Reviewing your financial position
If you decide to partner with an adviser, they should embark on a detailed financial discovery process with you. This puts the adviser in the best possible position to create a financial plan that will help you achieve your goals. As this may be the first time you’ve pulled all your financial information and records into a central place to review them, it’s a useful process you’d probably never bother to do unless you chose to work with a financial adviser.
You’ll need to provide details of the following:
- Financial assets such as cash, savings and superannuation
- Other assets such as your home or car
- Liabilities such as loans or credit card debt
- All income such as salary or investment dividends
- All expenses such as household expenses, insurances or education expenses