can help you with.
Ample information will be covered in this meeting, so you can go away and discuss the key aspects with those close to you before proceeding with the next step.
To achieve the best outcomes from this session, it is important that you are willing to think laterally and consider new financial habits.
4. Advice Proposal and Engagement Terms
After our strategy meeting, we will provide you with an advice proposal outlining the terms of engagement including the costs of preparing and implementing our recommendations.
At this stage, it is important that any questions are raised so changes can be made to the proposal to ensure you are feeling 100% comfortable before proceeding.
5. Confirm Acceptance of Advice Proposal
Upon acceptance of the proposal, we will gather the necessary information from your existing product providers and any other documentation required to complete your Statement of Advice (SOA). This may include; personal health questionnaires, third party authorities, additional income or expense information, further debt details, Trust Deeds and copies of identification.
6. Prepare Statement of Advice (SOA)
Once we have collected all your information and have a clear understanding of your situation, we will develop strategies to help you achieve your financial goals through a detailed Statement of Advice report. This report outlines our recommendations, alternatives considered and factors to be aware of.
Depending on the advice required this report could take up to 4 weeks to complete.
This Statement of Advice will detail any associations we have with financial product issuers or other parties, as well as advice fees and commissions. If a specific financial product is recommended, you will be provided with its Product Disclosure Statement so you can have the necessary information to make an informed decision.
7. Advice Presentation Meeting
We will arrange a meeting to take you step-by-step through the final recommendations, demonstrate how our advice achieves your goals and answer any questions.
Ideally, this meeting is held through a video call or face-to-face. However, if you are already happy with the advice document after reviewing it then this step can be completed over the phone or by email.
8. Implement Advice
Before implementing our advice you will be required to sign an Authority to Proceed which confirms that you understand it and would be happy to proceed.
We will implement the agreed recommendations together. This may involve setting up investment and insurance products, as well as working with other specialist professionals, such as your banker, broker, accountant or solicitor as necessary. We will aim to streamline this process for you as several forms (30+ pages) may be required to be completed.
9. Review and Maintenance
Financial planning is a dynamic process that does not end when you take a particular action.
Your original financial plan should be regularly reviewed to ensure it is on target to meet your goals and objectives. Changing personal, social, and economic conditions may require more frequent amendments.
Periodical reviews will give you the opportunity to consider new financial products or services, and to check if any legislation or tax changes will affect you financially.