Financial planning 101 – Speaking to a financial planner

For a lot of people, retirement is the first time they’ve had to make big decisions about investments that will impact the rest of their lives.
The good news? There are a lot of financial professionals, like planners or stockbrokers, out there to help you if you need it. And you may develop a relationship with them that will go on for years.
So, what steps can you take to get the most out of their services and get you the best retirement outcomes?
In this series of videos, I’ll give you my top 5 tips.
Starting with number one, which is to speak to Services Australia’s Financial Information Service before talking to a financial planner.
This service is completely free and has been around for over 30 years.
[TEXT ON SCREEN: Completely free]
They are a trusted source of independent financial information and can talk to you about financial issues like preparing for retirement, superannuation, and even how to save.
I was a Financial Information Service or FIS officer for over 15 years, so I know personally how the free and confidential education and information FIS provides helps people make informed decisions for their financial futures, including their retirement.
FIS Officers can help you understand how financial products work, and how they interact with the government payments.
They can also cover how government payments work, and how changes in your circumstances may affect your entitlements.
FIS Officers aren’t financial planners or financial counsellors. They don’t give or sell advice or promote or purchase investment products.
They also don’t make decisions about your payments, but they can help you understand your options, give you information about the financial planning process and the role of financial planners.
Speaking with a FIS Officer will help prepare you to work with your financial professionals and understand the language they’re using and the products they’re recommending.
If you want to speak to a FIS Officer, call Services Australia on 132 300 and say ‘Financial Information Service’ when you’re asked for the reason for your call.
Check out my next video in this series where we’ll look at how to work out what type of financial professional may be most useful for you.

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