What process should my Financial Adviser use to define my needs?
Your independent Fee-Only financial advisers will generally follow the following process to define your needs:
- Step One Understanding Your Objectives and Goals
This will generally include completing a questionnaire that details your finances and personal circumstances. It is important to complete this step so that your Financial Adviser is aware of all appropriate circumstances.
- Step Two Developing Your Asset Allocation Model
Your Financial Adviser will generally develop an asset allocation model and mix. This model defines your portfolio based upon the percentage to be held in stocks, bonds or cash.
- Step Three Selecting Investments
Once an asset allocation model is agreed to, your Financial Adviser will generally select appropriate investments so that you can meet your goals that were previously agreed.
- Step Four Ongoing Review
You and your Financial Adviser will agree to the exact amount of ongoing review you that you desire or believe is appropriate.
Because each person's needs and style are different, the approach will modified based upon your agreement with your Financial Adviser.