Learn more about Financial Planning
What is financial planning?
There are many levels of financial planning, either self-directed or from a licensed financial adviser who can help with strategies to reach your goals.
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Benefits of financial planning
A financial plan should address your financial situation, enable you to prioritise your objectives and offer clear strategies to help you achieve them.
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Developing a financial plan
Many people only start developing a financial plan later in life due to unfortunate events. Starting early gives you more time to make your plan a reality.
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Financial planning information sources
There are numerous financial planning information sources, whether it's a one-off or an ongoing arrangement with an adviser.
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Taking financial planning further
Managing your own finances can be hard regarding the many types of investments, insurances, superannuation choices, tax factors, and laws.
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What is and isn’t financial advice?
Whether you want an adviser's help or are seeking information to implement your own plan, it is crucial to know what may or may not be financial advice.
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General versus personal financial advice
When you see a financial adviser, they will talk about general advice versus personal advice. This section explains the difference and why it matters.
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What is digital advice?
Digital advice, or robo-advice, is financial product advice delivered online or via an app, or device. It uses algorithms and technology, not direct human adviser involvement.
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What is a financial adviser?
A financial adviser is a highly trained professional with the necessary expertise to help you develop your financial plan and provide you with advice.
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What can a financial adviser do for you?
A financial adviser helps clarify what matters most to you and sets you on course goal-wise. They can offer ways to protect you from financial stress.
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Is it worth paying for financial advice?
As with any big purchase, it's crucial to know what you get for your dollar. You must review the advice - and any costs - before committing.
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Good versus bad financial advice
It's important to find a financial adviser you feel comfortable with. It's also important to look past their personality and focus on the advice provided.
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How to find a good financial adviser
If you decide to seek financial advice, you should make time to find a good financial adviser who is suitably qualified to help meet your goals.
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Getting ready for the first meeting with a financial adviser
The first meeting enables you and the adviser to see if you can work together. Think of it as two-way information-sharing.
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The fact-finding process
The fact-finding process is an important part of the first meeting. It helps to identify what is relevant and determine priorities.
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Understanding risk
'Risk' can mean different things to different people. It is one of the most difficult concepts to explain and far harder to measure or determine.
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What happens after meeting with a financial adviser?
By the end of the first meeting, your adviser should understand your financial and personal position.
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Getting your head around financial planning jargon
Do you know your SOA from your ROA? Here are the financial planning documents and terms you need to understand.
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A beginner’s guide to investment products
A good financial adviser will recommend suitable investments for your financial objectives: shares, property, managed funds, fixed income or cash.
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How much does financial advice cost?
Fees vary between advisers but expect to pay several thousand dollars to have your financial plan set up, and the same again each year for ongoing advice.
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Why you need a financial advice review
Your financial adviser should describe what the review process will entail, the proposed frequency and the relevant costs for providing this service.
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How do I know if my financial plan is any good?
A financial plan should be easy to understand, clearly explaining how the recommendations meet your goals, and why any recommendations are suitable.
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The financial services laws you should know
The financial services industry is 'young' compared with other professions, such as medicine and law. It's still finding its feet and establishing its standards.
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What do financial services regulators actually do?
There are Australian government bodies that monitor the services of financial advisers and related parties. They aim to protect you and hold the industry accountable.
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How do financial advisers maintain their competency?
Financial advisers must do continuing professional development training and assessment to keep their industry knowledge and skills up to date.
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Do financial advisers need to be licensed?
A financial adviser must be licensed to provide personal advice and recommendations. But there are also obligations regarding their conduct.
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A financial adviser’s obligations to you
Understanding an adviser's obligations to you means you have a yardstick to assess whether they have done their job properly.
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What can I do if I’m unhappy with my financial adviser?
There may be times when the financial advice provided to you is not appropriate. If you feel something has gone wrong, it's important to know what to do.
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Is your financial adviser independent?
Is your adviser independent or associated with other entities that may influence their advice? This helps determine potential conflicts of interest.
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Working with your financial adviser
You may only need one-off financial advice, but if you want it ongoing you need to know how much involvement you want and what you are prepared to pay.
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Monitoring your investments
You should regularly monitor your financial plan to make sure any issues can be resolved quickly.
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Financial planning and families
There's probably no need to involve your family in financial planning, but helping them understand the benefits is one of the best things you can do.
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What happens if you no longer need your financial adviser?
If your finances are simple and you can manage them yourself after seeing an adviser, it may be time to go it alone.
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Using financial planning checklists
What do you want from the financial planning process? Checklists can help ensure your bases are covered.
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Questions to ask a financial adviser
Questions can not only reveal your adviser's knowledge but also their personality, style and attitude, and if you can work together.
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