Frequently Asked Questions
Can’t I just buy a ready-made plan off the internet or at some other place?
While you can come across ideas anywhere for how to improve your financial position, you need to make sure the plan does what you want it to do. We all have different:
- Goals
- Time Frames
- Ideas on what risk we can take
No off-the-shelf plan could ever take into account all the variations and meet all your needs. That is why a plan to suit you should be crafted by a planning professional to meet YOUR needs; not someone else’s.
Isn’t this just about saving money?
This is a very big part of financial planning, but where is it best saved? There are many ways in which to save and invest, but not all of them are right for everybody. A financial planner is trained to work out what is best for YOU and design your saving strategy to meet YOUR needs and goals.
Why worry about retirement if it is so far away?
Just because it is far away doesn’t mean it isn’t coming. While it seems a long way off, starting early means a lesser burden over time, and more money later in life to do the things you really WANT to – not rely on the age pension to meet basic requirements
How long does the planning take?
This is done over several meetings; each one usually one hour to ninety minutes long. This is the time that YOU will spend; a small investment compared to what it can produce for you – your planner will normally spend another 12-16 hours in addition to this working through the options available to come up with what is right for you, then another 3-6 hours putting the plan into place.
Do I have to give you all my information?
You can decide how much you want to tell the planner. Be aware though, that without knowing the full picture it is harder for the planner to provide advice that will do what you want and take into account all your preferences.
How do I pay for this?
Your planner is guided by a fee schedule. How you pay will be discussed with you as you go through the process. Some investments or insurance may pay a commission that meets the cost of the service and there is no direct cost to the client, or for those who prefer an invoice can be prepared for the services provided.
Don’t I need to be rich to have a financial plan?
No. It is more likely that you will become wealthy over time if you do have a plan that you follow. A financial planning professional will ensure that your plan covers all contingencies and is within your budget.
