Can I have a copy of your Financial Services Guide (FSG)?

You can expect to be given an FSG by an Australian Financial Services (AFS) licence holder or its authorised representative before you receive a financial Service. The FSG explains the nature of the Financial Services being offered, the fees charged and how the person providing the service deals with customer complaints. If you are in doubt you can check if they are licensed on the ASIC website www.fido.asic.gov.au

What is your approach to financial planning?

Some financial Planners specialise in certain types of planning – for example, retirement planning. So It’s important to ask a few questions about their approach, and to find a financial planner who is in tune with your lifestyle and wishes. Also ask if the financial planner will implement your plan themselves or refer you to others to do that.

How much do you typically charge?

Your planner should be able to give an estimate of the possible costs based on the work you are asking for and your options for paying for advice. Your planner must by law let you know all costs to you, and all sources of potential income for them, from your financial plan. For example they may receive benefits from referring you to a particular investment.

Will I receive a written plan?

By law, if you proceed to get advice, your financial planner must provide a written Statement Of Advice. See attached link for more detail as to what it should contain

How often will you review the plan and what will it cost me?

Every plan needs reviews, so find out what your financial planner will charge you for on-going reviews of your plan, and how often they believe it should be done. As your goals and life changes in the future, so should your plan!

How do you resolve issues or disputes that arise?

Ask at the beginning what happens if you don’t want to accept your financial planner’s advice. Find out at what stage you become obliged to make payment, and what happens if you want to terminate their services at any time.