What is the importance of an ongoing service relationship with a financial adviser? Initial financial advice is great for the big events in your life such as setting up the correct investment structure, saving for a house, having a baby and planning for retirement.
But what happens after all these have occurred? Olivia Maragna from Sydney Morning Herald describes the relationship with your financial adviser as growing a garden. To grow a garden requires planning, landscaping and careful consideration for all the elements that a plant needs such as water, fertilizer, sun, shade and appropriate soil.
Much like financial advice, the adviser needs to consider the age of the client, job, current financial situation, short-term goals, long-term goals, current financial market and potential future changes to the market. After the initial financial plan has been implemented and the client achieves their goals, what happens next?
The financial market will change and along with it, so will your investment options and strategy that was first implemented by the financial adviser. Having an ongoing relationship means that a financial adviser can carefully track your progress alongside the market. This way, the jump between your first and your second goal is not a huge leap, but a stepping-stone to your ultimate lifestyle.
First Class Wealth offers both a holistic one-time plan and ongoing service. As part of our ongoing service, we tailor our review process each year based on your financial advice received and also your needs. Reviews can be conducted by phone or face-to-face as well as any additional changes that need to be done to realign your financial plan (did we mention that any realignment is free of charge). Further to our continual effort to build your wealth we have staff readily available for any questions and queries you might have throughout the year.
For further reading, check out this article.