Financial planning is about helping you make the most of your finances to achieve your goals. You may be preparing for retirement, or want to make sure you can cover the cost of educating your children. Financial planning is conducted by a professional called a financial planner, or planner for short.

The Financial Planning Association of Australia (FPA) outlines six steps in the financial planning process. Hillross has a best practice approach to financial planning, and therefore follows the FPA process. The execution of this process is supported by the skills and experience of Hillross planners.

Six steps for financial planning:

Step 1 - Prepare your financial details

At your initial meeting with your Hillross planner, you will first discuss your current financial situation. At this stage you should set out your income, assets, debts and other commitments. It is an opportunity to do your own financial ‘stocktake’.

Step 2 - Identify your goals

At this stage you can see the gaps between where you are and where you want to be. Your planner will clarify your financial strengths and weaknesses. Your planner will then develop a financial strategy tailored to your individual needs.

Step 3 - Develop a strategy

At this stage you can see the gaps between where you are and where you want to be. Your planner will clarify your financial strengths and weaknesses. Your planner will then develop a financial strategy tailored to your individual needs.

Step 4 - Consider recommendations

Your planner will work on detailed recommendations with clear targets to help you achieve your long-term goals. You will probably meet your planner to discuss these recommendations and consider all the supporting documentation.

Step 5 - Implement the financial plan

When you are completely satisfied with your planner's recommendations, we are ready to implement your plans.

Step 6- Review your needs

Our process ensures that your financial plan remains in place even when everything else changes - the financial markets, government legislation, as well your goals. Your planner may discuss these changing circumstances with you and give you regular updates on your portfolio. You can let us know how often you would like your plan to be reviewed.

This information has been prepared with the assistance of the Financial Planning Association of Australia (FPA). Hillross is a Principal Member of the FPA.