Six myths when seeing a financial planner

Are you curious about seeing a financial planner, but just not sure it’s for you? Or maybe you’ve heard something about financial planning that’s put you off?

In this short article, we debunk some of the common myths about seeing a financial planner.

How much money do I need to see a financial planner? Do I need to be wealthy, or have assets or savings outside my super?

This is one of the biggest myths about seeing a financial planner! You don’t need to be wealthy or have assets outside your super to benefit from seeing a financial planner. In fact, if you are trying to save money, manage debt, or get on track for a comfortable retirement, a financial planner can help put strategies in place to build on what you have today.

Remember financial advice isn’t just about your savings in super or retirement planning, a financial planner can help you with areas such as budgeting, investing outside of super, or making the most of a redundancy – just to name a few! Financial planners are here to help and empower you to make decisions around your finances that are right for you, regardless of the size of your account or other assets.

I’m sharing all my personal information with a financial planner – how do I know it’s safe?

Any information you share with an EISS Super financial planner will be treated with the upmost care and will only be used to assess your financial situation.

We take your privacy seriously and have systems and processes in place to ensure any information we hold is secure and accessed only for the purpose of providing you with the most appropriate advice for you.

Will the financial planner be suitably qualified to give advice? How do I know?

Generally, in order to provide personal advice, financial planners need to comply with initial and ongoing regulatory and professional (industry body) standards and requirements. Financial planners are also required to either hold an Australian Financial Services License (AFSL), which is issued by the Australian Securities and Investments Commission (ASIC), or otherwise be authorised as a representative of another person (or entity) who holds an AFSL.

EISS Super holds an AFSL and all EISS Super financial planners are licensed by us and comply with relevant professional and regulatory requirements. EISS Super is also accredited as a Financial Planning Association (FPA) Professional Practice.

What fees will I be charged? And does my financial planner get commission for suggesting I take up certain products?

For the first part of this question, there is no single answer. The fees you’ll be charged will vary depending on the advice you need. No matter where you get your advice, make sure you find out the related fees before agreeing to move forward with the advice.

If you choose to see an EISS Super financial planner, your first meeting is at no cost, and you can decide if you’d like to move forward with advice in your own time. You are always in control. Your financial planner will discuss your needs and the costs associated with the advice at your first meeting. Our financial advice offering is flexible, so you only pay for the advice you need, and this can often be funded from your super account.

As for commissions, we can only speak for EISS Super. Our financial planners (who are all salaried employees) and all other employees of EISS Super do not receive commissions, incentives or performance-based renumeration or bonuses. What’s right for you is what’s right for them.

Will I get real value from financial advice? Can’t I do this myself?

Keeping on top of all the areas that can impact your finances can be a full-time job - financial advice isn’t simply about where to put your money until you need it for retirement. Financial planners can provide advice on a wide variety of areas, such as insurance, investing money you have outside and inside super, Centrelink, aged care, debt management, minimising tax and budgeting to name a few.

You’ll also have access to a professional who will understand what products are available and suitable for you, how share markets will affect your financial plan, and of any changes to legislation that might impact you. A financial planner will also have a long-term objective approach to your financial strategy.

No matter how good your financial plan is, changes in your finances, goals, personal situation, legislation and investment markets, may have an impact on your plan. If you want, you can also have an ongoing relationship with a planner so they can make sure your plan stays on track and is changed to keep up with your needs.

Do I still get to decide what I do with my money? Can I say no to a product or service that’s suggested to me?

Yes, it’s your money and your choice. A financial planner will work with you to find out your goals and develop a strategy to help you reach them, but you still get to make the decisions that are right for you. A financial planner will provide you with the advice and options, but you’re still in control.

If your financial advice includes a product or strategy that you’re not comfortable with, you can absolutely say no. Your financial planner will be able to provide you with alternative options.

Book an appointment today

Get in touch with an EISS Super financial planner today. They can talk to you about the different options available and provide advice about your super. You can also find out more about the different types of advice we provide

We offer a variety of options when it comes to meeting – you can choose to meet your planner face-to-face either by video conference or in person at one of our offices, or a phone call may be more convenient for you.

Book an appointment

Financial advice you can trust to get your money working harder for you while you do the things you love.