What Do We Do
When we prepare a personal financial plan, we understand that every client is unique and we will tailor this to your personal circumstances taking into account all of the issues which are important to you. For the majority of clients we also provide ongoing advice as there will inevitably be changes in personal circumstances, government policy, and the economic environment and investment markets that affect your long term financial strategy.
This would usually occur through regular reviews, meetings, telephone calls or emails to you. However we would work with you to determine what is the most suitable ongoing arrangement for you. We look forward to working with you.
The objective of these services is to enable clients to build, protect, and maintain their wealth over the long term. This is achieved by providing personal financial advice, solutions, and services that are tailored to your unique set of circumstances and objectives.
Choosing a financial planner can often be the most difficult step. In making your choice there are a number of issues that you need to consider and we prepared a free eBook on this subject.
7 Step Financial Planning Process
Money and lifestyle: you can’t have one without the other. This intersection is why we are passionate about combining your financial and lifestyle goals to create a cohesive, long-term plan.
What does this mean in practice? We look at both your qualitative information like health, family life, life expectancy, and goals, and also the quantitative side like income, investments, and expenses. This information helps us get to know you and your partner together. We can start to answer questions like,
- How do you and your spouse live?
- Are you comfortable with your current financial landscape, or are there some strategic changes we can make?
- How are your finances and lifestyle currently working together, and in what ways can that interaction improve?
We take this information and analyze it as we begin to build your financial plan.
We love goal-setting at Main Street. Hearing what matters most to you will be the catalyst for your financial habits, decisions, and long-term planning. Here are some questions to get you thinking about your retirement goals:
- How do you picture your retirement?
- What does a fulfilling, meaningful life look like to you?
- What are your critical financial milestones? (retirement dream house, putting grandkid through college, etc.)
- What roadblocks currently stand in your way, and how can you overcome them?
Goal-setting is an extensive but exciting process. If your goal is to downsize to a smaller house close to family, we will need to set up your finances in a way that supports that vision. Building off of step one, we can help you select and prioritize what those goals will look like.
So much of financial planning is checking in and adjusting based on shifting goals and priorities. We want to make sure that you are heading in the right direction to achieve those goals we created together, which enhances both your financial and personal life.
Likely there will be some areas in your plan that need adjusting. Perhaps you need to review your superannuation, minimise the tax which you are paying, consider the sustainability of your monies in retirement or simply consider what strategies you can adopt to improve your financial position.
The whole idea here is to maximize your potential to meet your goals. Our team will present you with a couple of different options so you can choose a strategy that feels right for you.
- How do you picture your retirement?
- What does a fulfilling, meaningful life look like to you?
- What are your critical financial milestones? (retirement dream house, putting grandkid through college, etc.)
- What roadblocks currently stand in your way, and how can you overcome them?
Goal-setting is an extensive but exciting process. If your goal is to downsize to a smaller house close to family, we will need to set up your finances in a way that supports that vision. Building off of step one, we can help you select and prioritize what those goals will look like.
The step above allows us to work together and devise a strategy that will propel you forward. This stage is when we get to make that decision. Before selecting the right course of action for you, we look at a few specific elements:
- The assumptions and estimates used to create the plan
- The basis or the “why” of the recommendation
- The timing and priority of the recommendation
- Whether the recommendation is independent or needs to be implemented with another set of plans
This rigorous process helps lay out a detailed reason and explanation for each recommendation we move forward with. By engaging in this level of planning, we ensure that your financial plan fits in the context of your life and goals.
This is the fun part! It is where we get to communicate with each other about your ideal recommendations and why we believe it will help you move in the right direction. In this stage, we walk you through our entire planning process, so you can see how we came to our conclusion and why we are passionate about pursuing certain recommendations.
This step is collaborative and provides space where you can ask us questions, and we can start to piece together the particulars of your plan. In this stage, we might present the route we believe will be best for you to hit your retirement savings goal or a course of action for proactive tax planning or revamping your charitable giving.
- The assumptions and estimates used to create the plan
- The basis or the “why” of the recommendation
- The timing and priority of the recommendation
- Whether the recommendation is independent or needs to be implemented with another set of plans
This rigorous process helps lay out a detailed reason and explanation for each recommendation we move forward with. By engaging in this level of planning, we ensure that your financial plan fits in the context of your life and goals.
It’s time to put your foot on the gas because this is the stage where things start to happen. Here, we work to implement the ideas that we discussed and your personalized recommendations for reaching your goals.
We will talk about the specific recommendations we are implementing along with any corresponding responsibilities. That includes what our team will do, what we will need you to do, and also any third party. Before you leave this meeting, you will have clear expectations for what is to come.
When our team is part of the implementation process, we will take further action to help you select and create a path forward that best aligns with your plan.
The 21st century is big on monitoring. There doesn’t seem to be any place that isn’t camera-secure from your house to a store to a restaurant, at least some sort of monitoring is taking place.
You can think about this step like a home alarm system. We are watching out for your plans’ health and safety and will be ready to make any changes as your needs, goals, and priorities change. We work to monitor your progress toward your financial goals and recommend any changes should that need to happen. This way, we are up-to-date on your financial progress and can make proactive decisions to keep you on the right track.
We will talk about the specific recommendations we are implementing along with any corresponding responsibilities. That includes what our team will do, what we will need you to do, and also any third party. Before you leave this meeting, you will have clear expectations for what is to come.
When our team is part of the implementation process, we will take further action to help you select and create a path forward that best aligns with your plan.
Why this process matters to you
What does it cost?
The initial meeting which you have with your Main Street adviser is at our cost, as it is important that we can help you and it also gives you an opportunity to consider whether you would like to work with us going forward. At the initial meeting we would normally have a general discussion about your needs, objectives and circumstances as well as answering any questions which you may have.
Main Street Financial Solutions would normally prepare a Statement of Advice on your behalf which sets out in writing the strategic advice for you together with any investment or insurance recommendations. In preparing these documents we would normally contact your accountant, lawyer, existing insurance providers, investment managers and any other relevant party to ensure that we have a complete overview of your situation before proceeding.
The fee for preparing the Statement of Advice will vary depending on the scope and complexity of the advice required. However as a general guide the fee for preparing a Statement of Advice together with the associated meetings would usually be between $3,300 and $6,600 depending on the circumstances.
Prior to undertaking any work on your behalf we will send you a Terms of Engagement letter which sets out the issues we will cover and the cost involved. After receiving written approval from you, we would then prepare the Statement of Advice for you.
The amount which you will pay on an ongoing basis will depend on your particular needs and circumstances. At Main Street we recognise that every client has individual needs and we will tailor the ongoing fee to suit your individual circumstances. Our minimum fee is $5,500 per annum. We will discuss this in detail at our meetings with you.
Personal insurance is necessary for us all to consider and at Main Street Financial Solutions we take great care to identify and recommend insurance that provides the best value for our clients in terms of cost and the terms of the policy. In line with industry practice Main Street Financial Solutions may receive a commission for any personal insurance recommendations which we make. However depending on your preferences and circumstances we are often able to rebate this to you.
Please note that while insurance commissions payable are based on the premium you pay, they are payable by the insurance company and do not represent an additional fee to you. The level of commission payable to Main Street Financial Solutions will be fully disclosed in writing before any application is lodged on your behalf, as it is important that you have a complete understanding as to what (if any) fee is being paid to us.
Meet our clients
