The value of accessing advice

The value of financial advice has traditionally focused on achieving tangible financial goals, such as retiring earlier, an increase in investment returns or simply managing cashflow. However, research shows that financial advice also leads to stronger relationships and increased personal happiness¹. There’s also more than one way you can seek advice. Let’s explore your options.

The true value of advice

There’s a lot to consider when trying to secure your financial future.

Good financial advice maps out your goals and puts strategies in place to achieve them. Our survey of 521 advised and non-advised Australians revealed that those who receive ongoing financial planning advice, not only benefit financially but also experience¹:

• 13% greater levels of overall personal happiness
• 21% overall increase in peace of mind
• 19% less likelihood to have arguments with loved ones.

Those who don’t receive financial advice were:

• 22% more likely to have their sleep disrupted due to money concerns
• 15% more likely to feel stress and anxiety
• 11% more likely to feel concerned about their finances.

Also, 83% of clients surveyed endorsed the value of financial advice by believing it’s important for their loved ones to also have good financial advice.

Even if you feel you’ve already got your finances in order, a financial adviser provides you with the peace of mind that comes from a well thought-out and documented plan that ensures you’re prepared for the future.

Types of financial advice

There are a number of ways you can seek financial advice. From seeking simple fact-based information to complex, holistic advice from a qualified financial adviser. We explain some of the terms you may have heard in relation to receiving advice.

General advice

General advice is fact-based information about financial or insurance products. General advice does not take into account your particular circumstances, objectives, financial situation or needs. For example, when you attend a seminar about investing you are likely receiving general advice as part of a group. If you want advice that takes your personal situation into account, you need ‘personal advice’. Only licensed financial advisers can legally provide personal financial advice.

There are two types of personal financial advice:

Scaled advice

Scaled advice, also known as single-issue advice, limited advice or one-off advice, is personal financial advice that is limited to cover only the topics requested by you at that time. For example, advice on rolling over super or making an investment choice in super is scaled advice. Scaled advice is likely to be cheaper than holistic advice but doesn’t take into account your complete situation.

Holistic advice

Holistic advice, also known as comprehensive financial advice or full financial advice, is to help you develop a financial plan to reach your ultimate financial and lifestyle goals. A financial adviser will assess your whole situation, develop a detailed strategy and provide ongoing advice as your circumstances change and when new opportunities arise.

Holistic advice covers:

• documenting your lifestyle aspirations and needs
• budgeting, paying down debt and cashflow
• wealth accumulation and investment strategies
• tax-effective investing
• superannuation and retirement strategies
• social security entitlements
• protecting your family with insurance
• Wills and estate planning
• aged care for you or a loved one

Ways to access personal financial advice

If you’re a member of IOOF Employer Super, as part of your employer plan, you may have access to a financial adviser already. To find your financial adviser’s contact details, check your benefit statement or login to IOOF online and click on account details > points of contact

If you don’t have an adviser and you need financial advice, you can receive advice either over the phone or face-to-face.

Advice over the phone

If you’re interested in receiving limited advice over the phone you can contact a qualified financial adviser in our Member Advice Services Team on 1800 119 062 or complete the request advice form

Some of the areas they can help you with include:

• contributing to your super
• insurance within your super
• investment options
• consolidating your super.

If a member of the team believes you need more comprehensive advice, they will refer you to a financial adviser for face-to-face advice.

Face-to-face advice

For comprehensive face-to-face advice please contact your existing adviser. If you don’t have an adviser you can find one in a location that suits you by searching to find an adviser

¹ IOOF: The true value of advice (2015)

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the Product Disclosure Statement available from us or your financial adviser, before you acquire a financial product.