Get financial advice in six easy steps

If you’ve never met with a financial planner before, you’re probably not aware of the process they follow. It’s important that clients understand the financial planning process so they get the most out of seeking personal financial advice.

- LUKE SMITH

As with all interactions you have with advice providers in your life, it’s okay to ask a financial planner about how they work with their clients.

While there might be differences in how each planner works, the following process is general enough to cover off how most Australians receive financial advice.

You can use this as a starting point for a conversation with a financial planner, should you decide to seek advice.

1 Make an appointment
The first step is to make an appointment to meet the financial planner (usually arranged over the phone). At this stage, you’re likely to be asked a little bit about why you are making the appointment, so be prepared to provide your reason.

You’re also likely to be asked to pull together some key information before the meeting, which will help your financial planner provide you with personal advice.

This information typically includes:

• Details about your employment and income
• Your budget (if you have one)
• Your latest superannuation statements
• Details about assets and investments you own, including current valuations
• Details about your debts, including personal loans, credit cards or mortgages
• Details about any personal insurance you hold
• Your most recent tax return

2 First meeting
This is where you sit down with the planner and start talking about who they are and how they can help you, as well as your financial situation. Some financial planners have a different name for this meeting – it might be called “the fact find meeting”, “the discovery meeting” or “the kick-off meeting”, for example.