Answers to common questions about the personal advice service for DFRDB members.
Is personal financial advice right for me?
When you have a plan, you generally achieve more and get there faster. It's the same with your finances. Personal financial advice in the form of a comprehensive financial plan lets you make the most of what you have. You can focus on achieving your goals, whatever they may be.
Your financial planner can develop your plan once you discuss your situation and goals with them. There may be a number of scenarios in your plan for you to consider.
Planning for retirement can also be complex, especially with potential changes in superannuation, taxation and social security legislation. These can make the transition from full-time employment to retirement challenging. A good financial planner will help you avoid any pitfalls.
Should I still get financial advice if I take a DFRDB pension?
Financial planning covers more than just your superannuation entitlements. Your full financial picture may also include your partner’s situation, other assets and resources, your future work intentions, as well as your retirement plans. So even if you receive a pension for the rest of your life, it may still be a good idea to speak to a financial planner.
What matters can I get advice on?
Advice from CSC’s authorised* financial planners can cover a range of financial matters to help you build, manage and protect your wealth. For example:
- maximising your super
- tax effective strategies
- transition to retirement
- retirement income stream options
- investments — inside and outside of super
- life and income protection insurance
- debt elimination
When should I see a financial planner?
An experienced financial planner can help guide you through many different situations and life stages. Some of the most common and important times to get advice include:
- if full retirement is 12 months or less away
- if you are transitioning to civilian life
- if you are uncertain whether your current superannuation savings will meet your retirement goals you face a major change to your personal situation (eg redundancy or divorce)
- if you receive a significant amount of money (eg inheritance or property sale proceeds).
How do I get advice?
Once you agree to the advice you wish to receive, your financial planner will provide you with a document called a ‘statement of advice’. It generally takes two or three weeks to prepare, depending on the complexity of your situation and the analysis required.
Your statement of advice will outline the strategies to achieve your financial goals.
What is the process for getting advice?
Getting personal financial advice involves:
1. Call 1300 277 777 to make an appointment
During this call the operator will ask several questions to identify the type of information and advice you may be seeking. Then, if suitable, the operator will arrange a face-to-face or telephone appointment with a financial planner.
2. Complete a ‘discovery record'
You will receive a welcome pack in the mail several days after you make your appointment. It will confirm the date, time and location of your appointment, and include a discovery record for you to complete. Completing this discovery guide prior to meeting with your planner will allow you to have a better quality conversation at the meeting.
3. Attend first advice appointment
The aim of your first appointment with your financial planner is to identify and understand your financial goals. Your planner will use the information you provide in in your discover record. No personal financial advice will be provided at this time. You may, however, receive general advice. The cost of this appointment is $185.
4. Agree on quote and scope of advice
Once your planner understands your goals and requirements, you will receive a written, fixed price quote for personal financial advice. This quote will cover the cost to prepare your statement of advice and will detail any costs and associated fees.
What will my advice cost?
Your initial advice appointment will cost $185. As a guide, the cost of a personal financial plan can be up to $6,600, depending on the complexity of your situation. The average cost of comprehensive advice is around $3,300. The cost is based on the time it will take to create your plan, including the preparation of a statement of advice.
What should I bring to my first appointment?
Please refer to the checklist that will be included in the welcome pack posted to you when your appointment is booked.
How will the advice I agree on be put into action?
Putting advice into action in financial planning is known as 'implementation'. When your planner presents you with your agreed and completed financial plan, they will discuss implementation options and costs with you. Some people prefer to do this implementation work themselves, while others opt to pay their planner to do the work. It is your choice.
* Our authorised financial planners are authorised to provide advice by Guideway Financial Services (ABN 46 156 498 538, AFSL 420367.). Guideway is a licensed financial services business providing CSC financial planners with support to provide members with specialist advice, education and strategies.