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Seeking advice - what you need to know about the process

Peter Bowman

When you stop to think about it, there is a lot to learn about financial planning and how to make the most of your money. There's a lot you can do in your day to day life to manage your money better - just explore the website you're now looking at. Many people though, rather than doing it themselves seek the assistance of a qualified financial adviser or planner.

There are a number of reasons why people seek personal financial advice from a financial planner:

• they have a lack of time to do it themselves

• they have a lack of interest in learning it themselves

• they want the confidence and peace of mind that comes from the help of an expert, or

• they are seeking to access a greater level of research and information.

So what does a financial planner do?

Some examples of goals might include: paying off the mortgage, growing your wealth or ensuring you have enough money to live the retirement lifestyle you want to. It's important to think about your goals before you seek advice so your financial planner is clear about what it is you want to achieve.  Sometimes setting goals can be hard to express in financial terms. So start broadly, 'I want to travel overseas every year' or 'I want to retire at age 60'. You can then work backwards to see what the underlying cost is to achieve that lifestyle goal.

Once the financial planner has had time to review your situation and consider their recommendations, they will present their advice to you in writing through what is often called a 'Statement of advice'.

Depending on your advice needs and goals, your Statement of advice can consider topics like:

•  your goals and objectives

•  budgeting

•  savings and investments

•  protecting yourself and your family through insurance

•  managing tax

•  retirement planning

•  managing debt

•  planning unforeseen events

•  accessing government benefits, and

•  estate planning issues.

Once presented with your statement of advice, you have the opportunity to implement the advice strategies with your financial planner. There might be one or more product solutions they identify too which will help you realise your goals. It is important you understand the recommendations before you implement them and good financial planners are more than happy to spend time with you on this.

The final stage of the advice process is reviewing your progress towards your goals. If you're committed to achieving what it is you set out to do, this is possibly the most important step. Your financial planner will talk to you about what their review process as like you, they want you to achieve your goals.

And don't forget the Financial Services Guide
At your first meeting with a financial planner, they are required by law to give you a copy of their Financial Services Guide before they provide you with advice. The Financial Services Guide will include:

•  information about your adviser

•  the advice services they offer

•  how they charge for their advice services, and

•  what to do if you have a concern or complaint.

The Financial Services Guide is an important document, so make sure you take some time to read it.

Author's Biography

Peter Bowman, Head of Marketing FSP Group http://www.fspgroup.com.au