16. Financial Adviser Checklist

We’ve developed a checklist that gives you all the information you’ll need to understand the process and get the most out of your financial planning meeting. Make sure that by the end of the meeting all of your questions are fully answered.

How to prepare for a meeting with a financial adviser
The role of the financial adviser is to help you achieve your financial and lifestyle goals. When you see a financial adviser, it’s important to make sure you are prepared so you get the best result from your meeting. This is true regardless of your level of investment knowledge. Don’t be afraid to ask questions about anything you don’t understand or want to know more about.

How does the financial planning process work?
There are usually six steps in the financial planning process:

1. Gathering your financial details
Financial planning works best when your financial adviser has a complete understanding of your overall situation. The more detail about your current finances you bring, the better. (See our ‘What you need to bring’ checklist below.)

2. Identifying your financial needs and goals
Comparing your current financial situation to where you would like to be in the future will help determine the type of action you’ll need to take. Start thinking about the goals you would like to achieve, such as taking an extended holiday, paying off your mortgage or retiring early.

3. Identifying any financial issues and gaps
It’s important to work with your financial adviser to identify the difference between your current financial position and where you would like to be. This will help your financial adviser develop strategies to fill these gaps so you meet your goals.

4. Preparing a Statement of Advice
Your adviser will prepare a Statement of Advice outlining their recommendations for your financial plan. It may also include recommendations on products and services that will help you fulfil your plan’s requirements.

5. Implementing the recommendations
Financial advice is only helpful if you act on the recommendations you’re given. So it’s important that you are comfortable with what’s listed in your Statement of Advice and work with your adviser to implement any suggestions.

6. Reviewing your advice
You should regularly review the advice you receive to make sure it stays up-to-date with your changing needs and objectives. How frequently you review your advice depends on your personal needs and circumstances.

Important questions to ask
Below you'll find a list of questions to ask your financial adviser in your first meeting so you can be confident you will be receiving good advice. How do you determine if you received the right advice? It should fit your needs and circumstances. Remember, there's no one right answer to any question. A good financial adviser may answer the same query differently for different people, depending on their individual circumstances.

About your financial adviser
You should check that your financial adviser will be able to provide the right type of financial advice for you - tailored to suit your individual needs and circumstances. To do this, you should ask about their area of expertise, services offered, fees charged and what you can expect from your initial meeting.

Don’t forget to ask
	What qualifications or experience do you have?
	Can you provide a copy of your Financial Services Guide (FSG)?
	What approach do you take to providing advice, and how can I be sure it will continue to satisfy my needs?
	What fees will I be charged and what are they for?
	What can I expect from this meeting?
	Can you give tax advice?
	What if I have concerns about the outcome of this interview?

Your financial planning checklist
Before you meet with a financial adviser, take a look at the ‘What you need to bring’ checklist below so you’re fully prepared for your meeting – and are in the best shape to get advice that’s right for you.

What you need to bring
	Your Russell SuperSolution Product Disclosure Statement and any booklets from other superannuation funds
	Your latest superannuation benefit statement(s)
	A copy of your latest tax return and tax assessment
	Details of your current insurance policies
	Details of your assets and liabilities, particularly existing investments and any loans
	A copy of your Transitional Reasonable Benefit Limit determination (if applicable)
	Details of your household budget
	Any other information you think is relevant to your financial affairs

Information current as at 30 April 2007. Issued by Russell Employee Benefi ts Pty Ltd ABN 70 099 865 013, AFSL 220705 (‘REB’). REB considers the advisers chosen to participate in the Adviser Referral Program to be reliable and professional. However, REB cannot guarantee the quality or the appropriateness of the advice provided. You may contact Russell SuperSolution on 1800 555 667.