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Financial Coaching |
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I can help myself with the right advice
If you are unsure exactly what level of help you need, simply complete the information request form telling us what you want to know or what you are trying to achieve - we will reply setting out a few pointers that should help you continue down your chosen path. "Self Help"Not everyone needs or wants help from a financial planner. In fact, we often find that this is the case. Here are a few examples of how Wealth & Security Planners can still be of service to people in this situation. (Click on the item that best reflects your position). It may be that you:
You already have substantial industry knowledge and are confident of your own abilities... Many clients are quite capable of dealing with their own finances. In some cases, the role of Wealth & Security Planners is to act as a "Coach" - providing a sounding-board for alternatives to be bounced off and providing feedback on progress towards stated goals. In circumstances such as these, the individual would be responsible for setting up, managing and monitoring their own financial accounts. WSP becomes involved to provide you with an unbiased opinion on options you may be considering. This is often the case with people who are used to running their own "self-managed" superannuation fund. In other cases, extremely capable people simply do not have or do not want to devote the time to their finances. It may be that their career or family take all available time. Often, it may be a simple desire to not be involved in the day to day running of their financial planning arrangements. In any case, WSP's approach is that it is up to the individual to decide how much involvement we have in your finances. This also means that you only pay for the service that you want.
This is known as "Limited Advice". It may be that you simply want help to decide on an appropriate managed fund for a set number of dollars that you want to invest. In this case, you may not be interested in your superannuation position. Nor would an insurance review be of any interest. A full financial plan must cover all of these ancillary areas - it would therefore be unnecessarily complicated and expensive. With a limited advice scenario, you accept a disclaimer that confirms you understand that the advice being provided may not take into account your overall financial situation. This limits the time required for the adviser to spend in order to give you an answer which in turn reduces the complexity and cost of the work done.
You are only seeking access to a specific investment, superannuation, insurance or loan account The key issue here is often COST. WSP's approach is that if YOU know exactly what account you wish to set up and are prepared to take responsibility for whether or not it is appropriate, then our work effort and professional liability is substantially reduced. In circumstances such as this, WSP would provide substantial discounts were you to buy that product or account through us. As an example, you may wish to set up an investment account with a particular equity trust manager. That manager may charge a standard 3% to 6% of the amount you deposit as an entry fee. Depending upon the circumstances, WSP would often reduce that fee to anything from 1% to nil. If this is your situation, simply complete the feedback form below with details of your intended account and we can provide you with a quote for your business.
Unfortunately this does happen. The receiving and providing of financial advice is a complex mix of understanding, technical expertise, communication and expectations. There is room for error. At WSP, we take the approach of explaining our core philosophies BEFORE you do any business with us. This allows you an opportunity to compare these core principles with your own ideas, thoughts and expectations. It also allows us an opportunity to determine whether you will benefit from our approach. It is far better that you decide up front that our approach does not suit your aims!
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I need a little help
If you are unsure exactly what level of help you need, simply complete the information request form telling us what you want to know or what you are trying to achieve - we will reply setting out a few pointers that should help you continue down your chosen path. "A Little Help"You know what you want and do not need the full range of services offered by a financial planner. This is known as "Limited Advice". It may be that you simply want help to decide on an appropriate managed fund for a set number of dollars that you want to invest. In this case, you may not be interested in your superannuation position. Nor would an insurance review be of any interest. A full financial plan must cover all of these ancillary areas - it would therefore be unnecessarily complicated and expensive. With a limited advice scenario, you accept a disclaimer that confirms you understand that the advice being provided may not take into account your overall financial situation. This limits the time required for the adviser to spend in order to give you an answer which in turn reduces the complexity and cost of the work done.
Here are a few examples of how Wealth & Security Planners can still be of service to people in this situation. (Click on the item that best reflects your position). It may be that you:
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Budgeting
You simply want to buy a particular investment product
The key issue here is often COST. WSP's approach is that if YOU know exactly what account you wish to set up and are prepared to take responsibility for whether or not it is appropriate, then our work effort and professional liability is substantially reduced.
In circumstances such as this, WSP would provide substantial discounts were you to buy that product or account through us.
As an example, you may wish to set up an investment account with a particular equity trust manager. That manager may charge a standard 3% to 6% of the amount you deposit as an entry fee. Depending upon the circumstances, WSP would often reduce that fee to anything from 1% to nil.
If this is your situation, simply complete the feedback form below with details of your intended account and we can provide you with a quote for your business.
If you are unsure of which particular product would be suitable to your position then WSP would arrange for a competent adviser to assist you with the selection. There would be a cost to you for this service. Once again, the cost would be specific to your situation and you would at all times be made aware before any costs were incurred.
