Frequently Asked Questions

The following are a list of questions that are often asked to us by our clients. If you have any other questions or comments please feel free to contact us at any time.

At Wealth On Track, the first appointment is free. We use this time to find out about you and how we might be able to assist you. At the end of the appointment we will discuss any fees, if required, tailored for you.

Fees differ according to your own situation and the complexity of the advice required. In some cases fees may be payable via superannuation or you may prefer to pay directly.

Finding a financial planner that you can trust is hard. It is a lot like trying to find a good hairdresser, a hard enough process for a lot of us! Here is a handy check list:

  • Certified Financial Planner®
  • Part of a Professional Practice with the Financial Planning Association
  • Have completed relevant studies to Masters level
  • Offer fee for service advice
  • Plenty of easy to find client testimonials
  • Their business is not aligned with any bank or product manufacturer

When you meet them:

  • Is the first appointment complimentary?
  • Do they take to understand your situation?
  • Are things clear and easy to understand or are they over-complicating?
  • Do you feel you can trust them?
Many people are not sure what financial planning is, or what a planner can do for them. This is partly a result of the lack of good definitions and that it is a multi disciplinary and over-arching inter-connecting activity. It is part science and knowledge and part art and empathy.

There are two ways of describing it – one is listing the areas we cover, and the other listing the process.

AREAS
Budgeting, Investing, life insurance, income protection, superannuation, retirement planning, debt management, Centrelink, estate planning. All or part thereof may be covered.

PROCESS
Here are the six steps from The Financial Planning Association:

These six steps help you to understand what you can expect when seeing a financial planner.

It’s important to make sure you are comfortable that your financial planner has taken the time to understand your needs, goals and preferences before they make any recommendations.

1. DEFINING THE SCOPE OF ENGAGEMENT
Your planner should explain the process they will follow, find out your needs and make sure they can meet them. You can ask them about their background, how they work and how they charge.

2. IDENTIFYING YOUR GOALS
You work with the planner to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.

3. ASSESSING YOUR FINANCIAL SITUATION
Your planner will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies.

4. PREPARING YOUR FINANCIAL PLAN
Your planner recommends suitable strategies, products and services, and answers any questions you have.

5. IMPLEMENTING THE RECOMMENDATIONS
Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, the planner may work with specialist professionals, such as an accountant or solicitor.

6. REVIEWING THE PLAN
Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.

Most people do not need a SMSF. There have been many improvements in the available investment platforms that we can use for you. These can deliver lower cost and more efficient outcomes in most cases.

They may be suitable for holding business real property but it is important to seek advice about that being right for you.

Many of the purported advantages of SMSF’s are also available through conventional super platforms. Talk to us about it.

Definitely not. Many of our clients are ordinary people, just like you. Most Australian’s have superannuation, a mortgage at some time and could do with a Will.

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