The Financial Advice Process
McCabe Financial Services provides personalised financial advice that caters to your individual needs and circumstances. We help you develop your goals and then set you on a path to achieve them.
There are six steps in the financial advice process.
- Gather information
- Establish goals
- Research existing details
- Develop strategies to achieve goals written in a Statement of Advice
- Implement selected strategies
- Review, to ensure strategies are working or when circumstances change
1. Gathering information and defining the scope of engagement
At the initial meeting, we will explain the process of engaging a Financial Planner and what that means. Information will be gathered to find out your needs and make sure we can meet them. This meeting is complimentary.
2. Identifying your goals
During this meeting we work together to identify your short and long term financial and lifestyle goals. This stage is the foundation for developing your plan. The importance and purpose of a Statement of Advice will be explained. We will explain our list of scheduled fees and what you can expect for them. This is where we will get a signed commitment from you to proceed.
3. Assessing your financial situation
After the initial meeting, we will research your financial position – your assets, liabilities, insurance coverage, superannuation profile, and investment and tax strategies. This will allow us to get a complete picture of where you are currently and how we can help you get to the future you desire. In some cases, we may need to conduct another meeting to gain more information.
4. Preparing your financial plan
A second meeting is organised to present your Statement of Advice. This financial plan details suitable strategies, products and services we recommend in order for you to reach your goals both now and in the future. We will explain the process from here and answer any questions you may have.
5. Implementing the recommendations
Once you are happy with the recommendations and how they will benefit your future, your financial plan will be put into action. We work with specialist professionals and organisations to make sure this process is handled as efficiently and effectively as possible.
6. Reviewing the plan
Depending on the complexity of your financial situation, we will schedule yearly, bi-annual or quarterly reviews. These meetings allow us to confirm the strategies we have put in place are working. Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important your financial plan is reviewed regularly, to make sure you keep on track.
Financial Advice Association Australia (FAAA)
Daniel McCabe is a member of the Financial Advice Association Australia (FAAA). The FAAA is the peak body representing and advancing professional financial advice in Australia. At the core, it is a Code of Ethics, which states that its members must act in the best interest of their clients. At McCabe Financial Services we hold to the Code of Ethics and strive to better it where possible.
Synchron
McCabe Financial Services is a corporate authorised representative of Synchron. Synchron holds an Australian Financial Services License (AFSL) with the Australian Securities and Investments Commission (ASIC) to give financial advice and Synchron authorises McCabe Financial Services and Daniel McCabe to give advice on their behalf. This means that McCabe Financial Services and Daniel McCabe are not independent advice givers as we are reliant on Synchron rules and guidelines about the advice we give. This provides an extra level of protection for you as Synchron is a well-respected financial services company. They ensure we provide high quality advice that complies with Australian Securities and Investment Commission’s (ASIC) regulations.
Australian Securities and Investment Commission (ASIC)
ASIC is Australia’s corporate, markets and financial services regulator. They contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent and are supported by confident and informed investors and consumers. They are an independent Commonwealth Government body which is set up under, and administer by, the Australian Securities and Investments Commission Act (ASIC Act). They carry out most of the work under the Corporations Act.