How a financial planner can help with life’s milestones

Whether it’s planning your savings or helping you once you’ve retired from working, it’s best to come up with a plan. Using someone with specialist knowledge in the area is a great first step.

It’s important to work out what you want to get from the advice. An adviser should take the time to discuss what’s important to you and ask about your short and long term goals before they make any recommendations.

When first meeting the adviser, there are a few things you should aim to learn:

• how much they will cost
• what their qualifications are
• what payment options are available for their services
• how often you’ll get their advice
• how they’ll consult with you on decisions
• if there are any exit fees if you decide you no longer need their services.
  
  

You’ll likely be asked to give a brief overview of your financial situation on the first consultation. Following this, you’ll need to prepare a host of information so that you can make the most of the advice you’re getting. This will likely include personal information (like your age and relationship status), your assets, debt, income, expenses and your insurance policies. 

Having provided your information, the next step is to figure out some realistic financial goals you want to achieve.

Your goals will be dependent on where you’re at in your financial journey. If you’re just getting started, this might involve creating an investment strategy to make the most of your savings – or figuring out how to best save for a house while maintaining a comfortable lifestyle. For others, your focus might be on maximising the return from your long-standing investments or planning for retirement.

Your financial planner will be able to provide you with options catering to different risk levels. You can use these to inform your decision, then begin working towards a healthier financial future.

Once you’ve worked out an approach, they’ll then provide you with a financial plan that is known as a Statement of Advice (SOA).

A good SOA should:

• address your financial goals
• accurately list your financial details
• explain how you will reach your financial goals through advice
• be at a level of risk that suits you
  
• outline all the fees you pay and what advice is provided for them
  
• explain how your finances should be managed
  
• describe any products that’ll help you reach your goals.
  
  

You should work with your adviser on goals and regularly assess if you’re on track. Ideally, your life shouldn’t be disrupted by the financial decisions that have been put in place.

If you don’t feel the advice you’re receiving is getting the best out of your money, be sure to assess your options and change advisers if necessary.