Our Six Step Process
1. The initial Conversation
The initial conversation in the advice process is an opportunity for clients to have a no-obligation discussion with LOC Wealth. During this conversation, we will gather a snapshot of your financial situation, which includes details about your income, debt, superannuation, and assets. We will also explore your financial goals, challenges, and what you aspire to achieve.
This conversation serves as a valuable starting point to understand your unique needs and to introduce you to the ways LOC Wealth can assist you. If you decide to proceed, we can schedule a full fact-finding session, where we delve deeper into your financial situation and develop a comprehensive plan to help you reach your financial objectives.
2. The fact find
At LOC Wealth, we kick off our financial planning journey with a friendly and detailed chat, either face-to-face or through a video call. This conversation is all about you—your dreams, goals, and what you want for your financial future. We’re all ears during this one-hour session, digging deep into your financial world.
Our aim? To get to know you inside out. We want to understand where you’re at right now financially and what you’re aiming for down the road. This is the groundwork that sets the stage for creating a plan that’s just for you.
Think of it like a roadmap—we want to bridge the gap between where you are now and where you want to be. So, grab a cuppa, let’s chat, and together, we’ll make a plan that fits your life
3. Formulate the plan
Okay, now for the planning part. We’re taking what we learned from our chat and turning it into a practical plan that suits you.
Imagine this as the nuts and bolts—we’re researching, looking at options, and figuring out the best moves for your money, investments, or superannuation. This can take a couple of weeks to get it spot-on.
Our goal? A plan that’s smart and customised for you. We want you to feel good about it, knowing it’s designed to help you reach your goals. So, kick back, relax, and get ready for a plan that’s all about making your money work for you.
4. Present the plan
Time to share the game plan with you! We’ve put in the hours, done the research, and now it’s time for the big reveal—the plan we think is just right for your money goals. We package it up in something called a Statement of Advice (SOA).
We’ve got options for how we do this—either jump on a video call or meet in person, whatever suits you best. In this meeting, our team breaks down all the nitty-gritty details. We want to make sure you get exactly how this plan lines up with what you’re aiming for.
This part is all about teamwork. We’re here to chat, answer any questions, and tweak things if needed. Your comfort and understanding are key. Once you’re feeling good about the plan, we’ll ask for your signature to kick things into gear. It’s all about making sure it’s your plan, through and through
5. Implement the plan
Time to roll up our sleeves and put the plan into action! We’re moving from talk to action in the implementation stage. This is where the rubber meets the road—we’re filling out paperwork, setting up accounts, and making sure everything checks out.
It’s building the foundations for your custom plan. This part might take a few weeks, depending on how detailed the plan is. Our crew is on it, working hard to make sure every ‘i’ is dotted and every ‘t’ is crossed.
Our goal? To make this process as smooth as possible. No unnecessary bumps in the road—just a clean transition from planning to doing. We’re all about getting your personalised strategy up and running without a hitch.
6. Ongoing monitoring and management
Alright, we’re in it for the long haul! This last stage is all about keeping a watchful eye on things—think of it as the maintenance for your plan. We get that having a solid plan is just the start. To really nail that long-term financial success, we need to be on our toes and ready to adjust when needed or if your circumstances or goals change.
So, what’s our game plan? We’re staying on top of things, keeping tabs on your investments, superannuation, insurance polices and how your plan is doing, and what’s happening in the financial world. It’s like having a financial radar to catch any changes. This way, we can be proactive and tweak things if needed, making sure your goals stay on track.
It’s not a one-and-done deal; it’s an ongoing partnership. We’re here, keeping things shipshape so you can focus on what matters to you.
At LOC Wealth, we’re all about staying connected. Every six or twelve months, we’re locking in a check-in. Whether it’s a virtual chat or grabbing a coffee, it’s your call.
In these catch-ups, we’re straight to the point. We’ll chat about how your money’s doing, see if any adjustments are needed, and make sure your plan is still ticking all the right boxes.
It’s about making sure your plan fits your life. Think of it like a regular catch-up for your finances – simple and focused on what matters to you. And if any changes are needed, we’ve got it covered.