What is Personal Financial Advice?

How advice can help you own your tomorrow...


Obtaining personal financial advice involves engaging a qualified financial adviser who’ll work to understand you, your attitude to money and investment risk, where you are right now and what you want to achieve. Personal financial advice isn’t just for complex situations; it could include rearranging your budget, making informed decisions about saving and investing, or considering your insurance needs.


How personal financial advice works


When you meet with a financial adviser, they’ll take you through a step-by-step approach. Typically, your adviser will:


  1. Collect information to build a picture of your finances and discuss costs upfront. This is where they find out more about your approach to money and the level of investment risk you’re comfortable with. They’ll also talk through the fees and costs involved.

  2. Help you define your goals and current position. Help you clarify what your objectives are, and what you want to achieve in the short, medium and long term.

  3. Identify and agree on the scope of advice you need. This will depend on your goals, life-stage and complexity of your current financial situation.

  4. Present you with a Statement of Advice (SOA). This is your recommended financial plan. All the recommendations for structuring your finances and investment options will be detailed in this document. It’s important to read it in full.

  5. Discuss recommendations. Ask any questions you have about your SOA and clarify anything you might be unsure of. You decide on what steps you’ll take.

  6. Help implement recommendations. Your adviser can help take care of all the paperwork to implement the new strategies or products you’ve decided on.


There are two different types of financial advice: general and personal advice.

We explore these in greater detail here.


Who are financial advisers or planners?

Financial advisers (or financial planners) are qualified professionals who generally have a deep knowledge of super funds, wealth creation and wealth protection (insurance). They could have their own practice or work in a financial services firm. They’re usually experienced in putting together strategic plans to help you achieve your short, medium- and long-term goals.


Why get financial advice?

Financial advisers usually have access to research and industry knowledge. They can help you make informed financial decisions to help you reach your financial goals.


Benefits of financial advice

Good financial planning can help you feel better prepared to navigate life’s twists and turns.

Working with an adviser means you may benefit from:

• access to specialist skills and industry knowledge • assistance in clarifying your goals and what you want to achieve • understanding some of the suitable solutions available to you • tailor-made plans, unique to your situation • having a professional do the research on your behalf - saving you valuable time, and


When should I get financial advice?

Many people seek financial advice during a life event such as starting a family or leading up to retirement, but it can help you take control of your finances and goals at any stage of your life. Financial advice can help you:

• take control of your budget • buy your first home • pay off your debts faster • protect your incomes so you can protect your family and lifestyle • pursue a passion, and • retire your way.


A little early planning can go a long way. Get in touch with one of our advisers if you would like to see how Financial Advice could help your situation.



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Toowoomba Financial Centre Pty Ltd ABN 88073088070, trading as TFC Financial is a corporate authorised representative of Charter Financial Planning Limited ABN 35 002 976 294 Australian Financial Services Licensee License number 234665. If you no longer wish to receive direct marketing from us you may opt out by calling us on 07 4639 1399. This article contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or product decision.

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Toowoomba Financial Centre Pty Ltd ABN 88 073 088 070, trading as TFC Financial is a corporate authorised representative of Australian Financial Services Licensee 234665, Charter Financial Planning Limited ABN 35 002 976  This website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or products decision.

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