Service Description

As a courtesy and option to our clients, Financial Planning at HYA Financial includes the following steps: Step 1 - Defining your financial objectives and goals The goals and objectives will provide a roadmap for your financial future. They should contain the following features: Quantifiable and achievable Clear and have a defined timeframe Separate your needs from your wants They should also be reviewed periodically to capture changing circumstances and to ensure they remain relevant. Step 2 – Gathering your financial and personal information The financial planning process and its success will depend on the quality and clarity of the information communicated to your adviser. Your adviser will complete a detailed financial fact-find to capture all relevant information in relation to your finances. This will include: Income and expenditure Assets and liabilities Risk attitude, tolerance and capacity Step 3 – Analyzing your financial and personal information Your financial adviser reviews the information provided in step 2 and uses it to produce a report that reflects your current financial profile. The following ratios are produced to improve your understanding of your financial circumstances and to pinpoint areas of strength or weakness: Solvency Ratio Savings Ratio Liquidity Ratio Debt Service Ratio Your attitude, tolerance and capacity for risk are assessed using a risk tolerance questionnaire in relation to investment assets. This is also analyzed to assess your asset allocation for investment or retirement goals. Step 4 – Development and presentation of the financial plan The financial plan is developed based on the information received in step 2 and analysis completed in step 3. Each of the goals and objectives in step 1 should be addressed and a recommendation for each identified. It will include: Net worth statement (a balance sheet) Annual consolidated tax calculation Annual cash flow report (displaying surplus or deficit) Step 5 – Implementation and review of the financial plan Action can involve implementing: A new retirement or investment strategy Changing debt provider Additional life or serious illness insurance Income and expenditure adjustments Financial Planning that follows a properly defined and documented process will give the greatest chance of a successful outcome. It will not guarantee financial security or wealth but will provide an opportunity to pursue both and requires proper analysis, discipline and expertise.

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