What can I expect to happen?

Discover your needs and requirements

After your first meeting, you'd have a good idea if financial advice is right for you and would've chosen which type of advice suits you best.

In the next meeting, you’ll discuss your financial situation in detail.
They’ll gain a deep understanding of your:

• investments, savings and super
• priorities and goals
• risk tolerance – or how much risk you’re comfortable with.

They’ll document this information in a Financial Needs Analysis, which will form the basis of their advice to you.

Your adviser will then explain how a financial plan can help you achieve your goals and answer any questions you may have. They’ll also provide you with a Financial Services Guide (FSG) which sets out their services and the costs involved.

You may meet with your adviser more than once before agreeing to proceed with a financial plan. This depends on how much information they need and the complexity of your financial needs,

Create a financial plan

If you’re seeking on going advice, your financial adviser will analyse your current financial situation, risk tolerance and goals. They will research existing products, alternative options if required, and tailored strategies that will help you meet your goals.

The adviser will then develop a financial plan detailing their recommendations. This is called a Statement of Advice (SOA).

Present the plan

You’ll have another meeting with your adviser where they present the SOA – explaining the strategy and recommendations in a way you can understand.

Make sure you ask questions so you can feel confident about making these decisions. If you have any concerns or want to make changes, the adviser will adjust your financial plan accordingly.

Implement the plan

Once you are satisfied with the plan, your adviser will move to the next stage. You’ll sign the relevant documents that authorise your financial adviser to start implementing their recommendations. At this point, you’ll also authorise the adviser to take their relevant fees.

They’ll work closely with you and put your financial plan into action – breaking down the strategies into manageable steps towards achieving your goals.

Ongoing review

If you choose an ongoing service, your financial adviser will check in with you regularly – offering to review your financial plan at least once a year. They’ll monitor your investments, super and insurance to ensure they are performing according to the plan.

Your adviser will also discuss any changes to your financial situation and adjust your financial plan to ensure you stay on track for reaching your goals.

An ongoing service like this comes with a fee, but if this isn't right for you, most advisers offer any future advice or reviews you may need on an ad-hoc basis.