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Financial Planning in 6 Steps

Olemera offers effective and professional financial planning in Johannesburg. We use a carefully formulated plan which takes into consideration each client’s individual financial circumstances.

By assessing a client’s unique situation, we can ensure that we provide the best possible advice or recommendations with regards to their current financial situation and future.

Financial planning Johannesburg

Below, we discuss this financial planning process which can be broken down into 6 steps.

Financial planning in 6 steps

·Establish and determine relationship with the client

This is the beginning of the financial planning journey. We inform the client about the entire planning process, our competencies as well as all the services we offer as financial planners in Johannesburg.

During this conversation it can be established whether or not we provide all the necessary services in order to meet the client’s needs.

The conversation provides the opportunity for both the client and the financial planning professional to be transparent about any and all necessary information such as conflicts of interest etc.

Once an agreement has been established, we then provide in writing all the relevant details about the relationship going forward.

These details include the responsibilities of all parties involved, including third parties, compensation, conflicts of interest as well as terms for the termination of the agreement.

This document is a formal document which must be signed by both parties.

·Gathering the client’s information

Together with the clients, we determine the client’s priorities and needs, their financial and personal goals before implementing any recommendations. This is done according to the original written agreement or scope.

We then gather qualitative and quantitative information as well as any supportive documentation before proceeding with any recommendations.

·Assess and analyse the client’s financial status

In order to gain a clear understanding of the client’s individual financial situation, we analyse the information gathered in the second step of the financial planning process.

During this assessment, we establish the client’s strengths and weaknesses of their current financial situation. We then compare these strengths and weaknesses to their needs, priorities and objectives.

·Develop recommendations and present them to the client

We look at strategies which are relevant to the client’s situation and which could be the most effective strategy in meeting the client’s needs and objectives.

Then, based on the most relevant strategy, recommendations are made and presented to the client. These recommendations are made in such a way that the client is given the information needed to make an informed decision.

·Implementation of the recommendations

We then come to an agreement regarding the client’s acceptance of the recommendations as well as our ability to implement them.

Based on the original agreement or scope, we then present relevant services or products that are aligned with the accepted recommendations.

·Review the client’s situation

We then sit with the client and mutually define the terms for reviewing or re-evaluating the client’s situation including their risk profile, lifestyle and other changes.

During the review, we assess the level of progress towards achieving the goals and objectives and then determine whether or not the recommendations are still appropriate. If any revisions are necessary, we make sure the client is in mutual agreement thereof.

Olemera – Financial planning in Johannesburg

Our financial planning services are carefully thought out and designed to meet our clients’ unique financial goals, needs and priorities. Contact us for more information.

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