What Happens in a Financial Planning Review Appointment?
- 6 days ago
- 2 min read
Firstly, whilst most advisers still call it a 'Review' appointment I prefer to call it a 'Journey' appointment, as it speaks to the actual agenda of these appointments.
It's fair to say that a part of the meeting is a 'review' of the last 6 or 12 months:
Have the clients adhered to their cashflow targets?
Have they achieved their desired goals and objectives for that period?
If they had any action items to complete, have they been completed?
Have any life events occurred?
Have they generated any new forms of income such as bonuses, RSUs, commissions or business profits?
Have external factors changed? For instance, the economic outlook, investment markets, housing market or changes to legislation.
After this discussion, we can determine if the client is on track, ahead, or behind our initial modelling and projections, which may have an impact on the strategy going forward. For instance, if client's are behind on their cashflow savings targets, do we need to try and claw back the difference in the next time period?
The next part of the meeting is where we look ahead (and therefore it is incorrect to merely call this appointment a 'review'):
Do we want to add or amend any goals?
Should or can we change the Financial Planning strategy to adapt to any of the review changes listed above?
If something has not worked, is the problem one arising from the recommendations, client behaviour or execution?
In terms of specifics, each Journey Appointment will typically review and adapt the strategy in terms of the following areas:
Client goals
Cashflow and savings progress
Tax minimisation and planning
Debt management
Investment advice
Superannuation and retirement planning
Updated modelling and projections
Insurance advice
Business advice (if applicable)
There is considerable evidence that clients who work with Financial Planners on an ongoing basis experience considerable benefits. Your life evolves. The economy evolves. Legislation evolves.
A review meeting ensures your plan evolves with it.
Most importantly, it gives you:
Confidence
Clarity
Accountability
Peace of mind
If you would like help you can:
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