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Financial Planning

Holistic Planning:

Overview FAQs Articles Locations

“Holistic Planning”. What does it mean? It seems to vary depending on who you ask. Holistic planning involves the consideration of various aspects of financial planning, including but not limited to life planning, which involves arranging insurance to help protect your family in the event of an accident or illness, investment planning which involves designing and implementing investment strategies and Superannuation Planning. The need for holistic planning has increased as more people have come to realise the significance of planning early for the future. The team of Financial Planners at Navado Financial Advisors focus on providing quality and rounded financial advice to assist clients reach their personal goals.

Holistic planning involves all aspects of a person’s life. It is based on the theory that “you can’t get somewhere without knowing where you are going and how are going to get there”. Taking the time to sit down, analyse and assess your goals is a necessary aspect of holistic planning. A path is then chartered to achieve those goals. This may involve redirection, reduction or increase of expenditures.

What does a Holistic Plan include?

A comprehensive and holistic plan will include the following:

  • An explanation of your current financial situation
  • A listing of your goals and a time frame in which you will achieve them
  • Consideration of budgeting and cash flow planning matters specific to your circumstances
  • A developed and comprehensive risk management portfolio that aims at protecting you and your loved ones
  • Recommendations in relation to potential investment products
  • Recommendations in relation to superannuation products
  • Recommendation in relation to areas of estate planning that need to addressed

The Statement of Advice

A Statement of Advice, often referred to as an “SOA”, is a document outlining the advice recommended by one of our Sydney Financial Advisers. Your Financial Advisor should ensure that the Statement of Advice takes into account, amongst other things:

  • Your personal and financial circumstances
  • Your income, assets and savings
  • Your liabilities, debts, expenses and mortgages
  • Tax and economic issues
  • Risk management and insurance
  • Your goals and future objectives

The Statement of Advice will contain an explanation of the recommendations being made by your Financial Planner.  It will note the potential benefits and risks involved in the investment recommendations as well as an explanation of why this has been chosen over other investment types not included in the plan. The Statement of Advice will also explore the costs involved in the implementation of the plan, and should list the fees charged and commissions to be received by the financial planner.

A strict guideline and structure applies to Statements of Advice, aimed at protecting recipients of financial advice. Our Financial Planners have carefully studied the compliance law and understand the strict legal requirements involved when providing financial advice.

Review of your Financial Plan

An important aspect of holistic financial planning is regular review and financial health checks. Circumstances and goals change. What was appropriate a year ago, might not be appropriate now, today. You may have decided to start a family, or add more members to your family. Whatever the case, your Financial Advisor will follow up with you every 6 or 12 months or so to keep your financial plan on track.

Disclosures

Due to the rising complexity of financial planning practice, and in an attempt to ensure accuracy of advice and to protect recipients of financial advice, the financial planning industry has become heavily regulated. Areas of concern for Government regulation include:

  • enabling customers to understand the reasoning behind investment and insurance advice
  • ensuring that financial advisors fully understand their legal and ethical obligations through strict licensing requirements
  • strict requirements when it comes to disclosures as to benefits gained by financial planners

Disclosures which must be made include commissions. Financial Planners often receive commissions from financial institutions who have been referred clients. They may also be in a position to receive non-direct benefits like tickets to events or holidays from financial institutions to encourage investment in their products.

Disclosures will also include relationships that a financial planning business has that may affect the decisions made by the financial planners. This became necessary when it was discovered that some financial planners were exploiting their position as financial advisors and were recommending products to which they were shareholders and received a direct profit from (not just commission profits).

Commissions and Fees

Navado Financial Advisors work hard on ensuring that our services remain affordable to the average Australian. Prior to completing any work, our Financial Advisers agree with their clients upon a form of remuneration, for the preparation of a Financial Plan (or Statement of Advice). There are two forms of remuneration that Navado Financial Advisors use:

Our Financial Planners offer two (2) different ways of charging for the preparation of a Statement of Advice:

  1. Fixed fee - This is where we charge a fixed fee for the preparation and presentation of a financial plan. All Fees and Commissions paid to us will be disclosed, as required by Law.
  2. Commission – If you cannot afford to pay for the preparation of a financial plan, it may be possible for us to structure a payment schedule where funds that are normally refunded to you, such as commission from superannuation and managed funds, are used as payment for our work.

Navado Financial Advisors sometimes receives commissions from insurers when a client implements a recommendation involving products issued by the insurer. When this is the case, we will disclose the commission as required by law.

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Navado Financial Advisors Pty Ltd is a Corporate Authorised Representative of Lifespan Financial Planning. A.B.N. 23 065 921 735. AFSL 229892. This webpage (and any material or wording appearing on this webpage) is provided for information only and constitutes general financial product advice. It does not take into account your objectives, financial situation or needs and you should therefore consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before acting on this webpage.  When making decisions about any financial products you should obtain a copy of and consider the Product Disclosure Statement for that product before making any decision. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.  

If you require financial advice or the assistance of a Financial Planner, you should make an appointment with one of our Financial Planners, who can see you in our Head Office in Sydney CBD or in the comfort of your own home. Our Financial Planners service the following areas:

  • Sydney
  • Parramatta
  • Chatswood
  • Bondi Junction
  • Liverpool
  • Campbelltown
  • Gordon
  • Bella Vista
  • Erina

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