News

2 January 2007

Update Your Financial Plan

Dear All,

Over time most clients and friends of the firm are becoming more aware of our system of pro-active quarterly activity; whereby we seek in a systematic way to ensure at least the following four activities occur:

  1. 1 January – Update Financial Plan
  2. 1 March – Undertake Tax Planning
  3. 1 July – Review Asset Allocation
  4. 1 September – Review Performance – Business & Personal

Kind regards
Brett Kelly

What is a financial plan?

A financial plan can be as simple as a piece of paper on which one scrawls some key financial objectives while making some notations as how to achieve these outcomes or as more generally understood, a formal process by which an accredited Financial Planning professional documents:

  1. your current financial position;
  2. your lifestyle goals;
  3. your risk profile;
  4. your anticipated future cash flows; and
  5. an appropriate financial strategy to achieve your lifestyle goals in light of your current financial position.

The process for a client of Kelly + Partners is simple as the information gathering stage that takes most time in a typical Financial Planning exercise has already been largely accomplished through the New Client – Fact Find completed when joining the Firm as a client.

The steps then required are as follows:

  1. Update the Client Fact Find
  2. Ensure Goals are fully developed and understood
  3. a Gap Analysis between where a client is today and wants to be at a point in time in the future;
  4. Review of current structures for asset protection and tax minimization
  5. Scoping options that suit the risk profile identified of the client and reaching agreement with the client on recommended strategy
  6. Preparation of a documented Financial Plan that addresses appropriate structure, tax planning, review of personal cash flows and balance sheet, analysis of appropriate debt strategy, insurance and investments
  7. Implementation and Ongoing Review of performance of Financial Plan
How can a financial plan assist you and your family?

The major benefit of any Financial Plan is the clarity of thought required to effectively undertake the process results in a discipline of action towards one’s predetermined goals.

Any endeavor thrives with disciplined action towards clear goals.

Kelly + Partners approach

The Kelly + Partners approach is a personal hand-on approach where the pain of the usual getting to know you process has been removed through the ongoing relationship our clients enjoy with their Client Director.

That Client Director generally knows the financial universe, goals and aspirations of the Client in some detail.

Like all undertakings of the Firm, the process is structured and systemized and managed by the Client Director who already serves the client – ensuring genuine continuity and integration in the Firm’s advice.

Kelly + Partners difference

There are a number of key differences that set apart the Kelly + Partners approach to financial planning:

  1. One stop personal advice – your have a Client Director that understands your entire financial universe and ensure appropriate advice is delivered;
  2. Expertise – the Financial Planning team are tremendously experienced and have a track record of delivering outstanding advice outcomes;
  3. Integrated advice – all of the understanding gained by Kelly + Partners on other assignments for a client is utilised in the Financial Planning process;
  4. Time saving – due to much information already being understood by Kelly + Partners the process of Financial Planning is streamlined for clients saving a tremendous amount of time; and
  5. Cost efficiency – due to the systematic approach and leading edge advice offered by Kelly + Partners costs to the client are minimized.
Any questions?

Should you have any questions about anything at all written above please contact your Client Director or Brett Kelly (brett@kellypartners.com.au) at Kelly + Partners to discuss your situation.

Yours sincerely
Brett Kelly

North Sydney Office
Level 4, 73 Walker Street,
NORTH SYDNEY NSW 2060
P.O. Box 1794, NORTH SYDNEY NSW 2059
T 02 9923 0800
F 02 9923 0888
M 0419 206 475
brett@kellypartners.com.au
www.kellypartners.com.au
   Central Coast Office
Suite 6, Fountain Plaza, 148 The Entrance Road,
Erina, NSW, 2250
P.O. Box 3616, Erina, NSW, 2250
T 02 4367 6630
F 02 4367 6632
M 0413 933 481
scott@kellypartners.com.au
www.kellypartners.com.au/centralcoast

Disclaimer: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endovour to provide accurate and timely information, there can be and we make no guarantee that such information is accurate as of the date it is received nor the date published or that is will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

We provide information to Kelly Partners's clients and associates in the genuine belief that it may provide useful and interesting information relevant to business and personal financial affairs.