The type of advice you need will depend on your life stage, the amount of money you have to invest and the complexity of your affairs. You have a few options:
- Simple advice on one issue – Maybe you have multiple super funds and just want help to consolidate them. Perhaps you have spare income and want to know the best way to invest it. You’re not looking for advice across your whole financial situation.
- Broader financial advice – If you want a comprehensive financial plan you could engage an adviser to help you set goals; establish your financial needs, investment timeframes and attitude to risk; and develop a suitable investment strategy. Once a strategy is set, you can control it and go back for further advice if the need arises. If you are not comfortable looking after your investments you might consider establishing an ongoing review service with your adviser.
- Ongoing advice – If your affairs are complex, or you have multiple assets or a large investment portfolio, you may want to establish an ongoing relationship with a financial adviser. This could involve regular reviews of your goals, financial position, strategy and actual investments. The frequency of reviews and how you pay for them should be mutually agreed between you and the adviser. You should find out exactly what you’ll get for your ongoing fees.
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