Fee-only financial advice ensures that you are paying for the ‘service and advice’ of a financial advisor and not for products that have inbuilt percentage-based fees that last the lifetime of an investment.
Many other financial planners are “commission-based” and only cover specific areas of investment such as managed funds and have a “one size fits all” approach for their clients. Recent Federal government legislation will soon outlaw “commission-based” remuneration for advisors in favour as a “fee for service” regime.
With our “fee-only” financial advice model, Phillips Wealth Partners has always taken a holistic view of financial planning. This means that we can offer you objective, conflict-free advice with a dedicated ongoing service tailored to your specific and individual financial planning needs.
Becoming a Client
Our goal is to ensure your experience with receiving advice is efficient, professional, really interesting and enjoyable and to deliver a road map that completely meets your needs allowing to focus on what matters most to you.
Our solutions/strategies and service is very comprehensive and we will work hard to ensure your genuinely so happy with us that you feel comfortable being an advocate for our business.
We have several steps in the advice process, so let us look at them and how we can add value initially and ongoing. The process is always customised to your needs and timeframes, however, typically it follows the below:
Step one: This can be a simple as a phone call, then a meeting at no cost, to discover where you are at, what is on your mind, what you are looking to achieve and discuss how we may be able to help.
Some personal information is gathered with your permission to assist in this journey. No advice is provided in this meeting. It is also a chance for you to see if you want to work with us.
Step two: We usually complete the process of gathering your personal and financial information, goals, dreams and start to map out what your plan should include meeting these goals. At the end of this meeting or soon after we will seek your agreement to engage with us to prepare written advice with the cost of the advice, and what it covers.
Step three: Depending on the complexity we may conduct a further strategy meeting or phone call to confirm the direction and any further details required for your plan. This step can also be the presentation of the advice if there is less complexity.
Step four: The implementation - execution and signing of paperwork and ongoing service established. We use technology wherever possible to help you understand the plan and to get the ball rolling.
Step five: 50 days later we meet to ensure any changes are addressed and advice expectations are being met.
Step six: 3-4 months we meet again or conduct a video conference/phone call to review progress.
Step seven: 12 months time its time for our comprehensive annual review and ongoing service renewed (which is based on the opt-in principle )
Read more on how my financial advice can help you with the following topics: