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Finance Services FAQ’s

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Getting Started FAQ’s

How can a Financial Planner help me?

A financial planner will start helping you from the initial meeting by letting you put it all on the table to create a clear picture of where you are today then help unearth your aspirations and where you want to be and set SMART goals accordingly (Specific, Measurable, Actionable, Realistic, Timely).

We then apply our technical knowledge of strategies and products and provide you with a financial plan to achieve those goals and work with you to implement and monitor your progress to reach your goals or adjust your goals or plan as life happens. Having a plan in place will not only provide financial benefits but can make life less stressful and give you peace of mind.

When should I see a Financial Planner?

Whether you are starting your career or ready to hang up your boots, there are always benefits to seeing a financial planner. It is never too early or too late. If you are starting out, ensuring you have the right personal insurance cover in place and setting up your superannuation correctly will prove beneficial in the long term. You may have other goals that need to be addressed such as saving for your first home, being on top of your debts or maximising tax benefits. Growing your retirement funds will become crucial as you get close to retirement and once you are ready to retire valuable advice can help you maximise government benefits such as the age pension and set up income streams. We not only provide you with advice but support you in every step of the way to ensure you enjoy your retirement as much as possible and reduce the administrative burden.

Will the financial planner understand me and my needs?

Knowing you, the client is not only at the heart of our process but is also a legal requirement to provide financial advice. Throughout our process, our advisors will ask plenty of questions and work hard to uncover what is important to you and understand your view on money and life.

How much money do I need to make it worthwhile seeing a financial planner?

There is really no amount of money required as there should nearly always be some form of benefit to receiving financial advice, whether it be reviewing your superannuation, personal protection or getting your budget in order. If you are in over your head with debt and have no way out it may be better to speak with a financial counsellor, contact the National Debt Helpline on 1800 007 007. This free hotline is open from 9:30am to 4:30pm Monday to Friday. There are also more tools and resources available online on the National Debt Helpline website.

88.5% of Australians receiving advice believe it has given them greater peace of mind financially. No matter how much money you have a financial adviser can help you set financial goals, so you feel confident that your future plans are achievable. If you’re not on track to achieving your goals, an adviser can help you put the right strategies in place or set more realistic goals. However, be prepared to pay for their professional skills as the better financial planners are not likely to be the least expensive options.

When should I start financial planning?

Often people only think about starting their financial planning expedition when they are considering retirement. While it is never too late to start financial planning, starting much earlier can be highly beneficial.

The sooner you understand your finances and make SMART (Specific, Measurable, Actionable, Realistic, Timely) decisions about where your money is going, the more time you’ll have to save and invest. Even if you can only save $100 per month when you start, the impact of this small strategy over time can be astronomical. If you haven’t started financial planning, the best time to start is now!

General FAQ’s

Is financial planning the same as retirement planning?

Retirement planning is a great component of financial planning whether you are setting yourself up from an early age to meet your desired retirement lifestyle or a pre-retiree taking steps to retire in less than 10 years or are about to drop the hammer and retire. However, financial planning is not only about retirement. Our advisors provide advice on many areas from budgeting/cashflow and debt management to make your day-to-day life easier, savings and investment advice to meet other goals such as buying your first home to going on a big holiday, helping you enjoy life along the way and not having to wait until retirement. Other advice includes risk management where having the right insurance cover in place will ensure you and your family are protected if the unexpected occurs.

What fees will I pay if I engage a Financial Planner?

Financial planners are obligated to disclose the fees or commissions they receive for their advice. This revenue can come from you in the form of fees, or it can come from third parties in the form of commissions in exchange for introducing personal insurance products. Instead of paying a percentage of the total amount of money you have available to invest, you might want to think about working with a financial adviser who uses an agreed-upon fixed-fee model. In this model, you pay a pre-arranged amount for a pre-determined number of services that your adviser will provide for you.

Expect to pay for their professional skills just like you would for any other type of expert, at PAC Financial once we know more about your situation and needs obtained from our initial free consultation, we will advise on our fees. We will always ensure that you agree on the level of our charges and your payment options before proceeding with any work.

What type of experience and training do you have?

Our young team has over 100 years of combined experience in the financial services industry.

Our financial planners have been providing financial advice for over 30 years collectively. They all hold diplomas in financial planning and are currently completing their graduate diploma of financial planning and have all met the Financial Adviser Standards and Ethics Authority Exam Standard. Our advisors are qualified tax relevant providers and registered with ASIC and members of the Association of Financial Advisers.

Working With Us – FAQ’s

How do I choose the right adviser?

Financial advice is a long-term relationship and so choosing an adviser you feel comfortable with and trust is important. Like any relationship, the better your communication, the better the results will be and both you and your financial adviser will be able to come up with the right plan that fits your needs and puts you on track to hit your financial goals no matter how big or small.

Are you licensed and registered to work as a financial advisor?

PAC Financial Pty Ltd (ABN 28 608 364 183), is an Australian Financial Services Licensee (AFSL No. 534310). As an Australian Financial Services Licence holder, PAC Financial is a propriety Limited Company (Pty Ltd). As a registered tax (financial) adviser with the Tax Practitioners Board and in accordance with the Tax Agents Services Act 2009, we can provide tax advice related to how your financial products work.

Under our authority, our advisers can act for retail and sophisticated clients by providing product advice on and dealing (apply for, acquire, vary, or dispose of a financial product) on behalf of another person in respect of the following classes of financial products:

  • Deposit and Payment Products—Basic and Non-Basic Deposit
  • Government Debentures, Stocks or Bonds
  • Life Products—Investment Life Insurance Products and Life Risk Insurance Products
  • Managed Investment Schemes, including Investor Directed Portfolio Services
  • Retirement Savings Account Products
  • Superannuation

We can offer you comprehensive advice, or advice on a specific matter. The scope and nature of our advice services will be determined with you based on what is appropriate to your specific needs, circumstances, and objectives, and what is in your best interests. We will gain your agreement on the scope of advice services to be provided prior to preparing our recommendations to you within a Statement of Advice.

Do you offer a free consultation?

The cost of providing a financial product or service to you will depend on the nature and complexity of the advice, financial product and/or service provided. However, at PAC Financial we offer an initial consultation at our expense, to get to know you and to identify how we can partner with you to help you meet your goals, we will explain how we operate and what you can expect. We will always agree on the level of our charges and your payment options before proceeding with any work.

What should I bring to the first meeting?

Information about your situation and the goals you are hoping to achieve, allows your financial planner to tailor the advice to best meet your needs.

Your financial planner will need information about your personal situation such as your age, where you work and whether you’re in a relationship, assets such as your home, savings, super, car, shares and other investments, debts, including mortgages, loans and credit card debt, income from all sources, including pay, investments and government benefits, expenses (every week or month), insurance policies and how much you’re insured for, estate plans, such as a will or power of attorney, doctor, lawyer and accountant.

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