The personal financial planning process is one that begins with defining your current situation as well as your needs and objectives for the future. Once these are established, Mark will be able to help you position yourself to meet your financial goals.
Mark will typically tell you what you need to bring with you to your first meeting. Items such as superannuation statements, payslips, budgets, share statements, information on any insurances held and anything else that may be relevant to helping you achieve your financial goals. He may even ask you to fill in a fact finding questionnaire about your current situation before this meeting takes place.
To assist you in preparing for your first visit with Mark, a checklist of the likely information that will be required has been prepared. Of course, this list will vary according to your circumstances and the type of advice you require.
Income and Expenditure
- Current and projected income
- Latest pay slips (for employees)
- Profit & Loss statements (for business income)
- Superannuation/pension entitlements
- Family trust distribution documents
- Most recent taxation returns
- Annuity income statements
- Housing (rent statements, mortgage payments, rates, water, electricity, gas, telephone, house contents insurance, repairs/maintenance, furnishings/appliances)
- Transport (petrol, registration, insurance, maintenance, loan/lease payments, parking, public transport)
- Health (health insurance, chemist, medical fees)
- Personal (clothing, footwear, entertainment, sports/hobbies, subscription/fees, life insurance, disability insurance, superannuation contributions)
- Other expenses (child maintenance/support, vet fees, etc)
- Salary packaging details
Assets and Liabilities
- Principal residence
- Investment and other properties
- House contents
- Personal property (e.g. jewellery)
- Motor vehicles
- Company or trust loan accounts
- Other asset valuables
- Fixed term investments
- Current superannuation / pension funds
- Shares and existing managed fund investments
- Life insurance and;
- Other insurances (total and permanent disablement, income protection, trauma, general insurance, health insurance, business insurance).
- Principal residence mortgage
- Other property mortgages
- Motor vehicle debt
- Investment loans
- Total credit card debt
- Other liabilities
- Existing investments
Note: Mark will not require copies of the documentation detailing this information (e.g. mortgage documents or title deeds). However, he will require you to provide an indication of the current value of all of your assets as well as any personal insurance details and health funds you may be involved in.