A Financial planner is your financial ‘coach’. They will assist you in all matters financial, whether they are general or specific.

There are many benefits to having professional financial advice. A financial planner from Doran Financial Services:

• provides direction, clarity and meaning to your financial decisions
• helps you to understand how each decision you make affects other areas of your finances. For example, buying a particular investment product might help pay off your mortgage faster or it might delay your retirement significantly
• can help you make the most of your money, responding to different stages in your life and changing conditions to make sure you meet your goals

Plus, to get the most out of your money there is a lot to consider and understand. A financial planner has the skills, training and experience to guide you in the right direction.

If you have any financial investments, or are thinking about making an investment, you should see a financial planner. Most investment can start from as little as $150 or $1,000 per month.

Most people are willing to give an opinion, however to provide ‘financial service’ advice, a person needs to obtain an Australian Financial Services Licence (AFSL) or become an authorised representative of an AFSL holder. Thus an accountant or solicitor must have a Licence or be authorised before providing advice.

‘Financial Services’ are defined very broadly and include providing financial product advice and dealing, or arranging to deal, in financial products. So unless they are covered by an AFSL, an accountant or solicitor cannot offer investment advice or recommend specific financial products.

Doran Financial Services recommends you ask these questions:

All financial planners must have an FSG. It’s a simple document that gives you details on a planner. You should check whether the planner holds an Australian Financial Services Licence (AFSL) or is an authorised representative of an AFSL holder. If they don’t meet this criteria, then look for another planner who does.

Ask the financial planner about the types of clients and financial situations they typically work with. This will help you determine whether the financial planner specialises in areas that relate to your situation.

The financial planner should be able to give you an estimate of possible costs. This could include the cost of the financial planner’s services and the percentage they would receive as commission on products you may purchase.

Any investment involves ‘risk’, so the chance that you will not achieve your financial goals. Generally, the higher the expected return, the higher the risk.

Your financial planner should provide you with a written financial plan or ‘statement of advice’ (SoA) whenever giving personal finance advice. This written plan should set out the basis for the advice and the reasons for the particular recommendations.
Will my financial plan change as my circumstances and needs change?

Your financial goals, business and personal circumstances will change over time so your financial plan should be reviewed and changed accordingly too. Look for financial planning firms that offer regular reviews as a standard part of their service offering.

• Ask friends and family for a recommendation to a financial planner
• Do some research to work out what you might need help with
• Review your personal finances and familarise yourself with common investment terms
• Ask the financial planner for an initial meeting to see if they are the right ‘fit’ for you.