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• Home / 
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• The Planning Process

The Planning Process

Most people have similar financial concerns they wish to address. Most of these concerns can be categorised as:

• Earning but not saving enough
• Building wealth
• Improving lifestyle
• Securing retirement income
• Funding children’s education and achieving other financial goals

Before you seek professional advice there are a couple of steps that you can take to begin the process of planning for your future.

1. Work out a budget - manage your cash flow
2. Set some long term goals   

Budgeting & cash flow management

Categorise your goals by priority and time span.

• Short term (less than 3 years)
• Medium Term (3 to 5 years)
• Long Term (5 years plus)

Budgeting is the next step in developing a financial strategy.

Add all sources of income/ inflows like investment returns, salary & wages, business income etc.

Less all expenses/ outflows. For example, loan repayments, household expenses, health, education, rent etc. It is important to remember that all lifestyle needs have an associated cost.

The resultant surplus/ deficit will form the basis for all financial planning.

There are a number of budgeting books and information available to assist you plan your finances.

Setting long term goals

Your long term goals may include debt reduction, building superannuation, funding children's education, etc. These are the goals that you will need to discuss in detail with your Financial Planner. Strategies can then be developed to ensure that you reach these goals in the most effective and efficient manner that is suitable for you.

Outlook prides itself on its commitment to clients and the attention to your specific needs. We go through a series of steps to develop the right financial strategy for you. These steps are:

• Listening to understand your needs – Every individual has different needs and requirements and as such the financial strategy for each individual needs to accomplish different goals.
  
  You may be nearing retirement and looking for an investment option that provides a regular stream of income to replace your salary. Or, perhaps you are looking to invest for your future, or the future of your children, and therefore want an investment with the potential for high growth over the long term.
  
  At Outlook, qualified financial planners will first understand your requirements and circumstances. A financial strategy is then developed to ensure that you meet your goals. We will also explain the entire investment process to you.

 

• Understanding your risk profile – You will then be asked to complete a Risk Profile Questionnaire. This profile indicates the degree of risk and volatility of investments you will be comfortable with, thus, helping us formulate a financial strategy that’s right for you.
  
  All asset classes have varying levels of risk/volatility associated with them. Although every investor should diversify into all asset classes, your individual risk profile will help us determine the proportion of each asset class in your total investment portfolio. 

 

• Statement of Advice (previously known as a Financial Plan) – The next step is for us to prepare a Statement of Advice (SoA) based on the personal information provided and your attitude to investment risk/volatility. The SoA will outline the investment strategy, summarise your current situation, investments and your financial objectives.
  
  A number of alternatives are considered before finalising a strategy which allows  you to both achieve your goals and appropriately balance risk and return. All issues affecting your financial position are taken into account before presenting the written SoA to you.
  
  The SoA explains the rationale behind the financial strategy chosen for you. Detailed  information is also provided on the investments recommended.
  
  Your financial planner will present the SoA to you in a one to one consultation in order to ensure a complete and thorough understanding of the financial strategy being recommended.

 

• Placing Investments – You may choose to only receive strategic and technical advice from Outlook. In order to access our services you do not have to place investments through Outlook.
  
  Where appropriate, funds are then invested as per the SoA. We can also arrange direct debits from your credit union/financial institution account to commence your investment.

 

• Ongoing review & service – Our ongoing service package is tailored to keep you in control of your financial strategy.
  
  We will constantly update you on any changes in the financial markets and also recommend any changes that should be made in order to keep your investments secure and growing. Most investors  can also monitor their investments at any time through the Outlook web site.
  
  Our financial planners and client services team are always available to answer any queries or concerns that you may have.