When meeting with a financial adviser there’s some procedures to help your financial adviser adequately assess your financial position and identify your goals.
Step 1 - Attend first meeting with adviser
During your first meeting your financial adviser will gain an understanding of your present financial position, your objectives and needs.
You can expect your adviser to:
- ask questions to gain a better understanding of your personal and financial goals
- understand what you expect and want to achieve through their financial advice
- tell you about the services they provide
- explain the fees and charges that apply
- inform you of their relationship with other entities.
Once your financial adviser has a good understanding of your goals and financial situation, they can put together an achievable financial plan.
Step 2 - Receive Statement of Advice
After your initial meeting your financial adviser will give you a Statement of Advice, which explains your situation and your financial adviser’s recommendations. This document details any applicable fees and charges.
Step 3 - Put your plan into action
Your financial adviser will help you implement the plan, purchase recommended products, assist with ongoing administration and provide you with updates and reports.
Step 4 - Review your progress
It's important to regularly revisit your financial planning strategies to make sure they're keeping pace with changes in legislation, investment markets and your personal situation. How often you see your financial adviser depends on your needs and circumstances. During your reviews your financial adviser will track your investments, review your progress and inform you of new opportunities. The fee for having an ongoing relationship with a financial adviser starts at just $770 per year. Here's information on the fees for financial advice services.