Preparing for your first meeting with a financial planner with Paul Benson
Preparing for your first meeting with a financial planner with Paul Benson
This week a topic that's been asked for time and again. We’re working through everything you should be thinking about and preparing before you see a financial planner for the first time.
This week I’m welcoming Financial Planner Paul Benson from Guidance Financial Services back to the program. We’re working through everything you should be thinking about and preparing before you see a financial planner for the first time. It’s a ripper of a list.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
Paul’s got some helpful tips before we work through his top four things to go to the meeting.
How to check if your adviser is licensed with the regulator. We talk through your protections if you work with a properly licensed adviser.
Satisfy yourself that the adviser is a good listener - and not just dolling out cookie-cutter approaches.
Identifying that the adviser you are having a first meeting with is listening to you - and if you are part of a couple, engaging with both of you.
Check in with your adviser about how much experience they have with people like you, and the problems you have.
Understand the fees that the adviser plans to charge and has ‘informed consent’. Ask about the initial advice and the ongoing advice costs.
Paul demystifys the advice fees and what’s happened to hidden commissions.
What to think about and prepare for your meeting
We have a great conversation about each of the four big things to think about and prepare for your meeting.
What are your goals or objectives? If you’re in a couple, ensure you are both on the same page bfore you come into the meeting.
If you are coming in to discuss retirement planning – how much income do you need in retirement? Do you want to have higher spending early in your retirement? Have you built a budget to project how much you need and do you have a picture of what your life might look like?
Is it reasonable to expect inheritances in the future? It’s a tough topic to bring up, but it’s an important one because an inheritance can be a total gamechanger.
The advisor will need to know your financial position. Consider putting this together on paper prior to the meeting. How much you have in super, what you owe on the mortgage, how much cash you’ve got in the bank — they’re all important numbers to have written down.
From Bec’s Desk
Paul is always fun to have on the show. He has such a grounded approach to advice that we can all learn from. I hope you enjoy this week’s episode.
As anyone who reads my Epic Newsletter will know, I’m freshly back from the Epic 54km four day walk I did along the Three Capes of Tasmania last week with the Tasmanian Walking Company. It was fun and fulfilling making it to the end. I’m calling it my Prime Time Challenge - and I am looking for more ideas on ‘Prime Time Challenges’ we can do in our midlife years. If you have good inspiration - email me.
The one downside of going away when everyone else is at work - I’m now like a duck on water catching up — pedalling really hard! Gotta get this book done so it can come out on the planned date. Gotta get our next course out!
This week I wrote a fun article for The Age and The Sydney Morning Herald… I busted three of the biggest myths about retirement. You can read it here. (It’s not paywalled 😁). What were the myths I cracked open?
Myth 1: You need a million dollars to retire in comfort
Myth 2: You should move all your investments to conservative assets
Myth 3: You should give up work completely the day you retire
Now, go have a listen to Paul Benson. Hopefully he’ll make financial advice feel more approachable for you.
Catch you next week, and in the meantime, make your Prime Time count!
Many thanks! Bec Wilson
Author, podcaster, guest speaker, retirement educator … Visit my website for more info about me, here
PS - Our next How to Have an Epic Retirement Flagship Course is launching later this week. Register your interest here for the earlybird deal. It’ll be offered on a first-in basis.
