What is Financial Advice?

Financial advice is guidance or recommendations provided by a professional financial adviser on how to manage your money, investments and other financial assets to achieve your financial goals. A financial adviser can help you create a personalised financial plan that takes into account your current financial situation, risk tolerance, investment goals, and future financial needs. For example:

Investment planning

Advisers can help clients create a personalised investment strategy and select appropriate investment vehicles, such as shares, bonds, and managed funds.

Retirement planning

Advisers can help clients determine their retirement goals and create a plan to reach those goals, including calculating the amount of money they need to save and advising on different options they have.

Estate planning

Advisers can help clients plan for the distribution of their assets after they die though they are not qualified to provide advice on it but can refer you to an expert.

Personal insurance

Advisers can help clients identify and manage risks, such as loss of income or sudden illness, by recommending insurance products and explaining their suitability for long term.

Cashflow management

Advisers can help clients creating a budget, tracking income and expenses, saving for emergencies and future goals and reducing debt.

Debt management

Advisers can help clients with their different landing needs including developing a debt management plan, providing advice on debt consolidation and debt reduction strategies at the same time helping their clients with different repayment strategies.

Financial advice is not a one-time service, but rather an ongoing relationship that helps clients navigate the complexities of financial decision-making and reach their financial goals over time.

Advice Process

The six-step financial advice process is a standard framework followed by financial advisers to provide clients with personalised advice and recommendations.

Understanding your needs

During the initial consultation, the financial adviser meets with the client to understand their financial goals and objectives, current financial situation, and any particular preference they have.

Fact Finding

This is where we need to gather more information about our clients, including their financial history, current income, expenses, assets, liabilities and insurance coverage (if any). Any data collected will be protected under the Privacy Act 2020.

Analysis and research

Based on the information collected from our clients, the financial adviser will analyse the information gathered and identify clients’ financial needs and objectives.

All work associated with the research, assumptions and product comparison is duly noted in the Statement of Advice (SOA) for future reference.


Based on the analysis, the financial adviser makes recommendations to its clients on various financial products and strategies that can help its clients meet their financial goals.

SOA is the key document for illustration and presentation from the information gathered from our clients to the research carries out, the scope of advice and any strategies and products the financial adviser would recommend to its clients.


Once our clients are happy to proceed with the recommendations provided, the financial adviser explains to its clients the steps in the implementation process, including timeframes and any additional documentation that may be required along with the responsibilities.

Review and monitoring

The financial adviser periodically reviews clients’ financial situation and makes adjustments to their plans as needed to ensure that clients stay on track to meet their financial goals and objectives.


Why do you need financial advice?

Financial advice can help you make informed decisions about your finances, leading to greater financial stability and security. It can also help you achieve your financial goals, such as saving for retirement, paying for education, or buying a home. A financial adviser can provide personalised guidance and recommendations based on your unique financial situation, risk tolerance, and goals. Additionally, a financial adviser can provide objective, unbiased advice and help you avoid costly financial mistakes. Overall, financial advice can be valuable for those who are looking to effectively manage their finances and achieve their financial goals.

What benefits you from having financial advice?

Having financial advice can offer several benefits, including:

  • Personalised financial planning
    A financial adviser can provide tailored guidance and recommendations based on your unique financial situation, goals and risk tolerance.
  • Improved financial decision-making
    With the help of a financial adviser, you can make informed financial decisions, leading to improved financial stability and security.
  • Help in achieving financial goals
    Financial advisers can help you develop a comprehensive financial plan and make recommendations to help them achieve their financial goals, such as saving for retirement or buying a home.
  • Estate planning
    Financial advisers can help their clients plan for the distribution of their assets after their death, minimising taxes and ensuring that their loved ones are taken care of.
  • Risk management
    Financial advisers can help you identify and manage financial risks, protecting their assets and ensuring their financial stability.
  • Objectivity
    Financial advisers are trained to provide objective, unbiased advice that is not influenced by the potential for a commission or other financial incentives.

When do you need financial advice?

You may need financial advice at various stages in your life, depending on your circumstances, financial goals and needs. Here are some scenarios for your reference when you might need financial advice:

  • Buying a home
    Financial advice can help you understand the costs associated with homeownership and ensure that you have the resources to make this significant investment.
  • Investing
    A financial adviser can help you determine your risk tolerance and investment goals, and then develop a tailored investment strategy to help you meet your goals.
  • Personal Insurance
    Financial advice can help you understand the benefit of having personal insurance in place to protect you and your loved ones in case of any unforeseen illness or death.
  • Dealing with a significant life change
    Financial advice can be valuable when dealing with significant life changes, such as the birth of a child, a divorce, or the death of a loved one.
  • Planning for retirement
    Financial advice can help you create a retirement plan that aligns with your goals and ensures that you are saving enough to meet your needs during the retirement stage.
  • You want to get debt free
    Financial advice can help you understand the relationship between your cashflow management and debt reduction. They can create a personalised Debt reduction plan with you and guide you along the way.
  • Cashflow Management
    Financial Adviser can help you have a better understanding of your cashflow which will help you make a well-informed financial decisions.

In general, you may need financial advice when you have a significant financial decision to make, are looking to achieve your financial goals, or are dealing with a change in your financial situation.