- How are we different?
- In this age of impersonal service and frustrating call centres we offer a very refreshing change to our clients. It is our aim to provide good old fashioned personal service combined with the latest technology to give our clients experience, understanding, expertise and efficiency. We don\'t expect you to be at our beck and call we come to you at your convenience.
You can speak directly to your planner and enjoy the continuity of building a trusted relationship and not have to fight your way through a call centre or constantly re-explain your situation to different individuals as they move you around large organisations.
- How to get the most out of your Financial Planner?
- In today\'s value driven world, we should all look to get the most out of every dollar we spend.
Wyse Wealth Financial Plannings Team has over many years of experience in advising clients. We recently sat down and talked about the clients with whom we had our strongest and most rewarding relationships. We discussed who received the best service to satisfy their needs. In other words, the clients who received the best value from us when we were advising them.
A number of common themes emerged as we began profiling our best client relationships. Here are some tips for clients looking to get the most out of their financial planner.
Be open and honest. We are all human!
To provide good advice, your adviser has to understand not just where you want to go in the future but where you are today. That means he/she has to know about your entire personal situation, even if he/she is not managing all of these areas.
There are many examples of clients not informing the adviser of their entire situation. Just remember that if you keep your adviser in the dark, he/she will be unable to give you advice that fully reflects your situation. As a matter of fact, you may receive advice that is completely inappropriate for you.
Be honest with your planner in response to recommendations. If you need more information, most planners will happily provide it. But when you simply do not feel comfortable with a recommendation from your adviser, say so - do not use a request for additional material to avoid giving an answer. Talk straight.
You need to put in effort too (there is a lot involved in the advice process).
To get the most from any relationship, you have to be clear about what you\'re looking for. A good planner can help you clarify your goals - but you have to be prepared to spend some time upfront with him/her to do that. Spending time with a planner early on to build a more accurate understanding of your situation will pay big dividends.
Continue to commit regular time.
Once you are established your initial goals, make it a priority to return calls and meet for updates. We are all busy these days - in light of that, many advisers have begun replacing some face-to-face meetings with structured phone conversations that might last 30 minutes. Let your adviser know how much time you are able to spend - this will vary with your situation, but if you are not prepared to commit at least an hour each quarter, you can not expect to get the best out of him/her.
Finally, when scheduling a meeting, be clear about the issues you want to discuss, so that your planner can prepare and make the meeting productive for you both. Your planner should have an agenda for every time you meet. And this agenda should always allow time to discuss any issues or concerns you may have.
Remain Constant
Once a direction has been established, you have to stick to your fundamental strategy. That does not mean following your plan blindly, ignoring significant changes in the environment or new opportunities. These issues are dealt with during the review process as the adviser adjusts and alters the client\'s strategy to suit changes in personal circumstances, legislation and the economic environment. As such, it is very important that the client be on the most appropriate ongoing service model.
Maintain perspective
Given markets over the past years, it is understandable that many investors are stressed out. Good advisers understand that and will talk about how you feel and whether you need to make changes to your portfolio.
Be open-minded
When talking to your planner, give him/her the benefit of the doubt and maintain an open mind about the advice you receive. That does not mean you are going to say yes to everything he/she recommends, all recommendations should be understood by the client and logical justification for how they will help you to achieve your desired outcomes.
If you become sceptical, do not trust your adviser, and therefore continually question the advice given, it becomes difficult for the planner to serve you well. Constantly second guessing your planner is counterproductive. If you are reached the point where you do not trust anything you hear from your planners, it is time to find another planner.
Be reasonable
Clients who get the best from their planners understand that no one can predict the markets with certainty. That does not mean you are happy when experiencing steep declines in your portfolios, but it is not useful to point fingers and look for someone to blame. Remember the best investors in the world were all caught out by the last market downturn.
Be patient if your adviser can not immediately respond to your calls. And be realistic in the amount you pay for his/her advice - you certainly want to pay a fair price but if every conversation about fees becomes a battle, ultimately neither of you will be happy.
Remember, you only pay for what you get and if we value what you get then we are normally happy to pay.
Markets over the last few years have tested the mental and emotional fortitude of clients and planners alike, the good news is that most relationships have survived intact and the markets now appear to have put the worst behind them.
- I have an accountant, isn't that enough?
