Working towards your financial needs and objectives
A statement of advice (SoA) provides an outline of a financial planner’s recommendations to help you achieve your needs and objectives. The process often begins with a no-cost meeting with a financial planner. They will ask questions about your current situation and your financial goals, and provide details of the fees and charges if you proceed with their advice.
Key areas your financial plan may cover
The SoA may begin by detailing your current financial position, your needs and objectives, and your attitude to risk. You may also find your planner's reasons for giving the advice, possible risks and consequences of proceeding with the advice and why your planner believes the advice is in your best interests. Where your SoA describes an alternative strategy, you may see why this was not ultimately recommended by your planner.
It should then detail the personalised advice developed specifically for you based on the information you provided.
Depending on your requirements and the information you have provided, your SoA may include:
- a review of your cashflow
- strategies to help you manage your debt
- a review of your super and suggestions on how to maximise it for the future
- a review of any estate planning needs
- an analysis of any personal insurance needs and recommendations about the most suitable policies for you
- a review of your share portfolio
- other investment considerations and recommendations.
Your needs and objectives
A list of your goals and objectives may include a snapshot of how and when they may be achieved (as illustrated in the example below). If any goals are unrealistic, this may also be addressed.
Illustrative purposes only