What to expect when working with a financial adviser

Getting professional financial advice can help you make more informed decisions about your financial future. Whether you want to contribute more to your super, make other investments (outside of super), or you need assistance deciding what to do with your money in retirement, expert advice can help.

It’s important to find an adviser you’re comfortable with and who has your best interests in mind. So, if you’re thinking about working with a financial adviser, but are not sure what to expect – read on.

 

4 steps to starting out with a financial adviser 


Step 1. Introduction: Getting to know you

Your first meeting with a financial adviser is generally a chance for both parties to get to know one another. It also provides you with the opportunity to discuss your personal circumstances.

While you won’t receive any financial advice, you should get answers to some basic questions. That includes how they’ll manage your money or choose products they recommend (including any incentives they’ll receive). You may also receive a quote for the costs of putting together a detailed financial plan.  

This discussion should also give you a good feel for their approach to the work. Pay attention to how well the financial adviser is listening to you and understanding what you need. Be careful they’re not pushing you into signing up for anything before you’re ready.  

Initial meetings should be more of an introductory session that covers how you’ll work together, so be wary if someone offers advice during your first meeting. An adviser should spend time learning about your exact circumstances and considering what’s right for you.

 


Step 2. Setting up a financial plan

When you agree to proceed with an adviser, they will use the information from your first meeting to prepare a personal financial plan or Statement of Advice (SOA).

There’ll generally be a one-off fee for this, which varies depending on the nature and complexity of the advice. You’ll agree on this in writing before you’re charged.

When using a financial adviser registered with AustralianSuper, you may be able to pay for any advice you receive that relates to your super account from your balance. Examples of this type of advice include converting your super into an account based pension, setting up a TTR Income account or planning a contribution strategy to boost your super before you retire. For an additional fee, external advisers can also offer advice on investments outside of your super, including property and shares.

 


Step 3. Presenting you with the plan

Your adviser will outline the recommendations they’ve laid out in your SOA. They’ll run through each recommendation and explain how the advice meets your goals and retirement plans. The SOA should outline a clear plan that gives you peace of mind and future financial security. If you have any questions or concerns about your plan, make sure you address these with your adviser.  

 


Step 4. Putting the plan into action

Good advice is only effective if it’s put into action. Once you’ve agreed to the recommendations and your questions have been answered, your adviser will work with you to put the plan into action. But that’s not the end of it! Depending on your agreement with your adviser, it’s a good idea to review your plan regularly to make sure you’re still on track, and let your adviser know if your circumstances change.

EXPLORE: 5 THINGS TO CONSIDER WHEN CHOOSING A FINANCIAL ADVISER

 

Finding the right financial adviser for you

There are a range of qualified, professional financial advisers registered with AustralianSuper.

You can take comfort in the fact that financial advisers who work with AustralianSuper put your best interests first and aren’t paid incentives, bonuses or commissions.

It’s easy to find the right adviser for your needs with our Find an Adviser tool. Just let us know what you want help with – from budget planning to wealth creation to retirement planning – and we’ll provide you with a list of advisers in your area that you can get in touch with1. Alternatively you can complete our Adviser enquiry form and we’ll give you a call to discuss your needs and help you get started.               

 

FIND A FINANCIAL ADVISER NOW

 

 

Sources:
1. The financial advice you receive will be provided under the Australian Financial Services licence held by a third party and not by AustralianSuper Pty Ltd and therefore is not the responsibility of AustralianSuper Pty Ltd. AustralianSuper has also engaged Industry Fund Services (IFS) ABN 54 007 016 195 ASFL 232514 to facilitate the provision of financial advice to members of AustralianSuper. This advice may be provided by financial advisers who are Authorised Representatives of IFS. These advisers are not authorised to provide financial product advice (or any other financial service) on behalf of the Trustee of AustralianSuper. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account.

This information may be general financial advice which doesn’t take into account your personal objectives, situation or needs.  Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. 


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