About financial planning
What is financial planning?
Some people think that financial planning only involves the financial planner giving advice on investments. That is not true. Financial planning is also the process of the financial planner developing short and long-term financial strategies, after taking into account your personal circumstances and financial goals. These strategies are detailed in a Statement of Advice (SOA).
The financial planning process may also involve the financial planner assisting you with other issues such as estate planning and beneficiary nominations with respect to the distribution of your super benefit in the event of your death.
Your financial plan may be reviewed and revised at regular intervals, or when personal circumstances change. This may include redundancy, inheritance, divorce etc.
The advice of a financial planner can be critical in helping you achieve your financial goals by developing a plan that will work for you.
Professional licensed or authorised financial planners
You should deal only with financial planners who hold an Australian financial services licence (AFSL), granted by the Australian Securities and Investments Commission (ASIC) or are employed by, or authorised to represent, a business that is licensed by ASIC (i.e. authorised representatives)..
To check that the business or person is licensed:
A Financial Service Guide (FSG) must be given to you by the financial planner before any advice is given. The FSG will include, amongst other things, what the financial planner is authorised to give personal advice on, how the financial planner (and any other relevant parties) are remunerated (i.e. their fees and commissions) and
details of any potential conflicts of interest.
Fees and charges
You will often pay a one-off fee for the financial planning advice you receive from the financial planner.
In addition, financial planners can get paid commissions and bonuses on financial products you buy.
The FSG will detail what fees and charges will be involved with the advice given.
Benefits of Maritime Super’s affiliated financial planners
Financial planners who provide services to Maritime Super members are located in both Sydney and Melbourne offices. Both financial planners have achieved the Certified Financial Planner (CFP) representing the highest professional certification that can be awarded to a financial planner. They are salaried employees of Industry Fund Financial Planning and provide advice to members.
The first visit to the financial planner is free to members. During this meeting, your planner will find out what your financial objectives are, and what type of advice you may require. All advice is provided on a fee for service basis, which is agreed to in advance before any personal advice is given. This is a fixed price agreed up-front, so you know how much the advice will cost, and there are no hidden fees. It is important to note that as the financial planners are paid by salary and do not receive any commission for their advice, unlike other financial planners,
more of your money is working for you. Please contact Member Services on toll free 1800 757 607 for further information.