Money Magazine

Money magazine is Australia’s longest-running, highest-selling and most-read personal finance magazine. Money magazine provides credible, independent, easy-to-understand financial advice to help its readers save money and make the most of their investments.

Welcome • At some stage, many of us might feel a little lost financially and in need of guidance on the money front. But reaching out and getting that information either through self-education or from a professional financial adviser is another matter.

Money Magazine

How to use this guide • The Good Financial Planning Guide provides a user-friendly introduction to financial planning, its key elements, options available and important aspects to consider. It helps you determine what’s best for your circumstances and goals, and puts you on a solid footing to decide on the next steps.

What is financial planning? • There are many sources and levels of financial planning, either self-directed or from a licensed financial adviser who can help you put strategies in place to help achieve your financial goals.

The benefits of financial planning • A financial plan should address your financial situation, enable you to prioritise or perhaps re-evaluate your objectives and provide clear strategies to help you achieve them.

Looking ahead • Many people only start developing a financial plan later in life because of major, and often unfortunate, events. But the earlier you start, the more time you have to build your plan and learn the skills you need to make your financial plan a reality.

Information sources • There are numerous sources of information about financial planning and ways to access financial advice, depending on the type of advice required and whether it’s a one-off or you are looking to develop an ongoing arrangement with an adviser.

Taking things further • Some people prefer to manage their own finances. However, this can be too complicated. It can be difficult to make sense of the many different types of investments, insurances, superannuation choices, manage tax and keep on top of the often-changing rules, laws and regulations. This is when you might decide to seek financial advice.

What is and is not financial advice? • Whether you are seeking the help of a financial adviser or are looking for more information for yourself to implement your own personal financial plan, it is important to know what may or may not constitute financial advice.

General versus personal advice • When you see a financial adviser, they will talk about general advice versus personal advice. This section explains the difference and why it matters.

Digital advice • Digital advice (also known as robo-advice) is automated financial product advice delivered online or through an app, tablet or smartphone. It uses algorithms and technology without direct involvement of a human financial adviser.

What is a financial adviser? • A financial adviser is a highly trained professional with the necessary expertise to help you develop your financial plan and provide you with financial advice.

What can a financial adviser do for you? • A financial adviser can help you discover and prioritise what matters most to you and set you on course money-wise to achieving your goals. Importantly, they can offer ways to protect you from the financial stresses often resulting from adverse situations.

Is it worth paying for financial advice? • As with purchasing any goods or services, it is important to know what is involved and what you are paying for. It is crucial to review and understand the advice you are provided, as well as any costs involved before signing and committing to the recommendations.

Good versus bad financial advice • It’s important to find a financial adviser you feel comfortable with. However, it’s...