What is financial planning
Financial planning is about understanding your financial goals and putting a plan in place which will help you achieve them. Financial planners are trained experts who can help you build, manage and protect your wealth.
Topics your financial planner can advise you on include:
maximising your super
tax effective strategies
transition to retirement
retirement income stream options
retirement planning including 54/11 and age retirement
investments – inside and outside of superannuation
life and income protection insurance
How does financial planning work?
There are five steps in our financial planning process:
1. Make an appointment:
Call 03 9853 0322 to book a time to see one of our planners. During this call the operator will ask you several questions to identify what information and advice you may be seeking. Then, if suitable, they will arrange for a face-to-face or phone appointment with one of our planners.
2. Complete the needs analysis guide
Several days after you make an appointment, you will receive a Welcome pack. This pack has the date and place of your appointment but most importantly it includes the needs analysis guide. You must complete part A of this guide before you attend your meeting with us.
3. Your first meeting
The first meeting with us is about identifying and understanding your goals. This is done by reviewing the information in the needs analysis guide. No personal advice will be provided at this meeting.
Once we understand your advice requirements we will give you a written, fixed price quote to develop a personal statement of advice. The quote details any costs and associated fees. There are no obligations and you decide if you wish to proceed with getting a plan.
5. Getting your statement of advice
Once you decide to get a plan it will take us two to three weeks, depending on the complexity, to do the analysis and put the recommendations together. We will then arrange a meeting to take you through your statement of advice. Once you are happy with it, the strategies can then be implemented with the help of your planner as agreed.
What should I bring?
A few days after booking an appointment you will receive a Welcome pack via email or post. This pack contains a letter letting you know the time and place of your meeting, a needs analysis guide and a checklist of what you need to bring to the meeting.
How will my financial advice get put into practice?
In financial planning, putting the advice into action is referred to as implementation. When we present your completed plan to you , we will also discuss implementation options and costs. Some people prefer to do the implementation themselves while others prefer to pay for this service. The choice is yours.
What does financial planning cost?
There is no charge for the initial meeting. However, legally we are unable to provide any 'personal' advice without undertaking further investigation. We are only able to provide 'general advice' during the initial discussions.
Once we understand your financial situation and goals you will be given a quote detailing the type and cost of advice which would be most useful to you. As a guide, the cost for advice ranges from $990 to $6,600 depending on complexity. The average cost for comprehensive advice is around $3,300.
YOUR QUESTIONS ANSWERED
We have answered the questions that most clients ask in regards to our business and the services we provide.
Do I need financial planning advice?
Let's say you are reading this because you're thinking about getting professional financial planning advice. That's a great start. Because the fact is that no matter what your personal circumstances are now, you probably have some dream of where you'd like to be in the future. Or you may be in the fortunate position of having some money to invest. There are many reasons why you might need professional financial planning advice including:
You're changing jobs or just want to review your options under Super Choice.
You want to plan now for a comfortable retirement.
You have an inheritance, redundancy or other lump sum to invest.
You want to make sure your family is protected if something happens to you or your partner.
You are planning to buy an investment property.
You are single again after a long relationship, due to divorce or the death of your partner.
You are starting your own business.
You are planning a major life change, such as marriage or retirement or moving house.
You want to make sure you leave something for your children or grandchildren.