Do you need to review your Financial Plan?

  • Are you on track to retire well?
  • Do you have enough insurance in place to protect your loved ones, but not too much which could be costing you unnecessarily?
  • Is your superannuation invested appropriately for your needs and stage of life?
  • Are you confident your SMSF investment strategy is well diversified and appropriate for your needs?

If your answer to the above questions is “I don’t know” then maybe it is time to seek a review.

Generally speaking, everyone can benefit from a Financial Plan, or you could call it a roadmap to making the most of your money, for now and for your future.

So, if you have never had a Financial Plan, maybe the time is now.

If you do have a Financial Plan and any of the following apply:

  • It has been more than three years since you last had a review
  • There has been a significant change in your circumstances, eg new baby, new mortgage, debt repaid, kids moved out, divorce, big career changes
  • You are not confident that your plan is right for you

Then just like the regular service on your car, it’s probably time for a review, to make sure you are still on track to achieve your goals.
What should you expect when seeing a Financial Planner?

  • You should first receive an FSG (or Financial Services Guide) – this is important as it tells you about how the financial planner is employed, how they are paid and any ties they may have to any of the institutions.
  • You should have an initial “getting to know you” meeting. This meeting is generally complementary, and you should expect to discuss:
    • Your personal and family situation
    • Your current financial position (assets, liabilities, income and expenses). The expenses is usually the tricky part so have a look at  https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner if you need help making sense of your budget (or if you need to start by writing yourself a budget – you aren’t alone there!).
    • Your past investment experience and how you feel about investment risk.
    • ‘’What would happen if?’’ A discussion around the financial consequences for yourself and your family if something went wrong.
  • Depending on the scenario your Financial Planner (perhaps after completing some research) should be able to say to you:
    • You are doing well – keep going; or
    • Make some recommendations around ways you may be able to improve your circumstances.
  • Either way you should have a full and clear understanding of the work and costs involved PRIOR to any work being completed.
  • Where a financial plan is to be created for you (either new or the review of an existing plan) you should receive a “Statement of Advice” which will detail the recommendations in writing including any benefits and implications for you to consider. You should have plenty of time to review the plan and ask as many questions as you want to ensure you are comfortable with the advice prior to proceeding.

Kennedy Barnden offers a Financial Planning Service in-house. Our Financial Planner, Sandy Gosper, has 20 years of experience and we find she is a great resource for our clients. Sandy operates purely on a fee for service basis (including no commissions on insurance) so you can be assured she is working in your best interest. If you would like an initial “getting to know you” meeting with Sandy please call the office to arrange a time.