Best Financial Planning Services

Financial advisors can help both seasoned investors expand their wealth portfolios, and investment newbies who've received an unexpected inheritance and don't want to be that guy or girl burying gold bars in their backyard.

What exactly does a financial planner do?

A financial planner is a type of financial adviser that devises strategies to help you achieve your personal financial goals. Financial planning often involves growing a wealth management portfolio so you can be more financially free, for example, through an early retirement.

While financial planners frequently provide comprehensive, ongoing financial advice, they can also assist with one-off issues, like suggesting what to do when you inherit shares.

Here is a list of common services provided by a financial planners.

Cash flow management

This service helps businesses keep track of how much money is flowing into the business, compared to outgoings like rent and salaries.

Investment management

Good investment planning helps you get the most benefit from an investment portfolio, whether assets include property, stocks, or bonds. A plan should incorporate steps to minimise risk and maximise returns, and advice on whether to buy or sell assets if applicable.

Superannuation advice

Advice on super can teach you how to increase contributions and determine the right time to access your super. Help setting up and managing a SMSF (self-managed super fund) is also common.

Retirement planning

Along with the lump sum in your super fund at the end of your working life, retirement planning considers how you can reap the rewards from any savings, investments, government benefits, or sale of assets, to bolster your retirement fund for the future.

Estate planning

Financial management professionals can make recommendations to minimise taxes paid by beneficiaries who’ve been legally transferred assets in accordance with a will.

What should I look for in a financial planner?

Instead of just searching for ‘financial planner near me,’ this question involves some careful consideration, as these guys work with your hard-earned money and you want to make sure it’s treated with care.

Credentials

As a bare minimum, a financial planner needs to have an Australian Financial Services (AFS) license, which means they’re listed on the Financial Advisers Register (a legal requirement in Australia). If you decide to hire them, planners must issue you with a Financial Services Guide by your second meeting. This outlines the services they'll perform, scope of work, and the charges.

Ask plenty of questions

You should do this to ascertain whether the planner or company is the right match for your financial situation. As a non-exhaustive list, you can ask what the planning company specalises in, their main client base, and any commissions they receive if they sell you financial products.

Compatibility

Lastly, be clear that you and your financial planner are on the same page in terms of how your fund/portfolio will be managed.

When reading reviews, it’s clear that the best financial planners were not only skilled at creating strategies, but really listened to provide the right strategies for each individual client. They were receptive, not pushy, and worked collaboratively with clients to achieve a shared goal.

To discover more tips from reviewers on how to connect with a good financial planner, simply scroll down today.