Types of financial advice

The type of advice you can receive from your financial adviser will depend on your personal situation and your financial needs and goals. There are a couple of different categories of financial advice offered:

Issue specific advice

If you have a specific situation you want help with, your financial adviser can help you with that requirement alone. This could be something like creating a budget, cash-flow and debt management strategies, salary packaging strategies, super fund reviews, insurance cover, redundancy advice and transition to retirement strategies to name a few.

We offer IOOF Member Advice Services, a service for IOOF Employer Super members that don’t have a financial adviser and need assistance on a simple, single topic relating to your super. Click here to find out more about this service.

Comprehensive or holistic advice

If you want help setting goals and developing a detailed financial strategy, your financial adviser can help. They can assess your situation holistically to develop a plan which includes investment accumulation, superannuation accumulation, secure life and income protection insurance, estate planning and aged care. Together you can then manage your strategy going forward.

Ongoing advice 

An ongoing relationship with your financial adviser means that you will work together to ensure that your financial strategy remains in line with your objectives, even as your circumstances change or as new opportunities arise.

Some key areas of ongoing service are:

  • You have access to customer service staff who are there to help when you need them.
  • Your adviser will review your investments as regulatory, economic or investment specific changes occur. They will advise you if any adjustments need to be made or if any opportunities arise and can add value to your portfolio.
  • To help keep you on track you can review your financial position with your financial adviser at least on an annual basis.
  • You will receive information reports about your investment portfolio on a regular basis.
  • You will receive newsletters and other communications to help you keep abreast of current economic issues as well as any other services that are available to you
  • Your adviser can communicate with your accountant or solicitor to ensure that all your strategies are aligned.
  • Your adviser can provide specialist advice to help you maximise your eligibility for Government support entitlements such as Centrelink, Veteran’s Affairs and Disability Support pensions.

Speak to your financial adviser about which category best suits your needs.