A. As well as being able to offer financial product research to clients, a Fee Based Financial Planner’s main role is to work with you to help you achieve your financial and lifestyle objectives. They will provide planning advice based on your whole situation and not just limit their recommendations to products.
They normally follow a structured process, including using forecasting software, whilst remaining flexible enough to cater for your individual situation.
This will usually involve:
- Helping you clearly define your goals
- Analysing and evaluating your financial status
- Working out how much risk you want to take
- Building a financial strategy
- Developing and presenting recommendations and/or alternatives
- Implementing the planning recommendations
- Monitoring the financial planning recommendations
Crucially, the recommendations will often include non-financial policy strategies. Typically this will include, amongst others, reducing debt and estate planning (including wills).
