What does a Financial Planner actually do?

By September 26, 2017Financial Planning

People can sometimes ask what does a Financial Planner actually do. It’s a great question and if you haven’t worked with a financial planner before then you may not know the answer. Here at Your Money Manager, before we look at any advice or planning, we start with what is important to you – where are you now and what are your plans for your future? Once we understand what is important to you we can then start to work through your priorities to see how we can help. 

We can break down our advice into three main areas. The first area is what we call Money Management and this is where we help our clients to manage their money. We start off by getting our clients to complete a basic budget and we look at how they are managing their money with their different bank accounts, loans and debts. We will often then simplify how our clients are structured and we use technology to be able to track the income and expenses to see where the money is going. We then help set short term and long term goals which in many cases can be paying down debts or saving money for the future. We provide regular feedback and coaching to help our clients stay on track and we work together to achieve the goals. 

The second area is what we call Financial Advice. This advice is typically where we cover off areas such as advising on superannuation and consolidating super funds where needed. We also provide advice on personal insurances such as life insurance and income protection and we help clients to start setting longer term goals. Many of our clients who receive financial advice are typically aged between 25 and 45 years of age and often they are saving for their first home or paying off a mortgage and helping to raise a family. While they might be decades away from retirement, they still want to make sure they are doing everything they can for themselves and their families. 

The third area of advice is what we call Financial Planning and this is where we help our clients to put in place a longer term financial plan. We will look at options available that could include adding more money to super, borrowing to invest and looking at areas like property and shares. We will usually try to project different outcomes and we work with our clients to decide on the most appropriate plan to get them where they want to go. In many cases clients who require Financial Planning are aged anywhere between 45 and 65 years of age or older and they are either starting to think about retirement or have already retired.  

At Your Money Manager we charge fees for our advice that we quote upfront for both our initial advice and our ongoing services. We don’t take commissions or percentage-based fees and we do this so we aren’t influenced by recommending higher commission options that might not be in the best interests of our clients. We also have our own Australian Financial Services Licence so we’re not aligned to any large institution. The first step in working with us here at Your Money Manager is to give us a call or send us an email so we can have a chat. We can discuss where you are at now, what you are looking to do and how we can help. We look forward to working with you soon. 

Joe Virgona

Author Joe Virgona

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