Our First Podcast – What is Financial Planning?

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Steve and Glenys from Wealth on Track

Steve Greatrex and Glenys Cook

I am pleased to provide you with our first podcast.  There is an introduction to our philosophy, an interview with Karyn Hilton and what is financial planning?

Just click in to commence.

What is Financial Planning?  One of the interesting things about Financial Planning is that many people don’t know what it actually is.  This stems from the fact that it is one of the newer professions, and that it is multi-disciplinary in nature.  It covers all aspects of our lives, really from the time we start looking after ourselves until the time we leave this earth.

There are two broad definitions of financial planning.  One focuses on all the different areas that are covered – Centrelink (Social Security), estate planning, retirement planning (including superannuation, income streams, Account Based Pensions and Age Pensions), debt management, budgeting, Life Insurance (including Income Protection, Death (or Life!) cover, TPD (Total and Permanent Disability) Cover, Trauma or Critical Illness cover and Business Protection.  It also covers investments – including Managed Funds, Shares, ETF’s (Exchange Traded Funds), Protecting your investments, and so on.

But the real skill – synthesising all this together.  For example, what is the optimum amount of money to take from a husband’s income steam (which is tax free) so that his wife can maximise her salary sacrifice?  How do we minimise any reductions in the client’s Centrelink payments?

What is Financial Planning – another definition covers the six steps of financial planning – which is more about the process.

Our first ‘fireside chat’ is with Karyn Hilton – Karyn thanks for helping us out.  Glenys and I met with Karyn for coffee not too long ago and were struck by her knowledge and clear empathy for clients.  I suspect her background in nursing has informed her and given her that human touch.  Great work Karyn:).

I think Karyn also gave us some insight into our theme for this podcast of What is Financial Planning.  It is about helping people.

Would love your feedback.  Steve

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