What happens when you meet a financial adviser?

4 min read

Making a plan with your finances means you can start to get ahead financially. While it may seem daunting, with the help of a financial adviser, you can actually save time because someone else can help with the hard work of setting you up for the future. Preparing a financial plan means you're taking a more structured long-term view of your life and how you want to live it.

But what actually happens when you meet with a financial adviser?

Many financial advisers will work through a series of steps with you - we've just broken them down to 4.

Step 1. Initial meeting - understanding your current situation and goals

This meeting is all about listening to you. It's about helping you and your financial adviser understand where you are and how they can help you.

Before you meet with a financial adviser, think about:

  • What's important to you and your loved ones?
  • What's happening in your life now, and what are your most urgent needs?
  • What would you like to achieve in the future?
  • Who else should be considered in creating your plan? Your husband/wife, children or business partners?
  • What's your investment experience and attitude to risk?

Step 2. Recommended strategies and advice

Using the information gathered from your first meeting (Step 1), your financial adviser will create a set of strategies to help you to meet your financial and lifestyle objectives. There's no one size fits all solution. The strategies your adviser suggests will depend on what you've told them you want to achieve.

The plan may cover areas such as: 

  • Wealth creation
  • Superannuation and retirement planning
  • Wealth protection
  • Estate planning

Step 3. Implementing your financial plan

This is where you and your financial adviser agree on the strategies that will be put into practice. It may consist of things like setting up new investments, or transferring existing ones. You might also consider consolidating superannuation accounts, establishing regular contributions into your super or ways to protect your wealth.

Step 4. Regular reviews - ongoing service and advice

Many things can influence how you want to control your finances, and these things can change. Regular review meetings with your financial adviser are important to ensure your plan is always working as well as it can for you. This helps keep your financial objectives, whether they change or not, in focus and on track.

If you're interested in finding your own financial adviser, BT is a good place to start. Book your complimentary initial meeting with an adviser here

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This information is current as at 10/08/2015.

The information shown on this site is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. There is no charge for accepting any rollovers, however before requesting the rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits. Superannuation is a long-term investment. The government has placed restrictions on when you can access your preserved benefits.

The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. In addition, the government has set a non-concessional contributions cap.  For more detail, speak with a financial adviser or visit the ATO website.

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