There are many reasons to seek advice from a finanaial advisor. Some of them less obvious than others. You may be pondering some basic questions before you feel ready to begin. These are some of the most common questions we hear:
What does a financial planner do?
A financial planner helps you to define and understand your goals. A planner will assist in developing a path to follow whether your goals are short or long term. A planner is like a coach, keeping you focussed and disciplined where necessary. Life isn’t always straightforward so having a plan that is flexible and can be adjusted according to your changing circumstances will ensure you still reach your goals. A financial planner can help educate you about financial matters such as insurance, superannuation, interest rates, loans, stock markets etc.
I have an accountant, isn’t that enough?
Accountants mostly deal with tax related issues, and there are accountants who specialise in niche areas. Financial planners provide advice across a broad range of finance matters that includes superannuation, investment, estate planning, insurance, business advice etc. Our experience shows that clients are more successful when they have a combination of a good accountant and a good financial planner.
Is it expensive to see a financial planner?
It depends on where you go to seek advice and what your needs are. At EJM we clearly define the cost to clients as either Advice & Service or Implementation. You essentially determine the cost, as you decide what level of service or advice you require.
The Financial Services Guide is an important document that contains information regarding EJM Financial Services. The guide contains information on the services your adviser can provide, and fees applying to their services. Your adviser will provide this document to you upon your initial contact with them.
You may also have heard debates regarding Fees versus Commissions; it is our policy to let the client decide how they pay.
Is financial planning only for those who have a lot of money?
This is a common misconception that financial planning is only worthwhile if you have significant wealth. EJM help a diverse set of clients from all sorts of backgrounds and financial needs. You don’t need to be well off to start a financial plan; the plan is there to create wealth for you.
When should I see a financial planner?
Usually people seek advice from a financial planner when there is a specific need like buying a first home or planning to retire. Seeking a financial planner is valuable at any time in your life. We can help you set and achieve your financial goals no matter what your life circumstances are.
Do financial planners deal in matters other than insurance?
Yes, we handle various financial matters. It depends entirely on your particular circumstances and needs. We can help with buying your first home, managing debt or other life-changing situation. Please see the ‘when can we help’ section of the website for a list of our services.
What does EJM have to do with AMP?
It is a requirement by law that financial planners must hold a licence with ASIC (Australian Securities and Investments Commission). ASIC is the governing body of financial planners and is similar to the ATO who govern tax and accountants. Some financial planners hold a licence directly with ASIC and are therefore directly responsible to ASIC. In EJM’s case, AMP Financial Planning holds the licence and we operate under their standards. AMP Financial Planning guarantees any advice we provide to our clients.
Why shouldn’t I make my own financial plans?
- It takes time to create a well executed plan
- You may not have the right knowledge, experience and expertise
- Legislation changes and you may not be aware of any legal obligations