Financial Planning Services

What’s your financial spectrum?

Your financial spectrum is unique to you. Uncovering it doesn’t start by measuring you up for life insurance. It starts by knowing what questions to ask then listening to the answers.

A negatively geared seafront unit in Newcastle might be perfect for your neighbour and exactly the wrong tactic for you. And it’s you that we’re planning for, not your neighbour, your colleague or your brother-in-law. Where do you want to go and how are you going to get there?

OUR INSIGHTS HAVE BEEN REPORTED IN

Financial planning benefits

Financial planning is not simply about building your wealth. It’s about what that wealth opens up for you.

Imagine having the freedom to do what you want, when you want, without worry? The satisfaction from putting your dreams into reality? The assurance you’re providing the best for your family? Don’t forget less stress, better health and happier relationships too.

Why Financial Spectrum?

Financial Spectrum is privately owned and we reject commissions from financial institutions. We work for the sole benefit of our clients and not for the financial institutions whose products we may recommend. What this means to you as our client is that you can rely on us to provide you with uncompromised, expert financial advice that is tailored to your individual needs.

We charge a fee for our services and take no commissions from banks, fund managers, insurers or other financial organisations. You get solutions — not products — to give you a financial edge.

Because we get no benefit from the financial products that we recommend, we will only suggest a particular product or course of action if we believe it is the best option to help you reach your goals. We are also able to offer the full suite of financial products, some of which other financial advisors may avoid because there is limited benefit to them personally.

In fact, there is very little talk about “products” at all. Instead, we invest time into listening and understanding you and working with you to get clear on your values and goals.

Financial advice, not products

We all have our own relationship with money. Whether we grew up with or without it. How our parents reacted to money. Have we found it hard to come by but easy to spend? Or is it the other way around?

Understanding your relationship with money is fundamental to how we will tailor a financial plan that fits you.

You might work in a similar job, be the same age and have the same number of children as someone else, but you’re an individual, not a category. There’s no such thing as a pre-packaged plan that’s just right for you. You aren’t a “Portfolio Maximiser” or an “Investment Property Magnate”. A template is only a path to someone else’s ideal future.

You need to take charge of your own plan to get to your own future. When you’re striding along on your own path, you don’t have to worry about what everyone else is doing.

In short, don’t be surprised when you meet us that it takes a while before we’re talking about money. We want to know about your history, your family, your lifestyle, your career and your lifestyle aspirations.

Then we can start planning for your very best future. That will include working through models based on your current situation and what you’ve told us about your hopes for the years ahead. We’ll consider every eventuality by talking about a range of outcomes based on different inputs and scenarios.

Financial planning for your life

Financial Spectrum can help you at all stages of your life journey. From getting married, buying a home and raising a family, through to reducing work hours, retirement and leaving a legacy. Getting the right advice and support at each stage along life’s journey is the best way to improve your overall financial position and put your dreams into reality.

As your life unfolds, changes will take place. Some you anticipate and prepare for. Others are unexpected and beyond your control. Together, we’ll identify opportunities and support you to make course corrections when life takes unexpected turns. It is our role to ensure you feel confident about the choices you make with your money as these decisions have a measurable impact on your quality of life.

Think of it as an investment in your happiness.

How we work with you

1. Introduction

Most of the relationships with our clients start with a chat over the phone. We’ll give you an overview of our approach and arrange a time for an initial meeting. Your first meeting is complimentary and obligation-free, and generally takes one hour. We usually meet our clients face-to-face in our Sydney CBD office, but we can also meet in our Balmain office, Bondi office or via video conference if that’s more convenient for you.

2. Getting to know you

Prior to your first meeting, we’ll send you a questionnaire to help us get to know you, your circumstances and your aspirations. It will help us to know which areas to explore further in the face-to-face meeting so that we can build a thorough understanding of your situation.

3. Initial Meeting

At the first meeting we’ll discuss your current financial situation, any particular challenges you’re facing and begin build a picture of both your financial and life goals. This information will be used in a comprehensive scenario modelling process so that we can build a plan tailored to your needs.

