A financial planner helps you make structured decisions about your money so you can achieve your life goals with confidence. Whether you’re planning for retirement, growing investments, or protecting your family’s future, a financial planner brings expertise, objectivity, and a personalised strategy. This guide explains what financial planners actually do, the services they cover, and how to know if one is right for you. If you’d like an independent overview first, the government’s Moneysmart guide to financial advice is a helpful starting point.
What Financial Planners Actually Do
At its core, financial planning is about removing confusion from your financial life and building a roadmap to your future. A financial planner takes a holistic view of your entire situation. Instead of focusing only on investments, they look at your income, expenses, assets, liabilities, insurance, superannuation, tax position, and personal goals. They then shape recommendations on how to make your money work for you to deliver your specific needs and goals within your ideal timeframes.
Financial planners don’t work in isolation. They recognise when it’s beneficial to coordinate with other professional services such as accountants, mortgage brokers and lawyers, ensuring all the advice is aligned to optimise client outcomes. Financial planners very often recommend products, a super fund or wrap platform and specific investments or personal insurance, to support strategies that achieve client goals and they must clearly demonstrate those products are in the best interests of their clients. Investment products no longer pay commissions to planners, rather any adviser fees that are deducted from a client’s product must be agreed in writing first by the client and re-consented to annually. Commissions paid by insurance companies to planners, are fully disclosed and agreed to by clients before
anything is put in place by the planning team.
When you work with a financial planner, the aim is to move beyond confusion about money and into a place of clarity and control. Many clients report that the biggest wins from financial planning are confidence in the strategy being implemented, a clear understanding of what they are doing and why, the ability to see their progress toward their goals, and the peace of mind that comes with it.
Services Financial Planners Cover
Financial planners typically help across several key areas of your financial life.
Retirement Planning
A financial planner helps you clarify what you want your retirement to look like, how much money that will require, and when you can transition to and eventually stop working with confidence. They assess your current superannuation balance, contributions, and projected pension income, then work backwards to calculate what you need to save between now and retirement. They also consider government support such as the Age Pension and plan for how your money will be drawn down once you retire. This is the focus of dedicated retirement planning advice.
Superannuation Strategy
Superannuation is part of your employment remuneration package, designed to provide income during your retirement. The decisions you make during your working life, such as which fund you use, how your money is invested, and whether you make additional contributions, can significantly affect your future balance. It is often the largest wealth-building vehicle available to Australians, but many people don’t optimise it. A financial planner reviews your super fund choice, contribution strategy (concessional and non-concessional), and whether your current fund delivers the returns and features you need. They also help you coordinate super across multiple jobs or accounts, which is where tailored superannuation advice adds value.
Investments and Asset Allocation
In determining what you want your money to deliver for you, a financial planner recommends how to build a diversified portfolio aligned with your investment risk tolerance to deliver outcomes across your timeline. Rather than picking individual stocks or chasing hot tips, they recommend an asset allocation (a mix of shares, property, fixed income, and cash) that balances growth with stability based on your goals. This is the heart of professional investment advice.
Cashflow and Budget Management
Many people have money but don’t have a plan for it. A financial planner helps you map your income, expenses, and debt, then identifies opportunities to redirect money toward your priorities. This might include debt reduction strategies, savings goals for education or property, or restructuring your spending. Prioritising how you use your cash flow, and identifying how to invest a sustainable level of surplus cash flow, whether through additional super contributions or an investment portfolio for use before retirement, is how you move from living pay cheque to pay cheque toward building passive income.
Wealth Protection
Life insurance, income protection insurance, and estate planning ensure your family and wealth are protected if something unexpected happens. A financial planner reviews your insurance cover to make sure you have the right amount and type, and helps you plan for estate administration and aged care considerations.
The Financial Planning Process
Understanding how financial planning works can help you decide whether it’s right for you. Here’s what typically happens.
