What is Financial Planning?

Financial planning is about understanding your financial goals and putting a plan in place which will help you achieve them. Financial planners are trained experts who can help you build, manage and protect your wealth. 

Topics your financial planner can advise you on include:

Tax effective strategies

Transition to retirement

Retirement income stream options

Retirement planning 


Life and income protection

Debt elimination


Where do I start?

Often the best first step is to think about what you want to achieve and enjoy in future. Start by writing down your objectives. Turning your ideas into words can help to clarify and expand your thinking. You can then draft a personal financial action plan to talk to your financial planner about, covering topics such as:

Budgeting - see where you really spend your money. It surprises many people. Keep track of your spending for a period of time. You can then work out exactly how much you really need to live on.

Insurance - adequate cover is vital. Regularly review your home and contents insurance, life insurance and any income protection insurance that you may have. Low cost insurance is often available through super.

Regular savings - one of the most powerful ways to create wealth is to save regularly. Your discipline can be rewarded over the long term. Consider saving a regular amount each pay period. Your budget will help to determine how much you can save. A general rule of thumb is what you don't see, you don't miss.

Estate planning (Wills and Enduing Powers of Attorney) - your Will may not necessarily determine who receives your final superannuation benefit if you die. If you have no eligible dependents, a valid Will can ensure your final benefit is distributed after your death in accordance with your wishes. An Enduring Power of Attorney enables a trusted person to act on your behalf in the case of mental or physical infirmity.

How do I choose a financial planner who is right for me?

This is an important question. It is crucial that you feel comfortable with the professional who advises you. It is best to find a planner who is appropriately qualified and has the experience and knowledge to provide the advice you need.