Our financial advice process- part 5: ongoing advice
For anyone who has been following these blog posts, this is the final post in the series of blogs about the financial planning process. Whilst it doesn’t cover everything that happens during the process, for anyone who wants to know what the process looks like, hopefully it made it a bit clearer.
Once your financial plan has been implemented, we can commence providing our ongoing advice service. The first thing we do as part of this service is set you up with a ‘MyProsperity’ account and ask you to add your bank accounts.
MyProsperity is our app which allows us to upload your financial plan and run reports about how you are tracking against your budget. This also helps us to understand how you are progressing with your plan and reach out to discuss changes to the plan as your life changes.
For the first 3 months, we will provide you with a monthly spending report to identify where you are tracking against the financial plan and where we can adjust it. Once we are confident that you are doing well, we move this reporting to every 3 months.
As part of our ongoing advice, as things happen to you, you can contact us to get further advice. For example, if you change jobs, we can be there to update your addresses, make sure you still have the right amount of insurance and update your spending and savings plan to address any payrises.
If you are ready to buy a house or when you need to lodge a tax return, you can contact us to discuss how to get the process started and who we would recommend you speak to.
At the end of year, we will do a progress report on how you are tracking and will arrange a meeting to discuss your financial plan and to make any changes. We find that a good financial plan that is not regularly reviewed can quickly become redundant meaning you will want to stray from it. The benefit of a good financial plan is it provides certainty and you want to make sure that it always suits you.
So there you have it, our financial advice process. As always, if you have any questions or want to know more, please get in touch.
This post is from our resident Financial Planner Ben Brett, check out his details in the About Us section.
Want more information like this? Of course you do, sign up to our newsletter and we’ll keep you informed.