Financial Planning FAQs

Financial planning

Common questions

What is financial planning?

Financial planning is about understanding your financial goals and putting a plan in place which will help you achieve them. Financial planners are trained experts who can help you build, manage and protect your wealth. 

Topics your financial planner can advise you on include:

  • maximising your super
  • tax effective strategies
  • transition to retirement
  • retirement income stream options
  • retirement planning including 54/11 and age retirement
  • investments – inside and outside of superannuation
  • life and income protection insurance
  • debt elimination
  • redundancy.

How does financial planning work?

Getting personal financial advice involves:

1. Call 1300 277 777 to make an appointment

During this call the operator will ask several questions to identify the type of information and advice you may be seeking. Then, if suitable, the operator will arrange a face-to-face or telephone appointment with a financial planner.

2. Complete a ‘discovery record'

You will receive a welcome pack in the mail several days after you make your appointment. It will confirm the date, time and location of your appointment, and include a discovery record for you to complete. Completing this discovery guide prior to meeting with your planner will allow you to have a better quality conversation at the meeting.

3. Attend first advice appointment

The aim of your first appointment with your financial planner is to identify and understand your financial goals. Your planner will use the information you provide in in your discover record. No personal financial advice will be provided at this time. You may, however, receive general advice. The cost of this appointment is $185.

4. Agree on quote and scope of advice

Once your planner understands your goals and requirements, you will receive a written, fixed price quote for personal financial advice. This quote will cover the cost to prepare your statement of advice and will detail any costs and associated fees.

What does financial planning cost?

Your initial advice appointment will cost $185. As a guide, the cost of a personal financial plan can be up to $6,600, depending on the complexity of your situation. The average cost of comprehensive advice is around $3,300. The cost is based on the time it will take to create your plan, including the preparation of a statement of advice.

What should I bring?

Please refer to the checklist that will be included in the welcome pack posted to you when your appointment is booked.

How will my financial advice get put into practice?

In financial planning, putting the advice into action is referred to as implementation. When your planner presents your completed plan they will also discuss implementation options and costs. Some people prefer to do the implementation themselves while others prefer to pay for this service. The choice is yours.