Smart Money Strategy

CHAPTER 16What to Expect from the Financial Planning Process

If you've never met with a financial planner before, you're probably not aware of the process they follow. It's important that clients understand the financial planning process so they get the most out of seeking personal financial advice.

In this final chapter, I take you through the financial planning process step by step, and look at what you can expect your resulting financial plan to cover. Many Australians have never met with a financial planner before and don't know how the process works. By sharing this with you, I hope to take the mystery (and any uncertainty you might feel) out of the financial planning process.

The financial planning process in six steps

Like all interactions you have with advice providers in your life, it's okay to ask a financial planner about how they work with their clients. While there might be differences in how each financial planner works, the following financial planning process is general enough to cover off how the majority of Australians receive financial planning advice. You can use this as a starting point for a conversation with a financial planner, should you decide to seek advice.

Figure 16.1 outlines the six steps of a typical financial planning process.

Figure 16.1: The six-step financial planning process

1. Make an appointment

The first step in the financial planning ...