Maybe this question is best answered by posing another question. What does a financial planner or financial adviser actually do for their clients?

I cannot speak for all advisers but as a Certified Financial Planner (CFP) I subscribe to the Financial Planning Association (FPA) of Australia’s six step process.  A good financial planner will:

1. Firstly, find out about you and your needs and make sure they can meet them.  You can also ask them about their background, their ethics and how they charge. It’s also worth checking if they’re independent financial advisers (not subject to any third party influence or commissions) or aligned with a larger institution.
2. Work with you to clearly define your short and longer term financial goals.  Understanding your goals is one of the most important steps you can take on the road to financial freedom.
3. Get an understanding of your current situation – what you own, what you owe, any existing insurance or investments plus any tax arrangements you may have in place.
4. Provide you with advice in relation to financial planning strategies, products and services – all focussed towards the achievement of your goals and dreams.  Your financial planner will document these recommendations in a comprehensive report called a Statement of Advice.  You should read this document thoroughly and ensure you understand all the recommendations contained within.
5. Help you implement the recommendations they have given you.  They may also need to work with your other professional advisers such as your accountant and solicitor to ensure those with appropriate skills and qualifications are working for you.
6. Provide you with an opportunity to regularly review your strategies to ensure you remain on track.  Your life circumstances will change and your strategies and plans will need to be updated in light with these changes.

Now that you know what a financial planner does, you can reflect on the value they may provide to your situation.  If you want to make sure you’re on track financially and live the life you desire then meeting with a financial adviser may be a great first step.

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If you’re ready to discuss your financial goals and personal circumstance, pick up the phone (03 8548 4800) or Book A Meeting for an obligation free meeting with one of our experienced, independent financial advisers.