Frequently asked questions

GENERAL ADVICE WARNING: Information provided on StrategyOne’s website is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

What is financial planning?

Financial Planning is the art and science of working with a client to help define and achieve their life goals using the tools of finance. The important distinction between financial planning and financial advice (or single issue investment, life insurance or stockbroking advice etc.) is that financial planning has a focus on the consideration of a client’s whole financial and personal circumstances, in order to plan and meet those goals.

The emphasis in the process of financial planning is on professional assessment and diagnosis before the development of financial solutions to address challenges or achieve goals. In this way, financial advice (being the activity related to making specific product recommendations) only ever follows the process of professional engagement and diagnosis.

Anyone authorised by an Australian Financial Services License Holder can provide Financial Advice but only a Financial Planner can provide the full range of professional services that lead to a financial solution that puts their client first.

As an FPA Professional Practice, StrategyOne demonstrates the highest professional and ethical standards through adherance to the FPA’s Code of Professional Practice.  All StrategyOne Senior Financial Planners are FPA CERTIFIED FINANCIAL PLANNER® accredited.

 

What assets can I invest in superannuation?

Generally Managed Investment Funds or Direct shares can be invested in superannuation and you can also invest physical assets such as property and art, but this depends on the type of super fund you own.

Basic super funds, such as most industry funds, allow a restricted number of investment choices such as “Balanced”.

Wrap Accounts are an administration service that bundles a portfolio of investments together.  This structure allows you the flexibility of investing in term deposits, direct shares (sometimes international shares) and hundreds of professionally managed funds.

Self Managed Super Funds, mentioned above, have the most flexibility allowing investment in almost any managed fund, direct share or financial investment but also physical assets such as property, art and collectibles to be invested assets.  It is important to note there are strict laws governing the way SMSF’s are set up and monitored however they present great opportunities for clients wanting more flexibility with their superannuation investments.

When should I seek financial advice?

The best time to seek financial advice is now. A financial planner can give valuable advice on major life stages such as:

  • Your first job and changing your career direction,
  • Buying your first home,
  • Moving in together,
  • Establishing a business
  • Preparing your business for investors or buyers,
  • Having your first child,
  • Educating your children, or
  • Planning for retirement.

Sound financial advice will ensure your investments are optimally structured, you have the appropriate insurances in place, your tax liabilities are managed effectively and you are using your superannuation strategically and smartly.

Do I need a minimum amount of money?

There is no minimum amount of money required to begin a financial plan.

What will it cost to meet with a financial planner?

Your first meeting is at our cost and obligation-free so you can meet with one of our Financial Planners to see whether they are a good match. After our initial discussion, we will provide a quote for a written Statement of Advice (SOA), which is a report that details strategies that are tailored to meet your particular situation and your financial goals.

What should I bring along to my first meeting?

The more information you can provide about your current financial situation the better, so that we can tailor our advice to meet your needs and circumstances.

What should I expect?

Your first meeting allows you and your Financial Planner to get to know each other. We’ll discuss your current financial situation and your financial objectives and take you through a risk assessment to identify your risk profile so we can cater our advice to your attitude to investment risk. We will also explain our fee for service structure so that no bill ever comes as a surprise.

Do you strongly promote any one company’s products?

We are proud to be Financial Planners who charge on a fee for service basis. We are not affiliated with any bank and we do not accept bonus payments from any financial product provider. Our motivation is simply to help you fulfill your financial goals and we will always recommend the most suitable product for each client.

Where do we obtain our financial research?

We have access to the latest financial research compiled and distributed by only reputable institutions and individuals. Our Paraplanners help support our Financial Planners to ensure that they are always up-to-date with industry news, including relevant legislation changes and new investments.

What written advice do you provide?

Once you decide to proceed with us, your Financial Planner will prepare a written Statement of Advice (SOA). This will incorporate details of your current financial position, your attitude to investment risk, your financial goals and lifestyle objectives. The SOA will detail a strategy on how to achieve your goals and objectives with any supporting documentation relevant so you can clearly understand why we have given the advice.

Will my plan be reviewed?

Regular reviews of your strategy are highly recommended to ensure that your plan is as effective as possible. Your Financial Planner may alter your plan at each review to reflect changes in the economy, legislation, and your personal circumstances. The cost of this service depends on the amount of time it takes to complete and the complexity of your portfolio. Your Financial Planner will detail the charges for this service prior to you incurring any costs.

How often should my plan be reviewed?

Your Financial Planner will recommend review periods according to the complexity of your investment strategy and your stage in life. For example, if you are nearing retirement, it’s best to meet more regularly, such as twice a year, than if you are just starting out in a career. Reviews will include a written record of the progress of your investments along with any recommended changes to your strategy. A fee is typically charged for these reviews and may form part of an ongoing service package.

How are you paid for your services?

We work on a fee for service basis so you pay only for the advice you need. All fees, charges and commissions are declared. An overview of this information is provided in both the Financial Services Guide and the Statement of Advice that will be provided to you.