What Information Will A Financial Planner Need?

At your first meeting, your financial planner will ask you about you - about where you are now, about your expectations, about how you would like to live your life.

Then they will conduct something called fact finding – they will ask about your personal circumstances and your attitude towards risk (whether you are a conservative or aggressive investor, or somewhere in between).

Don’t be surprised when your financial planner asks for detailed personal information – they need it to put together your financial plan. They will ask for your:

age
current personal income
family income
future income (inheritances included)
day-to-day expenses
your family circumstances (number and health of dependants, dependants from previous relationships etc.)
future expenses
assets and liabilities
tax paid and tax owed
super and insurance situation
current investments
state of health.

You will also need to have considered your goals and current financial position, including:

when you want to retire
how you want to educate your children
whether a second home, like a holiday house, is important to you
do you have dependants you need to provide for, if you are unable to work or if you die
whether you have an up-to-date will
whether you are expecting any large expenses.

In addition to these questions it is helpful to have copies of any relevant documents that may relate to what you want to discuss. These could include:

mortgage statements
superannuation statements
A current budget
bank account statements
details of current life insurance policies
tax returns