Frequently Asked Questions

 

What’s the difference between an accountant and financial adviser?

If you are looking for advice on budgeting, investing, insurance, superannuation, tax reductionany sort of planning for your moneyfinancial advice will be beneficial for you. An accountant’s main role is to monitor your financial cashflow and complete your tax returns. A financial adviser is not able to complete tax related services. An accountant is not able to provide financial advice strategies. 

 

Why do I need financial advice?

It is important to receive quality advice to ensure; your super is growing and ready for future retirement, your current financial products suit your needs and are competitive, you have appropriate insurance protection in place, you have a diversified amount of investments and overall achieving all your financial goals.

 

Who should receive financial advice?

Financial advice is essential for medical professionals, working families, business owners, couples who have not received financial advice previously, professionals with limited time to focus on their finance, couples newly married or divorced, and individuals who would like to achieve their financial goals. 

 

What is an SoA?

An SoA is a Statement of Advice Document that is created & provided by your financial adviser. Your SoA will contain your current situation, your goals & objectives, the advised strategies, financial recommendations, details of benefits and other information.

Your financial adviser must provide you with an SoA before implementing any advice strategies.

 

What is the first step in the process?

The first step is having an initial meeting with a financial adviser to get to know what financial goals & values you have in order to best match your service experience. During the initial meeting, the adviser will ask about your current situation, your financial concerns and your financial goals. The adviser will outline the advice process and important factors to consider when exploring your financial advice options. After your meeting, you will a summary of your discussion and your service proposal. The service proposal contains your selected services, goals & objectives, the advice process, service fee structure and next steps.