Frequently asked questions
Finances can be complex – it can be difficult to understand the intricacies of investment, taxation and ever-changing regulations, so getting professional advice can be one of the best things you can do for your situation. Financial planning is a specialist profession and it’s best to make sure that you’re getting advice from a properly qualified person. They will help you reach your goals; even if retirement may seem a long time off - the sooner you start planning the more likely you are to reach your lifestyle goals.
The advice you seek can take into account your full financial situation, needs and goals or advice for particular purposes. A professional financial planner can help you to take a step back and review your total financial situation.
By Australian law all financial planners must disclose all forms of payment and fees. The cost will depend on the complexity of your financial situation and financial plan. There are various ways to structure fees, usually starting with an initial fee to cover identifying your needs, developing a strategy and implementing the recommendations. There could also be administration and ongoing service fees for regular reviews of your plan to ensure it meets your changing circumstances.
Our financial planners will always explain fees and charges in a clear and transparent way to make sure you understand and approve the fees before you go ahead.
We will chat with you about your current situation and get an idea of your short, medium and long term goals. We aim to identify areas where you many benefit from implementing different strategies, and give you general information regarding the options available to you.
A meeting takes around 45 – 75 minutes, depending on the detail of your discussion.
This is the process your financial planner will follow:
DEFINE THE SCOPE OF ENGAGEMENT
Your financial planner will explain the process they will follow and will find out what your needs are. You can ask them about their background, how they work and how they charge for advice.
IDENTIFY YOUR GOALS
You work with your financial planner to identify your short and long term financial goals – this stage is the foundation for developing your financial plan.
ASSESS YOUR FINANCIAL SITUATION
Your financial planner will take a detailed look at your position – your assets, liabilities, investment or tax strategies and insurance cover.
PREPARE YOUR FINANCIAL PLAN
Your financial planner will recommend suitable strategies to use, appropriate products and services that fit your strategy, and answer any questions you have.
IMPLEMENT THE RECOMMENDATIONS
Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, your financial planner may work with specialist professionals, such as an accountant or solicitor.
REVIEW YOUR PLAN
Your circumstances, lifestyle and financial goals can change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.
If you’d like to go ahead with advice, we will discuss the cost and the payment options available to you. Once you have agreed on the fee for advice and payment option we will create a Statement of Advice (your financial plan).
You will have a second appointment where your financial planner can present your Statement of Advice to you, to make sure you fully understand everything and discuss timeframes for implementing the advice. Now you can put your plan into action and start making the most of your future.
If you have any questions or if you need your financial plan reviewed, you can contact your financial planner directly.