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- Convenience is an important factor, but the quality of the relationship and advice you receive is even more important.
- AMP has financial advisers all over Australia. We provide training, support, research and ongoing development to help ensure our advisers are equipped with the knowledge, expertise and experience to help you achieve your goals.
Meeting with an adviser
It’s important to feel comfortable when meeting a financial adviser for the first time. After all, you’re about to take a journey with someone you haven’t met before. You’re about to tell them your hopes, goals and dreams and open up your finances to them. It helps knowing what will happen when you’re going for financial advice. Here is what you can expect when you take the first step on your financial journey.
Telling your story
You’ll be asked to bring along documents which will help paint a picture of what your financial situation is, and you’ll be asked lots of questions about yourself: where you’re at (your life-stage) what your goals are, how comfortable you are with risk and what your priorities are. A good financial adviser will put your goals first and build their advice around what you want to achieve, within your comfort levels.
Ask lots of questions
This is like an interview, where you’re deciding if you want to engage this adviser to help you realise your goals.
Decide on the scope
If you haven’t already decided, you should agree on the scope of the advice you’re going to need. It might be setting up a way to save for your children’s education, your retirement or the best way to set up a self-managed super fund. The financial adviser will provide information on the costs involved for the defined scope. They will provide you with a Financial Services Guide which explains the financial advice services that the adviser provides.
We have more information on the different types of fees for financial advice here.
Take the time to consider
Now you know the scope of the advice and the costs involved, it’s time to consider if you want your adviser to proceed and prepare a Statement of Advice (SOA) which will take anywhere from a few weeks to a couple of months to compile as it’s an in-depth and thorough document.
Review your Statement of Advice
This is it – your financial plan. You’ll be presented with a comprehensive document detailing a suggested financial plan to reach your personal and financial goals. It will recommend the steps, the strategies and solutions to help you get there. Sometimes an adviser may also provide you with a record of advice where appropriate. Take your time to review it and ask lots of questions – of yourself and your adviser. Does it feel right? Are you ready to commit? Remember, you decide which steps to take or to ignore.
Putting your plan into play
Once you’ve decided which recommendations you’re ready to take, talk to your adviser about your choices and how to implement them. They can help take a lot of the legwork out of the paperwork process although you will need to sign them personally and ensure all the information is correct.
The ballad of Les and Carolyn
Les decided on a change of pace when he bought a milk run, with his wife Carol, in the 80s; then the industry was deregulated. Supermarkets started selling milk cheaply and they were forced to join a franchise.
It was a whole new world of challenges for this couple who were hoping to build a business they could sell in the future. Things went from bad to worse when their truck broke down and Les had a heart attack. They had a home loan, business loan and two children to bring up.
“I thought to myself, ‘My God, where are we going?’” said Les.
That was when they decided to seek some financial advice. They met with Greg and Mark of Coral Coast Financial Planning. They liked their positivity and the ‘reassuring way’ they presented options.
“It made us feel really comfortable,” Les explained.
“Our retirement is more enjoyable because we've been able to achieve the goals that we had,” added Carol.
They’ve now retired and enjoy their days together, which involve long walks, travel, social gatherings and swimming in their own pool.
“As I was told by my father, he said ‘Mate life is like climbing a ladder,’” Les recounted. “’Always look up and never look back.’” And they never have.
AMP Advice is a registered trade mark of AMP Limited, licensed to practices offering the AMP Goals 360 experience.
This information is provided by AMP Life Limited. It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.
The above case study is based on real customers.