How financial advice can help you

Super and investments 101 | Date Posted: 29 July 2020

How financial advice can help you

Getting into a new relationship can be an exciting yet anxious time for most people. You ask yourself questions like ‘Are they right for me? Do they understand what I want and need?’. All very good questions and all entirely relevant when thinking about financial advice. 

Research shows that people who have a financial adviser in their corner are twice as likely to say their finances provide them with the freedom to do the things they want and enjoy life1. And on top of that, a recent report revealed that quality financial advice could add at least 4.4% per year to your investments2. So, on a $500,000 investment, that’s $22,000 extra.

What to expect from Mine Super Financial Advice

Everyone’s different, which means there’s no one size fits all approach to financial advice. At Mine Super, we understand the challenges associated with shift work and remote Fly In / Fly Out occupations. We have offices near key mining regions to make it easier for members to drop by, or we can help over the phone or via video link. We also work with employers to provide valuable financial literacy presentations and financial advice appointments at the work site. As everyone’s situation is unique, Mine Super Financial Advice offers a range of advice options to help you create, manage and protect your wealth – from simple super-related advice to full financial plans. 

Financial advisers from Mine Super Financial Advice support you with objective advice and recommend what they think is best for you and your future. Here are five simple steps to walk you through the Mine Super Financial Advice process and help make your financial goals an achievable reality.

1. Decide what you need from an adviser

Taking the time to find the best financial adviser for you is important. To do this, it first helps to decide what you need from an adviser – do you want a single question answered, like ‘which investment option is right for me’ or would you like more detailed personal advice, such as ‘how can I save for my retirement’  or ‘how can I be debt-free by age 60’? Think about your goals now (renovating your house, going on a luxury holiday) and in the future (help your kids with their education, retire early), and what changes you’re prepared to make to get there. For more information on how to choose a financial adviser, check out this factsheet.

2. Make an appointment

You can book an appointment with Mine Super Financial Advice online or over the phone. We’ll work with you to make sure the time and location work for you. With offices in Newcastle, Warners Bay, Muswellbrook, Mudgee, Wollongong, Moranbah, Mackay, Rockhampton, Brisbane and Collie, there’s a good chance we’ve got an office near you. We also offer appointments over the phone or via video link.

3. Confirm what you need to bring along

After you’ve booked your appointment, you’ll receive an email to confirm the appointment and any documents you should take with you. Some of the things you should be prepared to bring along and share include details about your income, your assets and any loans you may have, as well as photo ID. Your financial adviser needs this information to work out appropriate strategies for you.

4. Meeting your financial adviser

During your appointment, your adviser will ask questions about your personal circumstances and discuss your needs and objectives, including what income you need both now and when you stop working.

If you’re a Mine Super member, your first meeting with the Mine Super Financial Advice team is complimentary, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.

5. Presenting and implementing the advice

After you’ve agreed to the fees, and following your appointment, your financial adviser will draw on their extensive resources, including professional investment research, access to technical and strategy experts, specialist software and a wide range of investment and insurance products, to create a realistic financial plan and help make your goals a reality.

You’ll then meet with your adviser again where they’ll explain their advice and provide you with various documents, including a Statement of Advice (your financial plan) and Product Disclosure Statements that describe each product or service they’ve recommended. 

If you’re happy with the recommendations, you’ll be asked to sign an authority to proceed and your adviser will help implement the advice. Once it’s all done, Mine Super Financial Advice will let you know when this has happened and you’re on your way to achieve your goals.

Remember, financial advice is not ‘set and forget’, so it’s important to regularly check in with your adviser and make sure they know if your circumstances change at all.

Turn to Mine

Could financial advice help you? Check out the MoneySmart website for more information, or book a free initial consultation with Mine Super Financial Advice today.

Source: AIST Super Symposium, based on Investment Trends 2018 Financial Advice report
2 Source: Professional Planner