4. Second Meeting

Based on the information you’ve provided us, we’ll share our ideas and visions for your future. If you’re comfortable that we’re heading in the right direction, we’ll present you with our fee agreement. We’ll then go away and map out several strategies using our proprietary research and modelling tools.

5. Strategy Meeting

We’ll present the strategies we’ve prepared for you and talk you through how they’ll drive you towards your future financial and lifestyle goals. You’ll start to see how different decisions can impact your future. Our priority is ensuring that you understand the concepts we are discussing and feel comfortable that they’re right for you.

6. Strategy refinement Meeting

Refining your strategy can take one or multiple meetings, depending on the complexity of your situation and your ability to make decisions. We commit to all our clients that they will get the plan that they want and don’t place a limit the number of refinements that it takes to get it just right. As we go through the strategy refinement process, you’ll develop an intimate understanding of your options and their long-term effects and eventually decide on the scenario that’s best for you.

7. Presenting your financial plan

Once you’re comfortable with your financial strategy, we will prepare a more comprehensive version of your plan, called a Statement of Advice. It will contain detailed recommendations, including a step-by-step explanation of how you can improve your financial situation. We’ll present this to you face-to-face so you have the opportunity to clarify anything you’re unsure about and feel confident moving forward.

8. Delivering your financial plan

The implementation of each plan is unique. Your plan may involve budgeting and debt reduction, sourcing insurances, implementing estate planning, investing in managed funds, exploring options in property and a range of other tactics suited to your specific goals. Regardless of what’s required, we’ll partner with you to help you implement your plan and answer any questions you have throughout the process.

9. Ongoing Support

Once your plan is in place, we are committed to providing continued expert advice and support. Changes in your personal situation, financial markets and legislation occur all the time. It’s therefore important that we review your portfolio and personal circumstances regularly so that you can stay on track to achieving your goals.

Financial planning fees and payment

Everything is in the open with Financial Spectrum. We are privately owned financial planners with no links whatsoever to banks or financial institutions. We charge a simple flat fee for our time and advice, and we reject all commissions.

Our fee is based on the complexity of the service you require, not on whether we’re advising you about growing $50,000 or $5,000,000. Each and every client’s financial future is equally important.

We’re certain we can deliver immediate, measurable savings to you well over and above what you invest in our advice. We’re so sure that we back that claim with a complete money-back guarantee.

If our statement of advice doesn’t show clearly how we’ll save you more than you’ve invested in our advice, we’ll refund 100% of our fees immediately and without question.

Do I need to be wealthy to get financial advice?

It’s a common misconception that you need to be wealthy to see a financial adviser. Most of our clients have never seen a financial adviser before deciding to work with us. Many come to us for help with a strategy for better day-to-day saving, buying their first home or starting a family.

We help both renters and homeowners with making investment decisions, develop strategies to be more tax efficient and have a clear and achievable plan to building long-term wealth.

How does Financial Spectrum charge?

Financial Spectrum charges a simple flat fee for our time and advice. This fee is based on the complexity of the service you require and encompasses all meetings, the development of your financial strategy and full implementation of our recommendations from start to finish.

We take no commissions from banks, fund managers, insurers or other financial instructions that are widespread throughout the industry, so you can be assured you’re getting unbiased advice.

Why do you charge more than some financial planners?

Financial Spectrum charges a simple flat fee for the time we spend developing and implementing your financial strategy. It’s common practice within the industry to charge a smaller up front and then back load the fees with an implementation fee, a percentage-based fee (based on how much you invest), commissions on life insurance etc.

It’s also common for other financial advisers to structure investments so that they’re held in custodian on an investment platform, rather than owed directly by you like we do at Financial Spectrum. This heavily influences how much you pay upfront as well as over the life of your investment.

So, while other financial advisors may charge less upfront, make sure you are clear on all of the additional fees that will be incurred over the lifetime of your investments. You’ll probably find that Financial Spectrum is a much more cost-effective option!

Does Financial Spectrum accept commissions?

Financial Spectrum is privately owned, and we take no commissions from banks, fund managers, insurers or other financial organisations. Because we get no benefit from the financial products that we recommend, we will only suggest a particular product or course of action if we believe it is the best option to help you reach your goals.

