Financial Advice Process

Want to achieve your financial goals but have no idea where to start?

That is where we come in with our financial advice process. Financial advice is necessary for creating a framework for achieving your financial life goals, it’s not just about whether a particular share or investment goes up or down in value from day to day. Setting a strategy to achieve your goals over the short, medium and long term is what financial advice is about. Our financial advisers provide guidelines tailored to your financial situation to help you achieve your short and long-term financial goals. We help you figure out how to:

Financial Process at Lifes Nett
  • Choose an investment strategy
  • Manage your debts
  • Plan for retirement
  • Plan your estate
  • Protect your assets
  • Manage your tax obligations

Our financial advice process generally follows 5 steps:

During the initial meeting, your adviser tries to get a feel of who you are. This process is vital for understanding your financial situation clearly. During the first session, your adviser asks you the following questions:

  • Can you describe who you are? (Overview of your current and past situation in life. What life experiences/accomplishments have shaped the person you are today?)
  • What concerns do you have over your finances?
  • What do you hope to achieve at the end of the advice process?
  • Do you have an investment strategy?

Your adviser also asks for information about your tax obligations,  current income, debts, assets, and insurance coverage. They may also request relevant financial documents for reviewing your financial position. This information helps your adviser analyze your financial position.

After gathering relevant information about you, your adviser assists you in coming up with your short, medium, and long-term financial goals. This also happens at the initial meeting. Your financial goals are relevant in creating your financial plan. Depending on where you are in life, your financial goal may be to:

  • Move out of your parent’s home
  • Get married and start a family
  • Buy a home
  • Start a business
  • Create an emergency fund
  • Retire early

The information from steps 1 and 2 forms the basis for your financial plan, also known as the statement of advice. The financial plan addresses all your goals and provides recommendations for achieving them. The financial plan also includes the following:

  • A summary of your current financial position
  • A projected cash flow statement indicating the implications of following the financial plan
  • Annual consolidated tax calculations
  • Wealth protection recommendations

Once we complete the financial plan, we discuss it with you, answer your questions, and make adjustments where necessary. We also advise you on how to implement our recommendations.

The implementation process begins once you approve the financial plan. Your financial adviser may collaborate with other professionals, like accountants, auditors, and solicitors, to implement the recommendations.

You will also participate in the plan implementation process. For instance, your adviser may ask you to:

  • Adjust your expenditure
  • Get a particular insurance coverage
  • Start saving towards an investment goal, or
  • Invest in a particular item

Your financial advisor walks you through the implementation process and coaches you where necessary.

Your financial situation and circumstances change over time. Thus, we must continually monitor and review the recommendations we give you to ensure they are still applicable. We check your progress in achieving your financial goals and monitor your investment portfolio.

We provide actionable advice on your investment strategy to ensure your portfolio can adapt to economic volatility. We also update you on changing legislation that impacts your financial plan and provide you with strategies that align with new regulatory requirements. Along the way, we make adjustments to keep you on track in achieving your financial goals.

At Life’s Nett, we prioritise client engagement. Our financial advisers collaborate with you throughout the financial advice process to ensure we deliver solutions that work for you.

Speak with one of our Financial Advisers and get your questions answered

Book a free online meeting now