What to expect from comprehensive advice
Comprehensive advice involves four simple steps that start with defining what’s important to you.
Here’s how the advice process generally works.
Step 1.
Discover and define
The first step is about discovery. Your adviser will discuss your current financial situation, and help you define your goals and focus on what’s important to you. The first meeting is free.
You can expect to:
- Discuss how you will work together with your financial adviser to meet your financial goals.
- Discuss your current financial situation and where you would like to be.
- Find out what fees you will pay if you choose to go ahead with the advice recommendations.
Preparing for your first meeting
- Think about your goals, both short and long term. What do you want to achieve?
- Have a clear picture of your current financial situation:
o What do you own?
o What are your debts?
o What is your income?
o If you have questions, write them down and bring them with you.
o If you have superannuation, insurance or any other relevant documents, bring them along.
You adviser may ask you to fill out a ‘fact find’ document to better understand your needs and current situation.
Step 2.
Commitment and planning
The second step is about commitment. Your adviser will recommend a plan to help you reach your goals and agree to a fee.
You can expect to:
- Explore your short and long-term financial priorities, needs and goals further.
- Create a financial plan with your adviser with a view to reviewing this as your circumstances or preferences change.
- Understand where you are today financially, including identifying potential risks and opportunities that may lie ahead.
- Discuss some advice recommendations and strategies based on your situation and future goals.
Step 3.
Recommendations and implementation
The third step is about putting your plan in place. Your financial adviser will work with you and prepare a financial plan outlining strategies and solutions tailored for you.
You can expect to:
- Receive a Statement of Advice (this is your financial plan).
- Have your questions answered. You need to make sure you are comfortable with your financial plan.
- Go through information on fees and commissions relating to recommendations specific to your plan.
- Receive a Product Disclosure Statement (PDS) if your financial adviser recommends a specific financial product. The PDS includes all the product information you need to know.
Step 4.
Review and refine
The fourth step is about staying on track, so you can confidently achieve your financial goals and live the lifestyle you want.
You can expect to:
- Review your plan, goals and circumstances regularly to ensure they remain relevant and aligned to your needs and objectives.
- Have your plan updated if your circumstances change, to ensure you stay on track.
- Be able to ask your adviser for more or less support as your needs change, so you can feel confident you can achieve your goals.
Got a question?
Get set in the right direction with help and guidance available over the phone, online or face-to-face.
General advice and information only
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
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