When considering using the services of a financial planner people want to know that their adviser has the necessary qualifications and experience to help them achieve their goals. Over Elliot’s extensive career in financial planning he has come across many frequently asked questions which he has answered below. If you have any further questions, please do not hesitate to contact Elliot for your complimentary meeting.
1. How much contact do you have with your clients?
The adviser at Elliot Watson Financial Planning have regular contact with their clients to ensure they are progressing well with their financial plan and to ensure any changes to your circumstances, government policy, international markets or improvements in technology are considered and factored into your plan if appropriate.
The frequency of contact you have with your adviser will depend on the service level you select. The options include comprehensive, standard and passive. Our adviser will explain the differences in the service levels to you during your initial consultation.
2. How do you charge for your financial advice?
At EWFP we will charge a fee for service. This fee will be disclosed to you at the earliest opportunity and no work will commence until we have your agreement to do so. In some cases, you are able to have the fee debited from your superannuation account.
3. How do you choose what to recommend to clients?
Your advisers will only know which products and services to recommend to you once they have had a chance to sit down with you and explore your current financial position and identifies your goals. Everyone has a unique situation so what might be appropriate for one person may not be appropriate for another. Your adviser will make recommendations based on your circumstances and what suits your needs.
4. Are your advisers members of any industry and / or professional bodies?
Yes. Elliot Watson is a CERTIFIED FINANCIAL PLANNER® (CFP®) and a member of the Financial Planning Association (FPA) www.fpa.com.au. Jose Hernandez is also a member of the FPA.
FPA membership is dependent on adviser adhering to a code of ethics and professional conduct. The standards imposed by the FPA are considered world class and hold financial planners to a higher standard than the requirements set out in the financial planning regulations.
Gary Watson is a member of the Law Society of NSW and a member of the Hunter Valley Charter of The Law Society of NSW.
5. Can you provide a second opinion?
You may have already seen a financial adviser planner and desire a second opinion to ensure you are comfortable with the advice. The advisers at Elliot Watson Financial Planning can provide you with a second opinion to help you with your financial decision making. It is important that the relationship you have with your financial adviser is built on trust.
6. Do you have any conflicts of interest?
No, under current legislation our advisers have a fiduciary duty to place their client’s interests ahead of their own at all times. Elliot Watson Financial Planning’s high ethical standards also prevents advisers from providing advice where there is a conflict of interest.
7. Where do you have your meetings?
Ideally it is always best to have meetings in an office environment as it removes the potential for distractions, but we can also accommodate online meetings where required. We have offices in The Junction and Singleton.
8. How long does an initial consultation go for and what does it cost?
The goal is to determine if we want to work together. Financial planning is a two-way street so it is vital for both parties to establish trust and open and honest communication. Without these two important elements the best financial plan in the world is worthless if we can’t work together to implement it. An initial consultation will go for approximately 60-90 minutes. However if we decide to proceed the meeting may go longer as we collect the data outlined in the Things to Bring page. The cost of the initial consultation is $495 (incl. GST).
9. What services does EWFP provide?
Elliot Watson Financial Planning specialise in the following:
- Retirement Planning
- Personal Insurance
- Wealth Creation
- Wealth Management
- Investment Planning
- Borrowing to Invest
- Self-Managed Superannuation Funds
- Budgeting and Cash Flow Management
- Debt Management
- Estate Planning
- Property Strategy
- Aged Care
10. Can you help me with my mortgage?
Our advisers are authorised to provide advice on debt reduction and cash flow management however they are not authorised to provide advice on mortgage products, this is reserved for those with a mortgage brokers license.
Elliot Watson Financial Planning has a strong trusted relationship with a mortgage broker and can refer you to them for support on mortgage products. Your adviser can also sit in on your meeting with the mortgage broker to help you get the right combination between strategy and product. Having your financial planner and mortgage broker openly communicate is beneficial for you.
11. Can you help me with my tax return?
No, you must be a registered tax agent in order to give tax advice. Elliot Watson Financial Planning has a strong relationship with an accountant and can refer you to them for support.