The process we adopt for introducing new clients to Life Balance Financial Professionals is summarised below in six simple steps:
1. Discovery Meeting
Our first meeting with you is an obligation free one hour conversation in which we learn about you as an individual, your family circumstances (where applicable), your values and your objectives.
We also discuss your existing financial strategy (if one exists), your investment structures used and the composition of your portfolios. By the end of the meeting we can typically inform you whether or not we believe we can add value to your situation.
2. Conceptual Strategy & Risk Preferences
Once you agree with your adviser that you would like to seek further advice we set about gathering more information in order to prepare a conceptual strategy for you. We gain an understanding of your tolerance to risk and your perceived need or desire to have an exposure to risk.
3. Engagement & Advice Preparation
Our clients’ strategies are tailored to individual needs. If you employ the services of other financial professionals we will typically request to liaise with your accountant, tax adviser, estate planning lawyer or stockbroker to ensure a common alignment in strategy and thinking. We then prepare a report detailing your current circumstances, your goals for the future and include the advice in detail for how you might achieve your goals.
4. Advice Presentation
The Advice presentation marks the third and final meeting on our initial client meeting schedule. We present our formal recommendations to you in person and sometimes to your wider family unit if you feel that it is important for you to involve them in your decision making. A further meeting may be required but only if you would like to take time to consider your advice or if you would like to make amendments to the advice presented to you.
You will be presented with a ‘Statement of Advice’ which serves as a comprehensive guide to understanding your financial strategy. This document discloses everything involved with implementing your advice in plain, easy to understand writing and discusses the risks associated with your advice, any fee’s or costs associated with implementing the advice, information on any of the financial products used and and most importantly that both you and your adviser have arrived on this specific course of action together.
The implementation of your advice will only commence once the recommendations have been approved by you. The time taken to implement your strategy will depend on the complexity of the strategy, the current and proposed financial products or institutions that you are associate with and your current personal situation.
6. Ongoing Periodic Reviews
Financial planning focuses on long term goals making ongoing periodic reviews integral to ensure that you navigate life’s challenges smoothly. Together with your adviser appointments for formal strategy reviews and investment portfolios discussions will be scheduled.
By law we are required to receive your written consent to renew our service agreement with you annually to ensure that you are happy with the service your are receiving from Life Balance. You are always in control of your future, we are simply here to guide you with knowledge and professional advice when you need it most.
Typically formal reviews occur once or twice per year. However, all you can contact your adviser or our support staff at any time.