Frequently Asked Questions

If you could achieve all your financial goals by simply putting money away in the bank, you wouldn’t need a financial plan. Unfortunately, life can be more complex – it’s hard to understand the intricacies of investment, taxation and the ever-changing regulations around superannuation, insurance and taxes, so many Australians need professional advice.

Financial planning is a specialist profession and you should make sure that you’re getting advice from a properly qualified person. A financial planner will help you reach your goals and they can help you in a number of areas including retirement, superannuation, personal insurance, cash flow, estate planning and investments.

A financial planner and a financial adviser can often be used interchangeably.

Often a financial adviser will give advice in one specific area (such as investments or insurance) and a financial planner will take a more holistic approach to your finances.

However, it is possible to get financial advice from a financial adviser in a number of different advice areas too.

At Poole Advisory, we offer holistic financial plans that take all your financial aspects and goals into consideration. We also offer one-off financial advice for specific, complex financial situations.

A great financial adviser will work with you to understand your needs, set your financial goals, and create a plan to help you achieve them. Before you decide on the right financial adviser for you, it’s important to decide what outcomes you want from the advice, whether you need any specialty advice, and also the fees associated.

What’s equally important is finding a financial adviser you can trust and that you can develop a strong relationship with.

Your first meeting at Poole Advisory is at our expense and is obligation free.

This is an introductory meeting where we can take the time to get to know each other and we will identify if we can help you with your goals and add value to your situation. At Poole Advisory, we only work with clients that we can add significant value to.

From the first meeting, we provide you with a comprehensive assessment of your current financial arrangements and work out a plan on how to achieve your goals.

The ongoing cost of advice can differ depending on the services you want and require. By law, all financial planners must disclose all forms of payment and fees. The cost to you will depend on the complexity of your financial situation and plan.

There are various ways to structure fees. Typically, you will pay an initial fee to cover identifying your needs, developing a strategy and implementing the recommendations.

As soon as we know the applicable fee for your circumstances, it will be clearly communicated to you so you can decide if you are going to proceed.

Your first introductory meeting at Poole Advisory is at our expense and is obligation free.

This is where we will take the time to get to know each other, discuss your financial goals, your current situation, and details about the financial arrangements you already have in place. We will also identify whether through our financial planning guidance and support, we can add value to your situation.

No advice will be provided in the first introductory meeting. Advice needs to be industry compliant and provided in a legal document called a Statement of Advice upon engagement.

Your one-off or ongoing financial advice costs will depend on your situation. As soon as we know the applicable fee for your circumstances, it will be clearly communicated to you so you can decide if you are going to proceed.

A common service that financial planners offer is superannuation advice, super management or superannuation investment strategies.

While not everybody will choose to seek financial advice for superannuation fund management, it can be very beneficial – especially for long-term retirement planning.

It can be beneficial to seek financial advice for your super in the following circumstances:

• When you have complex situations that require careful management
• When you are planning for retirement and looking to maximise your super
• If you are looking to make superannuation contributions. It can be wise to seek advice to ensure you don’t exceed any contribution caps
• If you have a self-managed super fund and need personalised investment advice.

While financial advice can seem costly upfront, it can save you significant financial costs in the future.

A Vanguard study found that financial advisers could add a potential 3% increase in returns for their clients through finding lower cost investment tools, managing asset allocation and by helping clients stick to their overall financial plan.

While a financial planner can provide strategies, solutions and implementation of these financial strategies, they also help to educate their clients on the importance of following great financial strategies. This helps individuals to feel confident about their future and make smart, informed decisions surrounding simple and complex financial situations.

Besides the financial benefits, studies on financial advice have also shown that it can improve your mental and physical health too; clients that received financial advice have peace of mind about their future and are less stressed compared to unadvised individuals.

Another way that a financial planner can benefit you is to keep you on track with living the lifestyle you wish to live. While creating your financial plan is the first step, it’s also essential to ensure you can be accountable to follow your plan and stay the course of the financial strategies that will drive you to reach your goals.