Helpful Basics: The Financial Advice Process
The Meaningful Money Personal Finance Podcast · Pete Matthew - Meaningful Money
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Show Notes
In this episode, we want to look at the financial advice process, and give you the helpful basics that you need to think about if you are considering getting professional financial advice.
Shownotes: https://meaningfulmoney.tv/HB9
What You Need To Know
02:24 Advice vs planning - Advice is product-led, Planning is outcome-led.
08:11 The Financial Planning process.
08:50 Establish and define the relationship.
11:50 Collect client information to have context for advice.
15:04 Analyse and assess the current position.
16:45 Develop the plan and make recommendations.
22:32 Implementation.
23:33 Ongoing review.
28:05 Costs and value.
35:00 Qualifications and designations.
What You Need To Know
39:03 Begin with the end in mind.
41:30 Contact several advisers.
45:47 Get costs and scope in writing.
48:25 Be prepared to be vulnerable.
53:50 Podcast Review