Tag Archives: financial adviser

What should I expect when seeing an Adviser?

What should I expect at my first meeting?

Your initial consultation with a financial planner will give you a chance to get to know each other.  Most provide an initial consultation at their own time and expense.

Your financial planner will explain how their service works, and how it can work for you.  You should receive a Financial Services Guide and an Adviser Profile and have these documents explained to you.  You’ll have the opportunity to talk about your current financial situation and your financial goals.

Some questions to consider before your first meeting:

  • Reflect on what you want in life. Start with the next few years. Are there any changes you’d like to make, or things you’d like to do? What about 5, 10 or 25 years from now? Where do you want to live? What do you want to be doing?  Is retirement on your radar?  Are there specific goals you’d like to meet in the near future?
  • Consider your attitude to money.  Are you a spender or a saver? A risk taker or someone who prefers more certainty? When it comes to spending and managing money, what do you enjoy and what keeps you awake at night?  You can complete a Risk Profile questionnaire that can provide you with you personal risk profile in relation to different investments.  You might be much more aggressive when investing your superannuation than you would be if saving for a home deposit.
  • Think about the financial issues you find most challenging.  Where do you think you could be making better decisions?  What do you think you need to better understand?  Do you know you have downfalls in specific areas?

Talk to your spouse or partner about these issues too. When you visit a financial planner, you’ll want to discuss what it is you want to achieve together as well as your individual dreams.

Many people also neglect to educate their children about money.  What issues did you wish you knew about when you were younger.  Is there something you could pass on to make their life a little easier going forward?

What to bring along

To help your financial planner gain a clearer understanding of your current finances and the services that could be right for you, a little preparation can go a long way. If possible, try to gather the following information before your first consultation:

  • Your income. If it’s easier, feel free to bring in tax documents, especially if you have income from multiple sources or you’re self-employed.  Otherwise, a recent payslip is helpful.
  • Your assets. Including property, superannuation, savings and investments.  Do you also have different structures like Trusts that hold assets?
  • Your budget.  An estimate of where your money goes each month, including your mortgage or rent, personal or business loans and credit card debt will be helpful.
  • Insurance covers. Especially life, disability and income protection policies, if you have them.
  • Questions. In addition to a list of your short and long-term financial objectives, bring any questions or concerns you may have.  And write them down so you don’t forget any!

Your first meeting is informal so don’t worry about gathering all the details if you can’t lay your hands on everything.  The important thing is to get started thinking about your financial future.  If you choose to proceed with your Adviser, you can nail the details in subsequent meetings.

To find out more, contact us and we can guide you through the process.

Educate yourself on financial advice

You might be surprised to know, that working out how to achieve your financial goals is easy and you don’t have to earn a high income to do it.

Whether you’re looking to get your financial affairs in order, buy a first or subsequent home, start a family or prepare for your retirement, seeking quality advice from a qualified financial expert can help you achieve your goals sooner, and with more confidence.

So just what is financial advice?

Financial advice is about much more than just making money. It’s about creating new opportunities to help you achieve whatever you desire in life. A financial planner can help work out what’s important to you. They can help develop a plan that aligns your financial decisions to your lifestyle goals.

Priorities can change over time, as can economic conditions, government legislation and investment markets. Advisers can help re-focus your plan, track your progress and keep you accountable along the way, whether you’re starting out, building wealth or planning for retirement.

Seeking financial advice will help you identify solutions to important questions like:

  • Will I have enough income to live comfortably in retirement?
  • Is my family protected should something unexpected happen – what do I need to know about life insurance?
  • How can I make sure I have enough money to fund my children’s education?
  • How can I invest and structure my finances in the most tax effective way?
  • How can I manage my debt and pay off my home sooner?
  • How can I make my money work harder for me?
  • What’s the best structure to protect my investments and assets?
  • How can I maximise my entitlements to government benefits?
  • How does estate planning fit?

At its best, financial advice is an ongoing long-term partnership centered entirely on your goals.

If you’re weighing up whether financial advice is right for you, consider booking an initial complimentary obligation free appointment.  We’d be happy to help!

A couple of questions for your adviser

With all the drama currently surrounding the Royal Commission, banks, financial institutions and advisers are heavily in the spotlight.

Whether you have an adviser, or you want to start looking, what are a couple of questions you should ask before you get started?  Remember, you’re looking for the best person to fit your needs.

1  What is your background? What formal qualifications do you hold?

In dealing with any professional, it is important to have an understanding of their professional background and qualifications.  Doctors and Lawyers usually have their certificates proudly displayed on the wall.  But how can you be sure?

