How to prepare for your first meeting

The first thing to remember about seeing a financial planner is that the better prepared you are to start with, the easier and more cost-effective the process will be. An IFFP planner will charge you a set fee because they are paid a salary and do not receive commissions on any products they recommend.

Your planner will need to know your age and income, how many people are dependent on you (and for how long you can expect that to continue), what you own and what you owe, as well as where you would like to be in the future. That includes what your short and long-term goals may be. They will also ask you about any insurance you have and your day-to-day spending habits. It’s a good idea to gather this information together, including the documentation, before you meet your financial planner. Your plan will be designed to help you get to where you want to be, based on where you are starting from right now.

What happens during my first appointment

The first meeting with your IFFP planner is obligation free and you don’t have to pay anything at this stage. It really is just a fact-finding meeting, where you talk about your goals and your current situation and determine whether going ahead with a full and detailed plan is right for you or whether you just need what they call ‘limited advice’, which is more to do with immediate things such as salary sacrificing and investment choice.

After the first appointment you will receive a quote on what the advice will cost you; then you can decide whether to go ahead with a financial plan or limited advice. If you decide to go ahead with a full financial plan, the planner will arrange a second meeting where they will present you with your written financial plan called a ‘Statement of Advice’. This plan will be fully personalised and will include any recommendations for changes to your investments, insurance and other arrangements.

Implementation and review

Once you are happy with the strategy, your IFFP planner can help you put it into action. They will provide any forms you need to fill out and help you with all the steps you need to take to implement your plan. For a fee, your planner will also help you review your plan in the future—for example, a year down the track or when your life circumstances change. You might get married, buy a property, have a baby. All of these life events have an impact on how you should plan for your financial security. However once you have a plan in place, any changes can be implemented, and you can rest easy knowing you have done everything you can to protect your finances.

Protect what you have

An essential part of any financial plan is protection. That means making sure that, if something happened to you, your assets and way of life and how your family lives wouldn’t be compromised. So adequate insurance in the areas you need it most will also be something your planner will discuss with you. If you are a young single person your insurance needs will be different to someone with a partner and children, but either way your financial planner can recommend the best protection for your situation.

Get the best tax treatment

Taxation law is complex. Your financial planner can explain ways of maximising any tax or other benefits you may be entitled to through smart planning of your super, your salary and as you approach retirement, your pension.

Is this your year to start planning?

You’re never too young or too old to start planning for a more comfortable future. And a financial plan, like your future, can change over time. So, if you feel that now is the time to start planning for the future, call MTAA Super on 1300 362 415 and make an appointment with an IFFP financial planner.