We are also able to offer the full suite of financial products, some of which other financial advisors may avoid because there is limited benefit to them personally, such as industry super funds and low-cost ETFs.

What this means to you as our client is that you can rely on us to provide you with unbiased, expert financial advice that is tailored to your individual needs.

Does Financial Spectrum accept commission on life insurance?

Financial Spectrum completely rejects commissions, including commission on life insurance. This means the policy fees our clients pay are up to 30 percent cheaper than the retail rate.

You can also be assured that you’re receiving the best insurance product recommendations for your individual circumstances, rather than have an adviser recommend an insurance product that gives them the highest commissions.

Does Financial Spectrum offer a rebate on commission?

Some advisors may offer to rebate the commission when you take out life insurance. While this is better than accepting the commission and keeping it themselves, rebates only work while you remain a client to the advisor.

Typically, when you cease to be a client, so will your rebates. At Financial Spectrum, the discounts you get on your life insurance will remain with you whether you remain a client of ours or not.

Who owns Financial Spectrum?

Financial Spectrum is a privately owned financial planning and accounting firm. This means that we work solely for the benefit of our clients and not for the financial institutions whose products we may recommend.

Are there any hidden fees in your financial advice?

Financial Spectrum charges a simple flat fee for our time and advice. There are none of the hidden fees that are commonplace within the industry. If you chose products as part of your strategy, you may have to pay fees directly to the product providers, for example, fees to the fund managing your superannuation.

We routinely recommend low-cost EFTs and industry super funds as a core part of our clients’ strategy. Importantly, all the investments will be personally owned by you, so you have full control.

Does Financial Spectrum guarantee I’ll be better off by getting financial advice?

We’re certain we can deliver immediate, measurable savings to you well over and above what you invest in our advice. We’re so sure that we back that claim with a complete money-back guarantee.

If our statement of advice doesn’t show clearly how we’ll save you more than you’ve invested in our advice, we’ll refund 100% of our fees immediately and without question.

Financial maintenance package

How is your life different to how it was five or ten years ago? Perhaps you got married, divorced? Started a family or launched a new business? Maybe you lost a job or were diagnosed with a serious illness.

Life doesn’t stand still for anyone. Changes in your personal situation, financial markets and legislation occur all the time. The only way to stay in control is to ensure your financial plan stays in sync with your circumstances.

Just like you have check-ups with your doctor, you should also check in to ensure your money is looking after you. To get the most out of your financial strategy, it’s important that we review your portfolio and personal circumstances regularly.

Our ongoing maintenance package gives you the peace of mind to know that you’re on course. At regular intervals we’ll identify opportunities and make any course corrections to keep you in control and on track to achieving your goals. And we’re always only ever a phone call or email away, whatever you need to discuss.

That way, you keep making the most of your money and remain on track to achieving what you want in life.

Do you charge ongoing service fees?

At Financial Spectrum, we understand our clients have different needs and circumstances. Once we’ve completed the financial planning process and implemented the advice, we provide the option of ongoing service to those who may prefer, or their circumstances may require.

Other clients may prefer to manage their portfolios themselves and make half-yearly to yearly adjustments based on the financial plan. It is important to us that our clients always have the support they need, and we are happy to work with you whether you choose to be under ongoing management or a more needs-based ongoing relationship.

Can I manage my investments myself and engage you when needed?

As clients move through various stages of their lives, their needs and goals will invariably change too. While our ongoing clients touch base with their advisor on a periodic basis, our DIY clients have the option to check back in as their needs arise and simply pay for the time they use.

Clients can even go between the two models, where they engage us as ongoing client when they are going through lots of changes in life, and switch to DIY management once things become more settled with fewer changes.

Who is in control of my investments?

At Financial Spectrum it’s important to us that you have full control of your money. Where Financial Spectrum sets itself apart from many other financial planners is we set up all your investments in your own name.

By contrast, a common practice with many in the profession is to hold the clients’ investments on a wrap platform. This makes self-managing your investments without a financial advisor extremely difficult and attracts an additional layer of fees throughout the entire life of your investment.