- Accountants mostly deal with tax related issues, and there are accountants who specialize in niche areas. Financial planners provide unbiased 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 certified financial planner.
- I make all my financial plans myself why change?
- Let me answer this by asking you a question,If you had a tooth ache you could pull the tooth yourself. You have a little knowledge of what to do, but you do not. You go to a specialist a dentist. This is the same scenario with your finances yes you may know a little about investing, however, understanding the complexities, legalities and the fundamentals of financial planning and then make astute decisions that enhance your lifestyle plus build wealth must be discussed with the professional planner, so why jeopardise your future as well as perhaps opportunities that you cant identify or are unaware of. Take the time to have a meeting with a Certified Planner and see where it will lead, what have you to lose nothing just an hour or two of your time?
- Is the first meeting free?
- Yes the first meeting is free.
Sydney wide our financial planners can come and see you, alternatively you can arrange for a convenient place to meet, whether it be at a café, restaurant, workplace or where else of your choice that you are comfortable with.
We provide over the phone as well as video conferencing, however you may prefer face to face as some stage
Interstate visits such as QLD, WA, SA, VIC, NT are on request subject to meeting elect criteria.
- I'm going to take a full pension: do I need to see a financial planner?
- A pension can form an invaluable foundation to your retirement income. However, financial planning looks at more than just your superannuation entitlements. A financial planner will look at your partner\'s situation, your other resources and assets, your future work plans, your retirement plans. Together you and your planner will develop a strategy that will manage your retirement lifestyle.
- What does Wyse Wealth have to do with WealthSure?
- It is a requirement by law that financial planners must hold a license with ASIC (Australian Securities and Investments Commission). ASIC is the governing body of financial planners and is similar to the ATO, who governs tax and accountants. Certified financial planners hold a license directly with ASIC and are therefore, directly accountable to ASIC. In Wyse Wealth Financial Plannings case, WealthSure Financial Services holds the license, and we operate under their strict code of conduct and must continually adhere to their impeccable standards.
- What is a Certified Financial Planner?
- Certified Financial Planner (CFP), is somewhat different to a financial advisor.
For a financial advisor to become a certified financial planner they must pass rigorous testing procedures by the Financial Planning Association of Australia Limited.
A certified financial planner is internationally recognized for their knowledge, ethics and experience.
A certified financial planner can help you work towards meeting your goals by putting in place a practical financial plan that is tailored to meet your needs.
They will review your current finances; work with you so you fully understand how their recommended financial plan would work also discussing the best approach to proceed to achieve your goals.
- What is the difference between a financial advisor and a financial planner?
- There is a significant difference between the financial planner and a financial advisors role.
The financial advisor has the ability to assess a clients current situation and give advice; advice is just that, advice. Most advisors you will meet are engaged by local Banks, insurance agents, accountants etc. they make general recommendations based on who they are employed or affiliated with. Most financial advisors you\'ll encounter are not Certified Financial Planners or Registered Investment Advisors. Most will give you a sales pitch rather than offer a service of alternatives and are not accountable for bad advice.
The financial planner is a financial architect. Their goal is to take the myriad of financial tools and apply it to the foundation of their clients financial circumstances - often strengthening the foundation and creating the blueprints for a bright and secure future.A Certified Financial Planner is held to a much higher fiduciary standard in their dealing with clients and must abide by a strict Code of Ethics to work in your best interests at all times. A Certified Financial Planner is trained to assist you with every aspect of your financial life, not just investment planning or insurance planning; they candesign a customized financial plan to suit your life long needs in the short, intermediate and long-term and continue to be actively accessible to you with the professional service you require for a secure future. - Why advice is important ?
- Quality financial advice can help you create a secure and comfortable future for you and your family as advice is based on your goals and priorities which are tailored to suit your needs and puts you in control of your financial future.
- Why do I need to see a financial planner?
- Constant change in superannuation, taxation and social security legislation means that even simple decisions can have unforeseen disastrous consequences over the long term. This can be particularly so as we move from full time work then into retirement. A financial planner can help you plan for your future and to avoid most of the pitfalls and traps along the way.
- Why should i consider using your services?
- Our services cover a diverse range of financial strategies, everything from the birth of a new child to complex trust structures for personal and business gains / savings.
We recommend you to talk to us direct so you don’t make a mistake and we can give you the right Financial Advice for your circumstances relating to your frequently asked questions… Call 1300 850 902 today
