What to expect when you meet with a financial planner
A good financial planner or financial advisor can be your gateway to wealth protection. He or she can suggest many useful ways of ensuring your assets won't diminish or your family will not suffer undue hardship in the event of any health issues which may result in a loss of income. However, getting the most out of the exercise depends on how well prepared you are for the first and any subsequent meetings.7 steps to consider before your initial meeting, with tips on what to expect on the dayStep 1: Check licensing credentials and FSG. Tip: Only deal with a planner who is a licensed, authorised representative. He or she must provide you with a Financial Services Guide (FSG) which states their relevant qualifications, licence number and the adviser’s fees. You can also check out the planner’s licensing records on www.asic.gov.au Step 2: If you decide to go to ahead the financial planner will need to find out more about you. He/she will ask all sorts of questions so they can get to know you and where you are at in life with your financial affairs. This process is often called the “fact finding” stage. You will need to be prepared so that you can answer these questions. Tip: To ensure you get the most out of this first meeting think about your financial goals or wishlist beforehand and take along with you as much financial information as possible. Step 3: The financial planner will identify your needs and highlight any issues of concern. Tip: This is a great time to ask questions so don’t hold back. Step 4: The financial planner will then prepare his/her strategy and recommendations for you. Tip: All recommendations must be (ASIC law) in the form of a “Statement of Advice” which is a written document. Ensure your planner provides this. Step 5: The recommendations will be discussed with you, and you then decide whether you want to proceed or not. Tip: Make sure you understand the recommendations fully and don’t be afraid to ask lots of questions. Step 6: You sign the relevant documentation to implement and proceed with the recommendations and fill out the relevant application paperwork. Tip: Take along or know your full health history, family history and doctor’s name & address details, as life insurance applications will ask all these sorts of questions. Step 7: Review process – your planner will review your financial situation on a regular basis. Tip: Agree with your planner how often your review may be required, e.g. annually or half yearly. Quick Guide to preparing for your first meeting with a financial planner:
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