Initial Consultation: You meet your planner and discuss what brought you to seek advice. They ask about your goals, current situation, concerns, and what you’ve tried in the past. This is the start of the process, and there is no obligation at this stage until you decide to become a client.
Fact-Finding and Financial Assessment: Your planner gathers detailed information about your assets, liabilities, income, superannuation, investments, insurance, and personal circumstances. They also ask about your values and priorities to ensure recommendations align with what matters to you.
Research and Strategy Development: Your planner analyses your situation, researches options, and considers tax implications, government benefits, and regulatory rules. They then prepare a Statement of Advice (SoA), a formal document that outlines specific recommendations tailored to you, plus the reasoning behind each one.
Implementation: Once you approve the recommendations, your planner helps put them into action. This might involve switching super funds, restructuring investments, applying for insurance, updating your will, or other steps.
Ongoing Review: Financial planning is not a one-time event. Your planner reviews your plan regularly (often annually) to ensure it still makes sense as your life circumstances and markets change. You also have a point of contact if you need to adjust your strategy between reviews.
Financial Planner vs Financial Adviser: What’s the Difference?
In Australia, the terms “financial planner” and “financial adviser” are largely interchangeable. There is no legal distinction between them. Both roles are regulated by ASIC (the Australian Securities and Investments Commission) under the same framework: advisers must hold an Australian Financial Services Licence (AFSL) and comply with professional standards.
The confusion often arises because “financial adviser” is the formal regulatory term, while “financial planner” is a more colloquial title used by many advisers to describe their work. Some firms use both terms to describe the same person or service. The key is not the title but whether the person or firm holds an AFSL and is authorised to provide the advice you need.
Professional Standards and Qualifications
Because financial advice affects people’s livelihoods and futures, Australia has strict rules about who can give it and what they must know. Anyone providing personal financial advice must be authorised under an AFSL and registered with ASIC. You can verify any adviser’s registration at no cost by searching the ASIC Financial Advisers Register.
Financial advisers must also meet professional standards set by ASIC and Treasury. Many hold or work toward the Certified Financial Planner (CFP) credential, which requires ongoing education, ethics training, and experience in the field. Some firms, including Future Point Wealth, employ advisers such as Jenny Leonard, a Certified Financial Planner who brings decades of industry expertise.
When choosing a financial planner, always ask about their qualifications and verify their registration on the ASIC Financial Advisers Register. This simple step ensures you’re working with someone authorised to give the advice you need.
When Do You Need a Financial Planner?
Financial planning is not only for the wealthy. It’s for people who want their money to work hard for them so they can enjoy the lifestyle they want and achieve the goals that matter to them. Many people don’t have the expertise, confidence, or time to set up and review a money strategy that will get them there. The sooner you put an effective strategy in place, the easier and more likely it is to achieve your longer-term goals. Consider working with a planner if any of these apply to you.
You have a complex financial life. If you have multiple income streams (salary plus self-employment or investment income), own investment properties, hold shares, have a significant superannuation balance, or face complex tax situations, a planner can help you navigate the details and optimise your position.
A major life event or significant change is on the horizon. Getting married, having children, inheriting money, changing jobs, starting a business, divorce, or planning retirement are all moments when professional guidance can prevent costly mistakes and clarify your next steps.
You lack time or expertise to manage your finances yourself. Not everyone enjoys financial administration or has the knowledge to invest confidently. Outsourcing this responsibility to a planner frees your time and reduces stress.
You want accountability and a structured plan. Working with a planner creates external accountability and a formalised strategy. This often helps people stay on track and actually follow through on their good intentions.
You are not sure if you need a planner. The only way to know is to have a conversation. As with a lawyer, a financial planner invests the time to understand your situation, and whether and how they can help, before you pay any fees. The scope of work and the fee are always agreed transparently before the professional relationship begins.
On the other hand, if your finances are straightforward, you’re comfortable managing money yourself, you’re on track toward your goals, and you have no major changes ahead, you may not need a planner at this stage. That can change as life unfolds.
