Financial advice

Step 1: Discovery meeting

Sit down together and work out if we are a good fit for each other. This occurs in a discovery meeting.

In the discovery meeting we discuss your current financial situation, your goals in life and the time frame you have in mind for achieving them. Once we know where you are today and what your objectives are for the future, it’s about working together to map out a plan to get there.

Step 2: Proposal

Your financial adviser will prepare a proposal for you which gives a high-level overview of suggested areas of advice, the realistic time frame of your goals and an estimate of the pricing.

Step 3: Plan

Your financial adviser prepares the plan. This includes the strategy and action plan to help you achieve your objectives and build the life you want. The plan will include things like:

• Investments
• Savings plans
• Superannuation
• Risk protection
• Estate plans

Step 4: Implement the plan

The strategy is presented to you as a documented financial advice plan. Discuss the plan, ask any questions, and make any modifications required. Once you agree to the plan and sign off on it, your financial adviser implements plan.

Step 5: Review

You'll agree on how often the advice should be reviewed. It’s important to keep the plan updated and adapt it when circumstances change. Personal circumstances change, legislation changes, and investment 

That depends on your goals, there isn't one single answer. A good investment for one person is a bad investment for another person. You need to consider what's a good investment for your situation. This will depend on your goals, your appetite for risk, your age, and your investment experience.

A good investment for a 35-year-old business owner might be shares in a growth-oriented business. A good investment for a person no longer working might be high dividend shares, fixed interest investments or term deposits. It all depends on the situation.

It’s easier to define a bad investment. A bad investment is one that you have no idea why you are invested in. No understanding of the underlying asset or business, no idea of the risk involved and no idea how long you should be holding it.

When you talk with a potential adviser, you should be prepared for a two-way interview. Ask them any questions you want to know the answer to, including:

• What are their qualifications and experience?
• How have they helped people in a similar situation?
• What is their investment philosophy?
• How do you invest your own money?

You need to feel comfortable with your financial adviser and trust they will look after your interests.

Liston Newton Advisory Wealth Pty Ltd is an authorised representative of MyPlanner Professional Services Pty Ltd AFSL 425542 ABN 51 159 696 830.

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from your financial adviser and seek tax advice from your accountants at Liston Newton Advisory. Information is current at the date of issue and may change.