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Last update Friday, 23 January 2004

My Background

After completing my Bachelor of Applied Science - Mathematics, I worked in the superannuation industry for eight years in various capacities, including administering superannuation funds, allocated pensions and a group life insurance pool.

For the last four years, I've been a paraplanner in the financial planning industry and completed the Diploma of Financial Planning. More recently, I've been awarded Certified Financial Planner practitioner status by the Financial Planning Association of Australia (FPA).

And now I've moved from paraplanner to financial planner.

Financial Planning is...?

Financial planning takes a holistic approach, covering:

Wealth accumulation (while you have the capacity to earn an income);
Wealth preservation (when you retire from employment for financial gain);
Asset protection (including insurance); and
Asset distribution (through estate planning).

This is done by:

Assessing your current personal and financial circumstances;
Identifying your goals and objectives with you;
Working out the ways to get from where you are to where you want to be; and
Helping you to implement the one with which you're most comfortable.

Since this can be quite a comprehensive process, a lot of personal questions are asked to gather as much information about you as possible. Of course, you're in control of the process, so you don't have to answer all the questions or provide all the information, but the financial plan you receive depends on the information you provide.

Then What?

This isn't the end of the association between the you and your financial planner; circumstances change and you should expect your financial plan to change to take into account what's happening in your life:

You may meet someone with whom you choose to spend the rest of your life.
You may find you want to spend less of your life with your chosen partner than you originally thought.
You may have children (or a dog, cat or menagerie).
You may win the lottery.
You may inherit some money.
You may be retrenched.
You may change jobs or careers.
You may retire.
You may lose someone special.
You may change your mind about your goals or objectives.

In any case, the size of your portfolio can be expected to increase or decrease with time and reviewing your financial plan with your financial planner regularly ensures changes in your personal and financial circumstances are taken into account. How regularly depends on you and your situation.

What About "Off the Shelf"?

Whatever the financial plan you receive, you can expect it to be different from your friend or neighbour's since your plan is designed for you and no two people have identical circumstances or goals.

It's also possible that what passes the Sleep Test for one person doesn't for another. It's important you feel at least as comfortable for having a financial plan than you did before it was designed for you.

If you aren't comfortable with the plan you receive, you should discuss this with your adviser.

Rachel Zurvas holds a Bachelor of Applied Science - Mathematics, a Diploma of Financial Planning and has attained Certified Financial Planner practitioner status. She is an Authorised Representative No. 243229 of Australian Investment & Financial Planners Pty Ltd, Australian Financial Services License No. 238307. Registered Office: 5th Floor, Southgate, 3350 Pacific Highway, Springwood QLD 4127 ABN: 80 065 370 354 Ph: (07) 3290 6433 Fax: (07) 3290 6566