Helpful Basics: The Financial Advice Process

The Meaningful Money Personal Finance Podcast

Pete Matthew

Business, Investing, Education

4.8 • 1.6K Ratings

🗓️ 20 November 2024

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode, we want to look at the financial advice process, and give you the helpful basics that you need to think about if you are considering getting professional financial advice.

Shownotes: https://meaningfulmoney.tv/HB9

What You Need To Know

02:24 Advice vs planning - Advice is product-led, Planning is outcome-led.

08:11 The Financial Planning process.

08:50 Establish and define the relationship.

11:50 Collect client information to have context for advice.

15:04 Analyse and assess the current position.

16:45 Develop the plan and make recommendations.

22:32 Implementation.

23:33 Ongoing review.

28:05 Costs and value.

35:00 Qualifications and designations.

What You Need To Know

39:03 Begin with the end in mind.

41:30 Contact several advisers.

45:47 Get costs and scope in writing.

48:25 Be prepared to be vulnerable.

53:50 Podcast Review

Transcript

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0:00.0	Hi, folks, and welcome to the Meaning for Money podcast. This is Season 29, Episode 9.
0:12.7	Yes, indeed. Welcome back to you. And welcome back to Mr. Roger Weeks. I feel,
0:17.2	Roger, that we could do with like a theme song for you. What would that be? For me?
0:21.7	I got three in mind.
0:22.1	The first one,
0:22.5	obviously.
0:22.8	Just three.
0:23.4	Yeah.
0:24.0	Money by Pink Floyd,
0:24.9	obviously.
0:25.4	Oh,
0:25.6	yeah.
0:26.2	Or how about
0:26.6	lean on me
0:27.3	by Bill Withers
0:28.3	as I'm here
0:28.7	with you on the podcast?
0:29.6	We're not leaning on each other. declining and cuddling as we do. Or actually more apt to the help and guidance we give our listeners, don't stop believing
0:39.1	by journey.
0:40.5	Yeah, do the little things, but keep doing them and don't stop believing it'll work.
0:44.1	You thought that through, didn't you?
0:44.9	I did, yeah.
	...

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