Financial planning - Creating and executing a successful long term plan

10th Dec, 2012

Earning money immediately put its first responsibility on you, but how do you ensure it is managed responsibly and effectively for decades to come? With so many investment options, each with their own pros and cons, it can easily become overwhelming  for anyone that lacks investment experience to handle.

This is where help from a qualified and authorised financial professional can assist. Financial planner for example can provide you with advice to enable you to make well informed and timely decisions regarding your money. Their strategies are personalized to suit your needs, lifestyle and financial goals, unique to your individual situation.

Personal financial advice does take time and may not be necessary for everyone, with many people  choosing to manage their income and investments. Financial Planning fees  vary and will generally come in the form of a combination of the following:


  • • Initial fees (Generally once off fees)
    • Establishment fee
    • Advice Preparation Document ( for a Statement of Advice, Record of Advice, Strategy Document Report)
    • Implementation fee
    • Fee for Service (hourly)  or fixed price fee
  • • Ongoing fees (regular or periodical fees)
    • Adviser Service fee
    • Ongoing management fee
    • Regular investment fee
    • Renewal fee
    • Review fee

Such fees are negotiated with the adviser and may be paid through a commission on the advice product, a fixed fee per hour of service, or a small percentage from the total assets under advice. With the recent and ongoing changes proposed by the Future of Financial Advice (FOFA) reforms, many financial advisers have been forced to move to a fee for service model of advice. To this end, many have adopted to complete a service agreement with clients regarding fee schedules.

The process of financial planning takes all important financial and lifestyle goals and objectives into consideration. Strategies can form part of:


  • Investment planning including superannuation;
  • Tax management;
  • Estate planning ;
  • Retirement planning;
  • Education planning ; and
  • Risk management.

The general process of providing advice is as follows:

  • Determine long term financial goals
  • Collect and account for all financial income and assets
  • Analysis of the gathered information
  • Creating a strategy based on the above information and goals
  • Conducting regular reviews to ensure the plan is being followed, or to adjust the plan as per new financial situations

With all the bad press the financial services industry has received of late such as the demise of Storm Financial, Chartwell, the entire agri-business industry and the GFC , It is important that the public  remember that they should seek advice from advisers who are registered authorised representative and licensed  to carry out the specialist advice areas they are providing advice in. In doing so, They will possess a license granted by the Australian Securities and Investments Commission (ASIC).

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.  Opinions constitute our judgments at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Nathan Griffith and  Samina Yip of The Wealth Creation Group Pty Limited are Authorised Representatives of Apogee Financial Planning Limited ABN 28 056 426 932, an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. 


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"WCG were recommended to us by some friends. They were there to help when we first set up our company. They advised us on the best structure for asset protection and created a debt reduction and long term investment strategy that has enabled us to be profitable today." 


"We have done more for our business after meeting with you, than we have done in the past 5 years" 


"Thanks for helping me understand our employer superannuation obligations and setting up our company super fund. Your advice has been so helpful" 

The Wealth Creation Group and its Financial Advisers are Authorised Representatives of WCG Financial Solutions Limited, Australian Financial Services Licensee 481610, Registered Office at 351 Moorabool Street, Geelong VIC 3220.
Disclaimer: The information contained in this website is of a general nature and has been sourced on good faith as such it should not be construed as personal advice. Whilst the writer has adopted care, diligence and competence, the information has not been prepared taking into account any particular investment objectives, financial situation or particular needs. The Wealth Creation Group and WCG Financial Solutions Pty Limited accept no responsibility for any content contained in external links on other company websites or externally sourced information.