Initial Client Appointment
Getting to know you!
It is important to gather as much information as possible from our clients, both personal and financial, in order to understand their situation fully, this also helps us get to know you and what you hope to achieve.
When you meet with Gurney Financial Services, we complete what is called a Client Personal Information Booklet with each of our clients to ensure we get to know them individually.
The first step in this process, enabling us to understand your situation, where we can spend valuable time discussing your goals and objectives.
So why do we ask these questions? It isn’t to be nosy, but to get to know the real you. We need to know if you have met with anyone previously, or if its your first time. If you have any experience or still learning.
Many people don’t think about their goals – but we want you to, and we will sit down and work through your needs and wants, as well as your goals and objectives. We need to know what is important to you now? And what do you think will be important in the future?
Information we will gather will be – details on your employment, your income, your assets and your debts. We need to look at your cash flow, so we will ask you to have a look at your spending so we can put together a budget or debt plan.
We will also gather information on your personal history – dependents, living arrangements, medical history, smoker status and TFN. We will also require you to sign our paperwork to approve that we have this information on you.
By disclosing your information, we will be able to make a full recommendation based on the information provided.
Determining your risk profile
When putting together an investment portfolio your financial adviser will consider your ‘risk profile’. Your risk profile is determined by your ability and willingness to risk the potential loss of your money. Your ability to take risk is determined by your portfolio’s ability to sustain losses without putting your goals in jeopardy.
Your willingness to take risk is a personality trait that generally changes little over your lifetime. Some people have a low risk profile which means they have a low tolerance to the risk of capital loss, whereas others have a high risk profile which means they have a high tolerance to the risk of capital loss. However, capital loss is only one aspect of risk profiling, fluctuations in the income paid by your investments could be equally troubling to you. The relative importance of these two risks should be discussed during the risk profiling process.
Determining your risk profile requires some time and thought. Determine your investment time frame and look at the table of different profiles to see which profile may be suitable to you.
Different objectives may require different risk profiles. For example, your risk profile for a holiday next year may mean that a lower risk profile (i.e. conservative) is the only viable option. However, your superannuation money (which you may not be able to access for many decades) may suit a higher risk profile (i.e. moderate or aggressive). Your financial adviser will consider your goals, objectives and your personal circumstances. If there is a conflict between goals and/or your personal situation and your risk profile, your financial adviser will work with you to determine a suitable risk profile.
Gurney Financial Services take into account discussions and opinions from each client and we look at the objectives and goals that the client wishes to meet. Then we look at different strategies and see how it may work for the client to achieve their goals and objectives.
Some Strategies may be:
Accumulate funds for retirement
Protection of income
Diversification of investments
Consolidation of superannuation
In the event of death or disability –
retaining your family home and existing lifestyle
Implementing wealth creation
Retaining income if disabled
Business and key Person protection
Aged care options
Savings plans and Management of debts
SMSF – Implementation
Presentation and Implementation
Presentation and Implementation
Once Gurney Financial Services has obtained all relevant information, they can create a individual Financial Plan just for you.
The Financial Plan or what is also known as a SOA – Statement of Advice, must be provided to all clients where a product or service has been recommended.
Our adviser will meet with you and discuss the strategies considered for you. They may be to consolidate your superannuation, or alter your asset allocation, or maybe implement some insurance to protect you and your family.
Once you have accepted the recommendations that Gurney Financial Services has provided, we will organise for you and our customer service manager to complete the paperwork and application forms with you. Where they will then be lodged with the relevant fund manager or insurance company.
Gurney Financial Services will keep you updated with the progress of your investments and applications until complete.
Each year, Gurney Financial Services offer their clients an Annual Review.
An Annual Review is important as times change, so do your personal financial needs. And what was once right for you may not be right now?
Gurney Financial Services meets with our clients annually (some time more frequent) to see if they are still on track to meet their goals and objectives. We work together on some strategies to continue to build and protect your wealth, and look at lifestyle changes, new members to the family, including children, spouses, pets and mortgages. We also look at your investment options and if they are still aligned correctly.
There are also government and legislative changes that need to be considered when reviewing our clients strategies, and we need to make sure everything is still looking alright and moving ahead.
We also update any changes that have happened in the past year or since our last meeting.
A lot can change, so it is better to be safe than sorry, and update your details where possible
Referrals and Alliances
Alliances and Referrals
Gurney Financial Services works with other professionals to assist our clients. We work with
Accountants – Construction, Implementation and Management of SMSF
Accountants – Annual Tax Returns
Solicitors – Estate Planning – Wills, Power of Attorney
Conveyancers – Purchase and Sale of Properties
Mortgage Brokers – Residential, Commercial and Investment Properties
Business Coaches – Business Planning and Financials
Gurney Financial Services do not pay for referrals