Both Cloud Financial Planning Pty Ltd ABN 32 206 837 858 & Shaun Liddicoat are Authorised Representatives of Liddicoat Financial Planning Pty Ltd AFSL 519744

Financial Planner FAQ's

Ever wondered what is a financial planner? Or how can they help you?

Here are your Frequently Asked Questions about Financial Planners.

Financial planner
Image courtesy of Unsplash- Candice Picard

The advice provided on this document is General Advice Only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. If any products are detailed on this document, you should obtain a Product Disclosure Statement relating to the products and consider its contents before making any decisions.

What is a financial planner?

A financial planner is to the finance world, what a general practitioner doctor is to the medical world.

A financial planner helps you stay healthy financially and works with you to help you achieve your financial goals and aspirations.

What does a financial planner do?

A financial planner can help you with all areas of your financial affairs including:

  • Cash flow management
  • Debt management
  • Investment advice
  • Contributing to superannuation
  • Retirement income planning
  • Insurance advice
  • Estate planning.

What should I expect from a financial planner?

A financial planner will ask you many questions about your current financial position and goals for the future.

They will then work with you to put in place a financial plan with the aim of taking you from where you are now to where you want to be in the future from a financial perspective.

Should I get a financial planner?

A financial planner is a good investment for anyone who does not have the time or skills required to manage their own financial affairs. Similar to a car mechanic for those who can not service their own car, a financial planner can ensure your finances run efficiently and are in order.

How much does a financial planner cost in Australia?

A financial planners fees may consist of upfront fees for a financial plan and ongoing service fees.

Financial Planning fees are dependant on the services you seek from an adviser and the extent of the scope of advice.

Fees may consist of an upfront Statement of Advice (financial plan), an implementation fee, an ongoing adviser service fee and ongoing investment fees.

Depending on the complexity, a Statement of Advice and implementation fee would usually vary from $550 to up to $11,000.

In the same regard, ongoing advice fees may also vary from $550 to up to $11,000 per annum. Some financial advisors may offer an initial free consultation. This will give you a clearer understanding of the services you will receive.

At Cloud Financial Planning we offer all prospective clients a free initial appointment so that you can understand the benefits of seeking advice and the associated fees.

Is there a difference between financial planner and financial advisor?

A financial planner and financial advisor would be classified as the same service.

Who are the best financial planners?

To review the best financial planners you may wish to consider reviews left on Google and adviserratings.com.au.

You should ensure your adviser is listed on the ASIC Adviser Register, has suitable qualifications and the relevant experience.

The services of each adviser can vary quite significantly and so can fees. It would be best to meet with a number of advisers and then proceed with the adviser who your feel is the best fit for your situation.

What should I ask a financial planner?

It is important to understand if your financial planner has any produce alliances as this may influence their product recommendations to you.

Furthermore, it is important to understand your adviser's qualifications, previous experience and future work ambitions. Look for a registered advisor (view Shaun Liddicoat on Moneysmart Register).

When should you meet with a financial planner?

You should meet with a financial planner at any stage in your life. The sooner you put in place a financial plan for your future, the better off you will be.

What to know before seeing a financial planner?

You should have an understanding of your current financial position including loan details, superannuation statements and insurance policies.

It is also important to have an understanding of what you hope to achieve in the future from a financial perspective.

Imagine yourself in the future. How would achieving your goals make you feel?

How do I pick a financial planner for retirement?

There are three attributes you should look for in a financial planner.

The first is integrity. You want someone who is going to work in your best interests and who wants you to succeed.

You should then look for someone who is intelligent and who can do the job you ask of them.

The third quality in energy. You want someone who is going to be proactive and who is responsive. However, if your adviser does not have integrity, then you should prefer the other qualities to be dumb and lazy.

How much money should you have before hiring a financial advisor?

How much money you have is not important when seeing an adviser.

There are many aspects to a financial plan and the investment of your current wealth is just one of those components.

An adviser can work with you to help you growth your wealth at a faster rate than what you would be able to do yourself. Your goals should be the main motivating factor. 

How do I make a financial plan?

A properly constructed financial plan should address your goals for the future, the financial strategy, investment advice and wealth protection.

Are financial planner fees tax deductible?

Some financial planning fees may be tax deductible. These are usually ongoing adviser fees which relate to services for tax planning. This is an area you should discuss further with your accountant. 

How to choose a financial planner?

It is important to understand if your financial planner has any produce alliances as this may influence their product recommendations to you. Furthermore, it is important to understand your advisers qualifications, previous experience and future work ambitions.

How to find a financial planner you can trust?

Trust is earnt over time. The best way to trust an adviser is by ensuring they have your best interest at heart. Transparency is also a key quality for an adviser to have. You want someone who is fully transparent with you.  

Learn more about what other people say about Cloud Financial Planning and Shaun Liddicoat.

Keen to get started? Schedule a free initial call with Shaun Liddicoat today.

Financial planner geelong
Shaun Liddicoat