You are looking for a specific life insurance, income protection or trauma cover policy
This is known as "Limited Advice". It may be that you simply want help to decide on an appropriate managed fund for a set number of dollars that you want to invest. In this case, you may not be interested in your superannuation position. Nor would an insurance review be of any interest. A full financial plan must cover all of these ancillary areas - it would therefore be unnecessarily complicated and expensive.
With a limited advice scenario, you accept a disclaimer that confirms you understand that the advice being provided may not take into account your overall financial situation. This limits the time required for the adviser to spend in order to give you an answer which in turn reduces the complexity and cost of the work done.
You wish to establish a particular style of loan account
If you are simply aiming to set up an account and know the term, features,
interest rate and company then you would have limited need for our services.
However, it may be that you wish to determine whether a particular style
of loan account is more suitable that another. In this way, we would examine
the alternatives and liaise with you to help you come to a decision.
Armed with a clear definition of the features your loan must have, you
may then decide to approachd a Finance Broker. Kerry Franklin, an Authorised
Representative of WSP and sole director of AWT (WA) Pty Ltd, (a mortgage
origination service provider) is able to give advice and act in the capacity
of a Licensed Finance Broker. To find out more about how Kerry & AWT
can help, visit their website at www.awtwa.com.au
You want help with a specific area of your financial planning
Here are a few examples of the style of services that we can provide for you:
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Budgeting - possibly the most overlooked aspect of financial planning. Whether you have a very high income or a more modest income - budgeting is the cornerstone of your long term wealth planning. Your WSP adviser can help you establish a budget and work with you to check that you are sticking to the plan! | ||||||
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Regular Investment Ideas - Although it may not be as exciting as making a large investment, there are substantial rewards to be found in a disciplined savings strategy. Your WSP adviser is aware of the traps and pitfalls that can stop you achieving your savings aims and will propose ideas that work! | ||||||
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Buying Investments with Borrowed Money (Gearing) - A strategy that increases your risks and (with sound planning) also increases your potential for profit. WSP has a strategy dedicated to gearing that helps you to determine risks and makes sure you enter such arrangements "with your eyes open". | ||||||
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Reviewing your Superannuation Plans - Whether you are seeking to merge a number of superannuation accounts or simply want to check where your retirement savings are headed, your WSP adviser can provide a report that will guide you towards the appropriate course of action. | ||||||
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Checking Your Progress Towards Specific Financial Goals - Once again, your adviser will assist by providing a report tailored to your specific needs. Examples of such reports and the questions that lead to them are set out below: | ||||||
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What is Financial Planning?
Financial Planning is the process of balancing wealth and security risks to ensure you reach your personal financial goals.
It is a complex mix of communication, understanding, analysis and risk assessment.
If we exclude emotion and personal interaction then the process can be distilled to a few simple steps:
1. Analysing your current position
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Although this can be time consuming, there are ways of speeding up the process. Whether these are suitable will depend upon your personal situation and preferences.
Getting Started
Step 1
The first port of call is to work out your current financial situation, goals and objectives. To assist with this WSP has a Confidential Financial Snapshot available in Adobe Acrobat format.
Print off the document then spend a little personal time focusing on your personal finances. We are sure that you will find it a worthwhile exercise.
Step 2
Contact WSP to arrange a time to discuss your Confidential Financial Snapshot with an Adviser.
Step 3
Your Adviser will spend time considering your answers within the Confidential Financial Snapshot. They will then get back to you with a cost estimation to prepare a full financial plan. Alternatively, they may suggest a more specific strategy report as being appropriate to your situation.
Step 4
Your Adviser will prepare the agreed report or plan then make a time to discuss the associated recommendations with you.
Step 5
Should you agree with the recommendations then your Adviser will work with you to assist in implementing the plan.
Step 6
Your Adviser will discuss your preferences for reviewing your progress towards your stated goals.
It is your financial plan - not ours!
The WSP process is designed to operate in such a manner that you are able to call a halt at any time. Our coaching philosophy insists that you are free to choose how much involvement we have in your financial planning.
Should you like the recommendations but prefer to implement and monitor them yourself then that is your choice. We have no issue with that and find many people prefer to operate in this way. In fact, our sharetrading website and discounted managed funds offers are structured to assist those who wish to follow that pathway.
Our role is to provide assistance to you in achieving your aims. Where possible by law and due process, we will allow you the choice in involving our Advisers.
WSP aims at building long term relationships with clients. It is therefore important that we continue to set and meet expectations that are relevant to your personal situation.