How to Choose a Financial Planner
If you’ve decided to seek help, use these steps to find the right planner.
Verify their credentials and registration. Visit the ASIC Financial Advisers Register and search for the planner’s name or firm. Confirm they are authorised and registered, and note which financial services they are licensed to provide. Moneysmart’s guide to choosing a financial adviser walks you through exactly what to look for.
Ask about qualifications. Does the planner hold a CFP or other relevant qualification? How long have they been in the industry? What is their background? A planner with deep experience and credentials signals expertise.
Understand their fees and services. How do they charge (flat fee, percentage of assets, hourly rate, or commission)? What services do they offer? Be clear on costs and what you’ll receive before you engage. Our guide to how much a financial planner costs explains the common fee structures in detail.
Interview multiple planners. Don’t choose the first planner you meet. Speak to at least two or three to compare their approach, personality fit, and recommendations. Financial planning is a partnership, so you want to feel comfortable and confident with your choice.
Check local availability. If you prefer face-to-face meetings, book some time with a planner in an office near you. FuturePoint Wealth has offices in Sutherland, Cronulla, Gymea, Blaxland, Figtree, Wollongong, Miranda and Huskisson on the South Coast. The advisers in the group bring decades of combined industry experience to their work with individual clients, families and businesses.
Frequently Asked Questions
Do financial planners guarantee investment returns?
No. A financial planner’s job is to develop a strategy aligned with your risk tolerance and timeline, diversify your investments appropriately, and review your plan regularly. They cannot guarantee market returns or protect you from market downturns. However, a good plan and ongoing review can help reduce the risk of costly mistakes and keep you on track toward your goals.
What should I bring to the first meeting with a financial planner?
You will make the most of your first discussion with a financial planner if you have a good sense of where your money is at now and what you’d like it to deliver for you in the future. Take some time to write out important goals & when you’d like to achieve them. Gather your latest super and investment account statements, personal insurance details as well as a recent payslip, then jot down a summary of them so you feel like you know your numbers: your income your superannuation, cash & investment account balances, and estimate the market value of any property you own & remaining mortgage balance. Once you become a client, your adviser will ask you to securely provide this type of documentation including tax returns to complete the necessary research before making recommendations.
How often should my financial plan be reviewed?
Most planners recommend an annual review to ensure your strategy still makes sense. Life circumstances change, markets fluctuate, and tax laws shift. A regular review keeps your plan current and lets you adjust if your goals or situation have changed. Some planners offer quarterly or more frequent check-ins depending on your needs.
What does a Statement of Advice include?
A Statement of Advice (SoA) is a formal document that outlines your planner’s recommendations, the reasoning behind them, relevant risks, and how the advice aligns with your circumstances and goals. It also discloses fees and conflicts of interest. The SoA is your reference point, so keep it safe and review it when circumstances change.
How much does financial planning cost?
Fees vary widely depending on the planner, the complexity of your situation, and the service model. Some planners charge a flat fee, others a percentage of assets under management, and some charge hourly rates. Our detailed guide to financial planner fees breaks this down, and Future Point Wealth can discuss fee structures with you during an initial consultation.
How can I verify that my financial planner is qualified?
Search the ASIC Financial Advisers Register. You can verify the planner’s name, their registration status, their authorised representative number, and the financial services they are licensed to provide. This is a public resource available at no cost and the easiest way to confirm someone is authorised to give you personal financial advice.
A financial planner’s job is to help you make structured, confident decisions about your money so you can build, protect, and grow your wealth toward the life you want. Whether you need help with retirement planning, superannuation strategy, investments, cashflow, or protection, a planner brings expertise, objectivity, and accountability.
If you’re thinking about working with a financial planner, start by verifying their credentials on the ASIC Financial Advisers Register, asking about their qualifications and approach, and having a conversation about whether they can help with your specific needs.
This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.
