Financial planning is the process of setting financial goals and creating a strategy to achieve them. It includes budgeting, investing, superannuation, retirement planning, insurance, estate planning, and tax management.

A financial planner helps you make informed decisions, avoid costly mistakes, and stay on track toward your financial goals. They offer tailored advice based on your personal circumstances and help you navigate complex financial systems like superannuation and taxation.

Yes. Financial planners must be registered with ASIC and either hold an Australian Financial Services (AFS) licence or be an authorised representative of a licensee. You can verify their credentials on the Financial Adviser Register.

You’ll discuss your financial goals, current situation, and what services you need. It’s also a chance to ask about their qualifications, fees, and approach to financial advice.

Fee structures vary. Some charge flat fees, others work on commissions, and some use a blended model. Advisors must disclose all fees and commissions in a Financial Services Guide (FSG), which you can request before engaging their services

• General advice doesn’t consider your personal circumstances.
• Personal advice is tailored to your financial situation and goals, and must be in your best interest.

Reviews typically occur annually or semi-annually, but frequency can vary. Regular reviews ensure your plan stays aligned with changes in your life or the economy.

Yes. Planners can help optimise your super contributions, investment choices, and retirement strategy. They can also advise on whether a Self-Managed Super Fund (SMSF) is suitable for your situation.

Look for:

• ASIC registration
• Membership in professional bodies (e.g., FAAA, Aged Care)
• Transparent fee structure
• Experience with clients like you
• A clear investment philosophy and risk management approach

A Statement of Advice (SOA) is a legal document that outlines the personal financial advice your planner gives you. It includes:

• The basis of the advice
• Recommended strategies and products
• Fees and commissions
• Any conflicts of interest

You’ll receive an SOA before acting on any personal advice.

Your financial planner can help assess your retirement readiness by reviewing:

• Your current savings and superannuation
• Expected retirement expenses
• Investment performance
• Government entitlements (e.g., Age Pension)

They can model different scenarios to help you understand your options and make adjustments if needed.

Yes. Many financial planners, especially those accredited in aged care (like Arlan), can assist with:

• Centrelink entitlements
• Aged care fees and funding options
• Structuring assets to maximise benefits
• Navigating means testing and accommodation payments

• Financial planners focus on long-term strategies like investing, retirement, insurance, and estate planning.
• Accountants specialise in tax returns, business accounting, and compliance.

Some professionals offer both services, but they require separate qualifications.

Some financial advice fees may be tax-deductible if they relate directly to earning assessable income (e.g., investment advice). However, initial planning fees or advice about superannuation contributions may not be deductible. Always check with your accountant or planner.

Yes. Many financial planners offer virtual consultations via phone, video call, or secure online platforms. Remote advice can be just as benficial as well as cost effective.