- What is general advice?
General advice is general information provided to a client on a particular Product or Strategy, however it is not based on his or hers, Personal financial circumstances,
The conduct and disclosure obligations under the financial services laws differ between General Advice and Personal Advice, with significantly more onerous obligations applying to personal advice.
- For general advice you will receive a current Financial Services Guide (FSG) from your Advisor either electronically, or at the first meeting.
Where Product is discussed a Product Disclosure Statement (PDS) for each product will be provided.
Where Strategies are discussed relevant Client Fact sheets will be provided.
- What is personal services advice?
Personal advice is where your Financial Advisor provides advice taking into account one or more of your personal circumstances, needs or objectives.
- For personal advice your Financial Advisor will provide you with a current Financial Services Guide (FSG) and a Statement of Advice (SoA)
- All relevant Product Disclosure Statements
- And supporting Financial Statements (where relevant)
As a client you will be required to:
- Sign an Engagement Letter including:
- Scope of Advice
- Fee Agreement Forms
- Sign relevant Client Release documents including:
- Letter of Appointment
- Authority to Release
- Request for Financial Advice
- Complete and sign a Financial Questionnaire
- Undertake a Risk Assessment Questionnaire (so we can get to know you better).
- Engage in 3-5 meetings (to find out more about you and your dreams)
- Sign Authority to Proceed/Implement Strategy Papers within 45 days of Presentation of the Personal Advice Strategy
- Determine Ongoing Management/Service Requirements so we can ensure you plan remains on track.
- What is execution only advice?
Available only to existing Demèter Wealth Management clients.
Execution only services (sometimes known as No Advice Services or Transaction Only Services) are provided where a client provides instruction to their Financial Advisor and takes full responsibility for the instructions provided. Execution Only Advice can be provided for:
- Managed Investment Redemption/Placement/Contribution
- Superannuation Redemption/Placement/Contribution
- Personal Insurance Cancellation/Placement
When providing an Execution only service, your Financial Advisor is acting as your personal cashier or clerk in the collection and dispatch of forms and payments.
- Why do you work?
We work to provide financial certainty to our clients and our community.
- How do you do this?
We help you articulate your core values and ensure your financial strategy is setup to achieve the desired outcome. A strategy that ensures you feel confident of success.
- What if I don’t know my values?
Think! Reflect… Who are you? What is your purpose? Your passion? Your inspiration? Is it your career? Education? Music? Arts? Is it a desire to help those less fortunate? What do you believe in?
- How do you build a financial strategy to support this?
Benchmark, measure, implement, review and maintain a measurable financial plan.
- How do I know if I would benefit from a financial strategy?
A Personal Financial Strategy is captured under Personal (Services) Advice, meaning that your strategy uniquely reflects your situation.
If you answer “no” to the below questions, then you would benefit from retaining and following a Personal Financial Strategy.
- Do you have complete financial certainty around the decisions that you make on a daily basis?
- Do you know that you can achieve your financial objectives with the least amount of risk possible?
- Have you projected your current financial situation to retirement and determined the strength or weakness of your position?
- Do you know what action needs to be taken to strengthen it?
- Do you know the optimum amount to invest to achieve your goals?
- Do you know where to invest? Your Mortgage, (debt reduction), Offset account (Liquidity), Managed Funds (investment – what type?), Superannuation, yourself (career), your Business?
- Does your Financial Strategy facilitate the achievement of your goals with the least amount of risk possible?
- Is your current Financial Strategy measurable across the following components?
- Cash flow (structure, management, redistribution,)
- Asset growth
- Asset yield
- Asset acquisition
- Asset liquidation
- Debt repayment (deductible and non-deductible)
- Debt serviceability (new and existing)
- Superannuation contributions/growth/yield
- Pension growth/payments
- What is in my financial plan?
Each client has a financial plan that encompasses the following:
- Core client strategy
- Additional satellite strategies (where required)
- Selection of products
- Annual review schedule
- What advice will my financial advisor provide that is pertinent to me?
Your Financial Advisor will take your current goals and financial situation (cash flow, debt, investments, super) and prepare future projections that model your ‘Impact Statement’.
- Your Impact Statement (current situation) clearly identifies the strengths and risks of in your current situation?
- For example cash flow, liquidity, debt servicing, taxation, investments, superannuation, and pension
Once the initial issues have been identified satellite strategies can then be developed to strengthen your position.
- How do I know if I need an investment product review?
- Do you feel comfortable with the investments in your portfolio?
- Have you reviewed your risk profile in the last 12 months?
- Is your risk profile congruent with your Asset Allocation?
- Does your Asset Allocation reflect the requirements set by your Strategy?
- Has your Financial Advisor reviewed your investment manager in the last six months?
- How do I know if I need a mortgage review?
- Do you believe your current mortgage strategy is achieving your goals?
- Do you wish to purchase an investment property or upsize your home but are concerned about servicing repayments?
- How do I know if my insurance will provide for my family if I am unable to work or die unexpectedly?
- Do you have insurance to replace your income if you are sick or unable to work?
- Is it enough?
- Do you understand the terms of the policy and when you are eligible?
- Do you have insurance to provide for your family’s needs in the event of Death or Permanent Disablement?
- What questions do I need to be asking when thinking about my super?
- What age you wish to be receiving passive income?
- How much?
- Are you making the correct contributions to Super?
- Are you using the Correct Trustee?
- Do you have the right Investment Managers in place?
- How much risk do you need to take to achieve your goals?
- Does your asset allocation reflect this risk?
- Does your Super structure allow for easy Transition to Retirement (TTR) strategies?
- Are their ongoing fees?
- If you request a bi annual or annual reviews
- If your strategy retains investment or superannuation products
- If you decline a review service.
- Is Demèter Wealth Management the right advisory team for me personally?
If you answer yes to the below, then we may be able to assist you…
- Do you have the intention to create a financial situation that is different to the one that you currently have?
- Are you willing to commit the time to work with your Advisor and team to develop a strategy that suits your situation?
- Can you clearly communicate ‘what it is about money that is important to you – personally?’
- Are you accountable and results focused?
- Do you find security and comfort in understanding your financial situation?
- Are you committed to maintaining your Strategy?
- Do we sound like the team you want working for you? If so:
- View more information on your team
- View Demèter’s philosophy and philanthropy
If you answered yes to these questions, our team may be able to assist you. Please contact us to make an appointment.