1. What is Financial Advice/Planning?
Clients hire Financial Planners to act as their fiduciary for managing their financial affairs. The process involves Adviser's meeting with clients to understand their goals and objectives and then tailoring a financial plan and strategy to achieve these goals and objectives.
2. What are the Benefits of Financial Advice?
Many of our services can provide tangible benefits such as tax savings, super & investment fee savings, insurance premium savings and investment performance.
However, just as important are the intangible benefits of advice:
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Helping you define clear and considered goals
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Building a tailored plan for achieving your goals
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Having a professional keep you on track for meeting your goals
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Providing clarity and keeping you on track for the future with our detailed modelling and projections
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Removing the time and stress from managing your personal finances
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Helping you avoid financial mistakes
3. What is the Process?
The client onboarding process usually consists of 2 to 3 meetings and and an implementation phase. Once someone becomes a client, we generally catch up for journey sessions every 6 or 12 months. At these journey sessions, we review the previous strategy and make any amendments going forward.
4. What are Fees?
The fees payable differ based on the time and complexity of each client. When have created a useful blog post regarding how much a Financial Planner costs in Australia.
5. What are the Key Deliverables?
Each new client receives a Financial Plan, called a 'Statement of Advice'. These documents are often 50 to 100 pages long and contain recommendations, reasons for recommendations, modelling and projections and cost/benefit analyses. You can download your own Sample Financial Plan.
6. What typically goes into a Statement of Advice?
Most Financial Plans include advice regarding Cashflow, Superannuation, Life Insurances, Tax Planning and Goals Planning and Modelling. Each Financial Plan is uniquely tailored to the clients and their own circumstances.
7. Is Source Wealth aligned to any product providers or institutions?
No. Source Wealth is licensed through Lifespan Financial Planning and has no affiliations with any specific product providers.
8. Do you charge for the First Appointment?
No. We offer clients a 90 minute obligation free initial appointment to discuss if and how we can help.
9. Do you need to be Wealthy to have a Financial Planner?
Not really. We have created a blog to explain.
10. When do people usually engage a Financial Planner?
We have listed some of the common milestones that trigger people to reach out to a Financial Planner.
11. Can fees be paid from superannuation and/or be tax deductible?
Many super funds allow for external adviser fees to be paid on advice that relates to superannuation and retirement planning. Additionally, many advice fees can be tax deductible.
12. Can we stop the service at any time?
Whilst most of our clients stay onboard as long term clients, you of course have the option to discontinue from advice at any time. There are no lock in contracts and the final fee payable will be as of the month you discontinue.