FAQ

Good advice from an experienced, well-informed adviser can help people save money, protect against risk, manage debts, grow assets, reduce tax liabilities, plan for retirement, identify entitlements for government benefits, and plan what inheritance is to be left to the next generation. WPA financial planners are your money coach to assist you in all matters financial, whether they are general or specific.
We work with you to understand where you are now (your current situation) and where you want to be (your goals and dreams) to map out strategies for you to achieve your dreams.
The advice may or may not involve the recommendation of a financial product. The role of a financial adviser is not to sell financial products.

WPA financial planners can help you with many things, such as
• Financial education
• Retirement planning
• Direct Shares – buying and selling
• Superannuation
• Estate planning
• Insurance – life, trauma, income protection, disability cover, and business insurance
• Investing
• Wealth accumulation
• Debt management
• Social Security

A financial planner

• provides direction and meaning to your financial decisions.
• helps you to understand how each decision you make affects other areas of your finances. For example, buying a particular investment product might help pay off your mortgage faster or it might delay your retirement significantly.
• can help you make the most of your money, responding to different stages in your life and changing environmental conditions to make sure you meet your goals.

Plus, to get the most out of your money there is a lot to consider and understand. WPA financial planners have the skills and training to guide you in the right direction.

Most people choose to see a financial adviser at significant turning points in their life. They may need a professional to help them consider their options and to understand financial products, tax laws or the benefit system. Once people find an adviser with whom they’re comfortable, a long-term relationship often develops with regular meetings to review changing needs.
People most often consult a financial planner when:
• Starting work or changing jobs and looking at superannuation options
• Getting married, or separating from a partner
• Starting a family, and saving for education costs
• Buying a house, or paying off the mortgage
• Looking to invest for capital growth
• Planning to retire
• Inheriting money, receiving redundancy payments or other lump sum payments.

A financial planner sets out to understand each client’s different needs and financial objectives and to recommend an appropriate financial strategy.
There is an established six step financial planning process which our advisers follow with every new client:

1. Gather financial information about the client
2. Identify financial and lifestyle goals
3. Identify any financial issues
4. Prepare a financial plan
5. Implement the plan
6. Review and revise the plan at regular intervals, or when circumstances change.

Most people are willing to give an opinion, however to provide ‘financial service’ advice, a person needs to obtain an Australian Financial Services Licence (AFSL) or become an authorised representative of an AFSL holder. Thus an accountant or solicitor must have a Licence or be authorized before providing advice.

‘Financial Services’ are defined very broadly and include providing financial product advice and dealing, or arranging to deal, in financial products. So unless they are covered by an AFSL, an accountant or solicitor cannot offer investment advice or recommend specific financial products.

We are independent financial planners, so we don’t belong to financial institutions such as bank, investment or superannuation companies. This makes a huge difference as WPA financial planners have wider ranges of products and options we can utilize for our clients to create financial strategies.

It is important to take an active role in making your financial plan and you’ll get maximum value from the experience. It may sound overly simple but you will need to know what it is you want from your financial plan.

Before you meet with us, please consider the questions below:

• What are your lifestyle goals?
• What insurance might you need?
• Are you a member of a superannuation fund?
• How much do you have to invest?
• Would you consider borrowing money to invest?
• What sort of return do you expect?
• Can you live with the risk of losing some of your money?

What are your priorities?

In order for us to get an accurate picture of exactly where you are now and where you want to be, we have to understand your situation completely – so please tell us a range of personal information and do not leave out any vital information. To help put together your financial plan, we will use information such as:

• Your age.
• Income – now and what you expect to be earning in the future.
• How many dependants you have.
• Everyday expenses – how much it costs you to live now.
• Possible future expenses – having a family, education, travel, house renovations.
• How much tax you pay now (and/or owe).
• How much you have in assets (house, car, shares, valuables).
• How much you owe in loans (mortgage, personal loans, credit card debt).
• Amount you have invested in superannuation or other investments.

Insurance – what are you covered for already, and how much would you receive in case of a claim?

• Health and mental history if you are applying for insurance policies.

The key to successful wealth accumulation is to set clearly defined and realistic goals and to then design a plan that will help you to achieve those goals.
A WPA financial adviser can help you design a tax effective plan and an asset allocation strategy that is tailored to your individual circumstances. This will take into account the length of time you will be investing and your willingness to accept volatility in your investments.

The actual amount of your savings or assets does not matter. The situation of each individual is unique and equally important. A WPA Adviser will look at your situation and help you with a strategy that is best for you.

This is a type of investment that brings the assets of multiple investors into a single investment pool, with a common investment strategy or objective. The benefits of a managed investment are that you have access to professional management, lower costs through economies of scale and access to greater diversification.

WPA is a privately owned and operated company. As no investment or insurance provider has any ownership or material interest in WPA, you can be assured that our Advisers only recommend investments that are suited to you and your financial situation.

You can’t afford to leave your wealth unprotected. Your WPA Adviser can help you steer your assets safely through difficult times.

Protecting your hard-earned assets through appropriate insurance is an integral part of the financial planning process. The trauma of death, accident or serious illness can be devastating for you, your family and your financial plan, especially if you’re in the wealth accumulation phase of your financial plan – that is, investing to build your wealth during your working life.

The right insurance advice can help you minimise risks, secure your family’s future and soften the financial blow of serious illness or injury. Your Adviser is able to analyse your insurance needs and recommend appropriate wealth protection solutions.

The same care and expertise your Adviser applies to planning your affairs during your lifetime extends to planning the transfer of your assets to your family and other beneficiaries when you die.

Your WPA Adviser can work with you, your solicitor and/or an estate planning specialist to help you structure a tax-effective estate plan using testamentary trusts and other strategies to protect your assets from unnecessary taxation or the unwelcome claims of others.

By investing in an allocated annuity or pension your eligibility for social security benefits may be enhanced. There are two tests, which will determine if you are entitled to social security benefits:
• Assets test – This takes into account the whole amount of your annuity/pension.
• Income test – This may only take into consideration part of your annuity/pension payments.

A WPA adviser will discuss what insurance is needed first and we will speak with underwriters to pre assess your conditions with multiple insurance companies to get the best outcome. They may request your doctors to provide them with medical report or blood test. There are many different types of insurance that we can offer. So please feel free to disclose everything so you are fully insured.

Again the costs will be different for different individuals as their circumstances are unique. The two things to remember is that the first consultation is free with a WPA Adviser and that before you act on our recommendations, you will understand fully the benefits and the costs.

Q. CAN I HAVE A WRITTEN ADVICE plan ?
A WPA adviser will provide you with a written financial plan or ‘statement of advice’ (SoA) whenever giving personal financial advice. This written plan should set out the basis for the advice and the reasons for the particular recommendations.

WPA adviser will provide you with a written financial plan or ‘statement of advice’ (SoA) whenever giving personal financial advice. This written plan should set out the basis for the advice and the reasons for the particular recommendations.