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Being prepared before seeing a Financial Planner

Before seeing a financial planner, it is important that you are prepared to provide all of the information that they require, answer their questions honestly and ask as many questions as you want.

Step 1:  What to take to the financial planner
When you visit a financial planner, they will need to gather a number of facts about your financial situation in order to provide an accurate and tailored recommendation for you.

Things you should take with you to see your financial planner are:
 

  • List of your assets and liabilities
  • The latest bank, investment and superannuation statements received
  • Details of any share holdings
  • Details of any property holdings
  • Pay slip.

If you would like the financial planner to consider the AustralianSuper Pension as an option for your retirement savings, then you should also ensure that they take along a copy of our Pension Member Guide (Product Disclosure Statement).

Step 2. What to ask the financial planner
Your financial planner will be asking you many questions during your initial visit and you should also be prepared to ask questions to ensure that you get the most out of your visit.

Important questions that you should ask are:
 

  • Do you have any conflicts of interest or alliances?
  • Are your product recommendations restricted in any way?
  • Do you have any special relationships with any company/financial institution?
  • Can I have a copy of your Financial Services Guide (FSG)? All licensed financial advisers must produce one.
  • How exactly are you paid (e.g. salary only, salary plus bonus on sales, commission only).
  • Is there an initial advice fee and any ongoing fee payable on an annual basis?

Step 3. What to get from your financial planner
        1.  A document marked as Statement of Advice (SoA).

At a minimum, this document should include;
        (a) an accurate summary of your current financial and personal situation,
        (b) financial strategies and recommendations on suitable products and
        (c) costs for each product recommended, now and in the future, as well as the cost of the advice received, now and in the future.

If your financial adviser has recommended that you switch products, the SoA must include a comparison of both products, as well as any charges or loss of benefits that are a result of the switch, for example, if you switch super funds, you may lose your insured benefits.

        2.  A Product Disclosure Statement (PDS) for every product that they recommend.

Step 4. Assessing your financial planner’s advice
To ensure that you understand the recommendations made by your financial planner you should:
 

  • Check to make sure that the summary of your financial and personal situation is correct (check for any mistakes or anything important left out)
  • Read all of the PDS’s provided and ensure you understand the benefits and services being offered by each, as well as the fee structure
  • Compare the recommendations. AustralianSuper offers members a free report from an independent rating agency that compares AustralianSuper against other super and pension products. Compare AustralianSuper Pension 
  • Consider getting a second opinion from your accountant, solicitor or another financial adviser
  • Learn the vocabulary that they use to ensure you are not misunderstanding
  • If they didn’t recommend AustralianSuper, ask the financial adviser why they did not
  • Always ask questions about anything you don’t understand, it’s your money and you must feel comfortable before you commit and sign. A good financial adviser wants you to ask questions.


You may also like to visit www.fido.gov.au (a Government website which provides excellent tips and pointers on selecting a financial planner and how to ensure the advice suits your requirements) before your attend your first appointment.

CHECK LIST


Things to take
 

  1. List of your assets and liabilities
  2. The latest bank, investment and superannuation statements received
  3. Details of any share holdings
  4. Details of any property holdings
  5. Pay slip
  6. A copy of the Your AustralianSuper Pension brochure
  7. A copy of the AustralianSuper Pension Member Guide.


Things to ask
 

  1. Do you have any conflicts of interest or alliances?
  2. Can I have a copy of your Financial Services Guide?
  3. How exactly are you paid and is there any ongoing or trailing commission on an annual basis?


Things to obtain

  1. A statement of advice
  2. A Product Disclosure Statement for every product that they recommend.


Things to do

  1. Read all of the product disclosure statements provided and ensure you understand the benefits and  services being offered by each, as well as the fee structure
  2. Compare the recommendations. AustralianSuper offers members a free report from an independent rating agency (see www.australiansuper.com/comparingpension
  3. Consider getting a second opinion
  4. Learn the vocabulary that they use to ensure you are not misunderstanding an important point.