5 Step advice process

It’s important that your financial adviser takes the time to properly consider your personal financial needs, goals and preferences before making any recommendations to you. Precision Wealth Advisers use the following 5-steps to assist our clients during the financial advice process.

1. Initial Meeting

During the initial meeting your adviser will identify what you hope to achieve from the advice process and assist you in identifying your short, medium and long term financial goals. We may use this opportunity to collect information on your current income, assets, liabilities, insurance coverage and investment or tax strategies. This step provides the foundation for developing your financial plan.

Once we establish the services you require, the appropriate fees will be agreed upon based on the time it will take to create your financial plan. No work will commence without your authorisation and you will have complete control over what aspects of advice we address in your plan.

2. Preparing Your Financial Plan

Once we have collected the above information we can begin the research and calculations involved with developing your Statement of Advice (SoA). In this report we will recommend suitable strategies, products and services using our professional knowledge to help you achieve your financial goals.

3. Presentation Of Advice

After the completion of the Statement of Advice (SoA) we will organise a presentation meeting to explain the recommendations thoroughly and answer any questions you may have.

4. Implementing The Recommendations

Provided you are comfortable with the advice and have no further queries, your financial plan will now be put into action. Where appropriate, your adviser may work with other professionals such as accountants or solicitors.

5. Reviewing The Plan

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. Adjustments may need to be made along the way to ensure you stay on the path to achieve your goals and objectives. 


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