All financial advisers in Australia must meet minimum educational requirements and these standards are constantly being raised, soon to a degree level minimum as the Industry works toward becoming a Profession.  That said, there’s already many professionals working in the financial advice space.

And, the more qualified and experienced your adviser is, the better for you. Your Adviser should also show a commitment to continual ongoing education. When looking at an adviser’s qualifications, consider their formal education and their life and business experience:

  • What degrees, diplomas or post-graduate qualifications do they have? Do they hold a basic diploma or a Masters Degree?
  • Do they have professional designations that have been earned or paid for?
  • What specialist accreditations do they hold? e.g. life risk specialist, SMSF specialist, estate-planning or aged-care specialist etc.
  • What is their experience as a financial adviser?  How many years have they been advising or in the financial services space?  And how long do they plan on continuing to give advice?
  • Are they a member of any industry associations or professional bodies that adhere to a code of ethics, such as the Association of Financial Advisers or the Financial Planning Association?

If you think someone might be fudging the certificate on the wall, you can always check an adviser’s qualifications through the financial advisers register on the ASIC MoneySmart Website.

2 What is the scope of your advice?  What can you advise me on?

In a similar way to lawyers or medical professionals, not all financial advisers provide the same services.  Some offer holistic advice, covering everything, others offer advice in limited areas such as insurance or superannuation. It is important to ask a potential adviser if they are capable of providing all of the services you require. It’s no surprise that an adviser that suits one individual may not suit another.  These areas should all be explained on the Adviser Profile that accompanies their Financial Services Guide.

Some advisers may not have the experience or qualifications to advise on a particular specialist areas that you require, such as self-managed superannuation funds, direct shares or gearing and margin loans.

Have a think about your long-term needs and objectives and make sure the adviser you choose can meet them all.

This is a person you will be trusting to shape your financial future and have a long-term relationship with.  Also ask your adviser what actions they will take to implement, update and maintain any plan you devise together.  How often will you meet with your adviser? Do you have access to a team of experts or just the adviser?  If your adviser is on leave or uncontactable, who can they turn to?

 

These are just a couple of questions at the start of any conversation you can have.  And the beauty of the internet means that you can even do some snooping before you meet to qualify your potential adviser before you arrive.

There’s lots more to cover, like fees and charges, whether the adviser is ‘aligned’ or ‘non-aligned’ with a large institution or how long they’d like to keep practicing for…  But, you might just get a feel of whether or not they’re the one for you from these couple of questions.

 

Book Chapter Teaser! Meet Jenny Brown!

Ever wondered what secrets an award winning financial adviser shares with her clients?

Meet Jenny Brown, an amazing adviser based in Victoria who features in Financial Secrets Revealed.

Jenny shares her story of growing up in a rural area in southern Australia and being taught that ‘money didn’t grow on apple trees’ seeing they were surrounded by orchards.  She shares how delayed gratification and working hard for what you wanted was just how things were done.

We follow her journey from advertising and into financial advice and the best advice she was given along the way from some of her mentors.

I love Jenny’s main advice tip to just ‘Get started.’  As we know, there’s never a perfect time.  Don’t worry about if it’s too late or too early, just begin your financial journey and don’t be afraid to ask for help along the way.

If you want to learn more about Jenny’s story, what she thinks about budgets and business plans, and her favourite form of investment, then get ready for Financial Secrets Revealed where you’ll learn so much more.

Stay tuned, book release date isn’t too far off now!

The end of another Financial Year

It’s hard to believe we’ve just clocked the end of another financial year.  It really doesn’t seem that long ago we just completed our last round of tax returns!  I hope you managed to make the most of your deductions and income.

And it’s been a big year too for what was formerly known as the financial planning industry.  2016 is the year the Government began to view us as a profession… although, you may agree that that still needs a bit of work.

Now is the time where many advisers will have to choose whether or not they will earn the right to continue as planners.  The proper qualifications will be needed and recognised, ongoing training and accountability measures will be put into place, and all are aimed at protecting the consumer.  That’s a win, right?

Building consumer trust has always been the end game and following in it’s wake, better recognition and respect for professional planners.

We’ve also managed to have enshrined the terms Financial Planner and Financial Adviser which will make it easier for the public to find professionals to provide them with advice.  From 1 January, 2019, anyone claiming to be a financial planner without the qualifications to do so, will be breaking the law, so you’re less likely to end up in the wrong hands.  Another win!

So, we’re pretty sure you’ve had a big financial year, and we hope you’re set for an even more cracking year ahead.

It’s time to take a load off and enjoy the weekend.

Happy EOFY everyone!