Financial Planners Redan

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What can a financial planner offer?

A financial planner can help you to define and make a plan to achieve your financial goals based on your circumstances.

Are financial advisers licensed?

Yes, to be able to offer advice a financial adviser or planner must be registered on the financial advisers register which spells out what services and advice they are licensed to provide.

Should I get a financial planner or do it myself?

An anecdote I like to use is taking your car to a mechanic. Although you are able to do all the work on your car yourself, a mechanic is able to do it a lot quicker, has all the correct tools and knowledge to do it right the first time. Financial planners may have access to some products cheaper than the general public but where the value really lies is in their systems and processes that is allowing them to compare products with almost everything on the market and implement the ones that are specific to your situation. As well as all the education and experience to back up their recommendations. Like a mechanic, there is nothing we do that you can't do yourself but it's unlikely you will be able to produce the same quality outcome or have the time to do it.

Answer supplied by BW Private Wealth

How do financial planners get paid?

There is a couple of different ways a financial planner can get paid, but these all have to be outlined in your Statement of Advice, which you must agree upon before anything is implemented. If your planner doesn't disclose this be sure to ask them to. The most common forms of remuneration for a financial planner are adviser fees (either paid directly from you or the investment under their management) and insurance commissions. Insurance commissions are now universal and are also being reviewed by the governing bodies.

Answer supplied by BW Private Wealth

Are financial planning fees tax deductible?

Yes and No. If the fees are paid from your pocket they are not tax deductible, but if the fees are funded from superannuation they are tax deductable. What that means is you will never be able to claim the fees on your individual tax return, but if your fees are funded from superannuation the superannuation fund is able to claim a tax rebate on these fees.

Answer supplied by BW Private Wealth

When should you see a financial planner?

This a great question because the answer can surprise people. A common misconception is that you only need to see a planner when you are looking to retire, for help setting up account based pensions, apply for the commonwealth pension, etc. But the reality is planners can be assistance to almost everyone and in most cases the sooner the better. If you see a planner at 18 who sets you up in the right superannuation fund, gets you leveled insurance, works out budgeting and savings plans you will set yourself well in front of the pack and save thousands throughout your working life. If that same 18 year old stays engaged with their planner they can adjust this plan through all stages of their life to ensure they stay on track to achieve financial freedom as soon as possible.

Answer supplied by BW Private Wealth

What is your financial planning process?

First step is to meet one of our planners for what is called a fact find appointment. This is when you and the planner will go into depth about you, your situation, goals and objectives to not only ensure the planner can help you but also ensure you feel comfortable with that planner. From there we will go away and get all the information we need from the 3rd parties, insurance, super, etc. We will then produce a Statement of Advice to present to you to show you exactly what our advice is. At that point if you are happy to proceed, we will work with you to implement the advice.

Answer supplied by BW Private Wealth

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