Financial planning is a range of professional services that spans everything from helping you understand your superannuation savings and investment goals to showing you how you can build and protect your wealth. It can also help you set up the right financial structures and show you how to develop good financial habits to position you for the future.
Almost all super funds offer financial planning, which they deliver either in person using people known as financial advisers, or in print, online or over the phone.
For people who need superannuation advice, they can help you by providing independent counsel on how much you should contribute to superannuation, how you should structure your contributions so you get the most taxation advantages, what investment choices you should make, whether you should use a low-cost fund or a platform, or when it is appropriate to set up an SMSF.
In this guide we have described how you can navigate all the factors to consider when choosing super funds, and questions you need to ask. We have also explained how you can access super funds, how you should compare them, and how to monitor your investment performance, insurance and fees.
While this information has been tailored for people who are comfortable doing their own research and making their own decisions and investment choices, not everyone is ready to do this by themselves.
This is why many fund members, including those who are highly experienced, will have a relationship with a financial adviser, even if it is just to get a second opinion.
When choosing a financial adviser, make sure you find one who has all the necessary skills and qualifications, and who is part of a reputable advisory organisation committed to serving their clients' long-term needs.
When considering which financial adviser to consult with, you should check they are a member of a relevant professional association bound by a code of ethics and rules of professional conduct. Are they registered with the ASIC Financial Advice Register? Do they have an Australian Financial Services Licence (AFSL)? Are they an authorised representative of an AFS Licensee? If they are not, walk away.
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