What does a Financial Planner do?

A Financial Planner is like a personal trainer but for your money. They bring the right knowledge, expertise and guidance to help identify and achieve your specific lifestyle goals.

Our first meeting is about getting to know each other and making sure that we are comfortable partnering together. You will be asked about your personal life goals and your current financial position. You can ask us about our background and qualifications, how often we will need to meet, what risks are involved, if any, and any costs to you.

Using the information you’ve given us, we will look at some strategies that may be used to help you achieve your goals. We then get together to discuss some of the broad investment strategies and go over your options. This step allows us to confirm if we’re on the right track to creating a plan tailored specifically to you.

A personal financial plan specific to you will then be created, this may include a mix of financial strategies and a recommendation of appropriate products for you. A meeting will be arranged to formally present your Statement of Advice (SOA), which is the recommended strategy. Your SOA will detail everything we know about you, any assumptions we’ve made, it will set out our recommendations, and the plan for how we will implement your strategy. Here you’ll have the opportunity to discuss everything in detail to ensure that you understand and are comfortable with it.

Once we’re totally satisfied that you’re comfortable with our recommendations, and that you’re fully aware of what we’ll be putting in place, you’ll be in a position to give us the authority to implement the agreed strategy on your behalf.

As with any plan, we need to keep track of how things are progressing along the way to see if anything needs to change. Regular reviews are critical to the success of any financial plan as they allow us to check on any changes to your financial situation, and to track the progress of your strategy to determine if we need to revise any part of our plan.

That’s why it’s best to form a long-term relationship with your chosen Financial Planner.

All Financial Planners accredited by AMP Financial Planning are authorised to provide advice on a range of financial areas. You can ask to see their Financial Services and Credit Guide and if you have any concerns you can always check with the Australian Securities and Investments Commission (ASIC).