The IF Group consists of a number of highly skilled and experienced tax consultants, accountants, investment analysts, and business advisers who have been providing Melbourne with sound financial planning advice for many of years. You can contact us here or by visiting one of our offices in Frankston, Brighton or St.Kilda.
Financial Planning involves determining how an individual or business will afford to achieve their specific goals and objectives. Financial advisors will generally cover cash flow management, retirement planning, investment planning, superannuation planning, salary packaging advice, tax planning, estate planning and business succession planning.
Businesses should generally look to create a financial plan immediately after the vision and goals have been set for the individual company, business or trust. The financial plan should describe each of the actions, resources and materials that are needed to achieve these particular goals.
- Asses the business environment
- Confirm the business vision and objectives
- Identify the types of resources needed to achieve these objectives
- Quantify the amount of resource
- Calculate the total cost of each type of resource
- Summarise the costs to create a budget
- Identify any risks and issues with the budget set
Individuals can begin to plan their financial future at any stage of their life, and we find that this is very much the case with our widely varying client age range. Individual financial plans are conducted very similarly to business plans; the objectives must be laid out first in order to put together a tailored and well-constructed plan to achieve these specific goals. If you want to start working on your financial plan for either yourself or your business then drop into our offices in Frankston and Brighton or contact us here.
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Do I need a Financial Planner?
Most financial experts agree that most people tend to start sourcing a financial advisor due to a specific event or series of events that either spooks the individual or opens their eyes to their own financial potential. Some common events may include: receiving a large sum of money unexpectedly, earning a significant pay-rise, or the sudden passing of a close family member. Of course, many people have no specific life event and just decide that they would like to get their financial future in order.
Can I manage my own finances?
Once the decision has been made, it’s time to make the self-evaluation; do you have any knowledge of taxation strategies and investments? Do you keep up to date with financial markets? Do you have the time to monitor your own investments with the rest of your work and social life? If the answer to these is no, then you need to start looking for a financial advisor, in particular, one that suits your very unique needs.
How do I find the right Financial Planner?
It can often be very valuable to ask close family and friends if they know any financial advisors to recommend. Another fairly safe way to search for an advisor is by searching on the Financial Planning Association of Australia (FPA) website for a range of registered and trusted Financial Planners that are close to your location. Once you narrow yourself down to a handful of different advisors you need to ensure that you make the correct choice for your specific financial objectives. Your financial planner should take the time to sit down with you and discuss your long-term goals and how you can go about achieving them. They should write out a strategic investment plan for you, referred to as a Statement of Advice, and continually assess whether you are reaching the goals that have been laid out.
Financial planning for families
At The IF Group, we take great pride in the level of attention to detail that each and every one of our financial experts has when it comes to dealing with our clients specific needs. Dealing with an individual’s finances requires a very different strategy to dealing with the finances of a family or even a young couple. There are a variety of options to consider when organising and planning the financial future of a family, particularly a young family, as The IF Group CEO, Deborah Rognlien explains in the video below.