What steps are involved in receiving strategic advice?
Our strategic advice is delivered via a Four Step process as follows:
Step 1: Initial Meeting
The initial meeting is in essence a 'get to know you' session for both you and us. During the course of this meeting we provide an overview of Paradim Private and detail the journey we would take together as Adviser and Client; one that may concievably last for many years to come. You allow us to gain an understanding of your most pressing issues and your experiences in managing your finances to date. We come to a common agreement as to whether Paradigm Private is the right advisory firm for you.
There is no charge associated with the initial meeting. If it is mutually agreed that we can add value to you then we proceed to Step 2.
Step 2: Dialogue
This step involves open and honest dialogue, as we spend the time to discover your goals, objectives, aspirations and concerns. We start gathering information about your relevant circumstances, be these work and career, assets and liabilities, plans to educate your children (or assist meeting the costs for grandchildren), your retirement plans and any other matter that you feel is important for us to be aware of.
After this meeting we will write to you outlining our understanding of your financial and personal circumstances, your advice requirements, issues that you wish either emphasised or not incorporated into our advice, and an estimate of the cost of creating your strategic advice.
Further refining of our understanding, your requirements and the scope of the advice takes place until you are comfortable with, and sign off on, the engagement parameters for the advice that we will create for you.
Step 3: Creating Your Strategic Advice
We are now ready to work together. Good advice outcomes result from proficient, knowledgeable practitioners working closely with informed, engaged clients. Our strategic advice to you is in many ways a financial navigation chart, as there are many courses that may take you to your intended destination. Our task is to map out these possible routes, point out the (often hidden) risks that may lie just below the surface, give you our recommended course of action and the reasons why we believe it to be optimal.
We will prepare a document that details your relevant circumstances, desired outcomes, tolerance for short-term capital impairment, and provide our recommendations for how to move forward from where you are to where you wish to be, within your desired timeframe and acceptable risk parameters. We will present it to you, along with our reasoning for why the chosen course of action was the one recommended. Where the advice incorporates recommendations for specific financial solutions we will detail the benefits, costs and risks associated with each of these investment solutions.
Stage 4: Implementing Your Strategic Advice
Implementation occurs only after you are satisfied with all the major aspects of the strategic advice prepared for you. This may involve adjustments on our part. Upon your acceptance of the final advice, we move to implement the strategy or strategies as agreed upon. Very often this involves us taking responsibility for a range of correspondence and forms that may need to be executed and lodged with various parties. It may also involve dealing with another professional adviser, perhaps an accountant, tax advisor, solicitor or estate planning specialist.
For clients who seek ongoing strategic advice and investment management, our Path to SuccessTM programme can be implemented to provide the guidance needed to ensure that the financial goals outlined in the strategic advice have the best possible chance of being achieved.
Our initial strategic advice to you is often just the start of an ongoing series of conversations and related further advice. As the saying goes "life is what happens whilst you are busy making other plans". Good strategic advice is not fixed and unchanging. It is a fluid and continous process that adjusts to the prevailing economic, legislative and investment conditions of the day and your changing life circumstances to deliver solutions that are relevant, easily implemented and continue to give you financial peace of mind.
How does Paradigm Private charge for its services?
Paradigm Private delivers advice on a fee for service basis. We believe in fee transparency, and so we will provide you a written quote for any strategic advice you require of us.
Rather than charge by minutes spent on your file, we generally levy a fee based on the complexity of work undertaken. We invoice you either once the advice you seek has been provided, or in a series of instalments along the way, depending on the circumstances of the engagement.
Where you elect to receive on-going advice and services we will negotiate with you a retainer agreement, whereby a periodic fee is levied for services rendered.
Your initial consultation will be at no charge and should you wish to proceed further, your adviser will give you an estimate of fees based on work to be undertaken.
How do I make an appointment?
If you want to get in touch with us, it's as simple as clicking on the 'Contact Us' button at the top of this screen and filling in a few simple details. Someone will cotact you on your preferred medium shortly thereafter.
Alternatively, please feel free to ring our office on (03) 8646 4000.