What does a financial planner do?
Financial planners tailor solutions to match your financial and lifestyle goals. Once a financial planner understands your objectives, they can provide strategic advice that covers:
➔ Superannuation and investment advice
➔ Risk insurance
➔ Cash Flow planning and budgeting
➔ Tax planning
➔ Retirement planning
How can financial planning help me?
Young to mid-life: If you’re establishing or building your career, launching a business or perhaps starting a family, a financial advisor can provide guidance and advice. This includes budgeting to save for your first home, navigating insurance options to protect you and your family against unforeseen circumstances, or how to start investing for your future.
Mid-life: This is your consolidation stage where you aspire to achieve a comfortable lifestyle and start thinking about your long-term future. You may be looking at investments, inheritance, tax management and paying off debt.
Pre-retirement: Your priorities at this stage of life will depend on how much preparation you’ve done up to this point. No matter what your financial circumstances are, a financial planner can advise you on how to maximise your superannuation, protect your assets, make plans for your estate and even strengthen the financial security of your children.
Retirement: From 65 years onwards, you’ll no doubt be looking forward to using your time to indulge in hobbies or travel, enjoy your family and prepare to transfer your wealth. You may be thinking of aged care planning, gifting to your family and understanding how to make your money last.
The initial advice process will typically involve 2-3 meetings, which can vary depending on the complexity of your situation and the advice required.
Referred to as the ‘Discovery Meeting’, the first meeting is primarily an opportunity for you to get to know your financial adviser and vice-versa.
Your adviser will use this meeting to understand your situation, your goals, and the areas where you feel you need assistance. From the adviser’s perspective, the most important aspect of this meeting is understanding your goals and what is important to you to tailor a solution that matches your situation.
As advisers, we pride ourselves on educating our clients in the relevant areas of financial planning. So, the first meeting will involve a general chat about a few financial concepts to help you understand our approach and what to consider in each area. We apologise in advance for our terrible handwriting on the whiteboard!
Following the first meeting, your adviser will begin researching your situation and analysing potential strategies that may be appropriate. Once this research is complete, we’ll schedule a second and third meeting, if required, to go through our findings and finalise the scope of advice. This step is important as it ensures both parties are aligned regarding the areas of advice and what the final recommendation may involve.
The final meeting in the initial process involves the presentation of the Statement of Advice. This document is essentially the formal recommendation from your adviser. It will include all strategies that your adviser has recommended based on their findings from the previous meetings and their subsequent research and analysis. This document will detail the advantages (and any risks to be aware of) of their advice and will explain why this strategy is in your best interest.
Following the advice being implemented, you are now an Inovayt Wealth client. You will enjoy the benefits of our ongoing services: annual review meetings, ongoing portfolio management, regular market updates and the ability to contact your adviser with queries or assistance at any stage.
Frequently Asked Questions
We have developed a transparent, logical and realistic fee structure for our clients. The level of fees for your initial financial plan and ongoing services depends on the complexity of the advice provided.
If you go to a fast-food restaurant and only order the burger, you shouldn’t have to pay for the fries and drink. We have the same approach to financial planning fees.
Rest assured, there are no costs involved in our initial meetings and any fees applicable will be discussed and agreed upon well in advance of them becoming payable.
Financial planning with Inovayt is for anyone, no matter their stage of life or bank balance. We are passionate about making high-quality financial advice accessible and affordable for all people, not just a particular segment of the population.
Clients commonly mistake financial planners with stockbrokers or investment advisers. Yes, we can and will provide investment advice when required; however, this is not the primary role of a financial planner.
The role of your adviser is much more strategic. We work with you to comprehensively understand your situation and goals over the short, medium and long term.
From there, we make astute recommendations to put you on the best path towards achieving these goals. The areas of advice could include budgeting, retirement planning, debt management, superannuation, insurance and, yes – investing.
The point is that there is no prerequisite to investing in the share market to engage the services of a financial planner.