Frequently Asked Questions

What is the financial planning process?

Click here to see our walkthrough of the financial process. 

What is financial planning?

Financial planning is a professional service that takes into consideration your current financial situation, your short and long term financial needs and your personal goals in order to put in place the most appropriate strategy to assist you to achieve these.

What does a financial planner do?

Depending on where you are in your life and your goals and aspirations, a financial planner will map out a strategy for your long term financial needs. They will help you fix a budget, understand your risk tolerance, plan for children's educations, develop a savings and investment plan, put in place tax reduction strategies and calculate retirement dates and projected retirement needs.

What are my goals?

Decide on your specific short and long term goals so you have something to work towards. If you expect to retire and lead a five-star lifestyle, your investments need to be leading you towards these goals.

Who sets my goals in financial planning?

A good financial planner will delve deeply into your lifestyle goals and dreams and help you recognize what changes you can make to achieve them. Therefore, goals are set by both of you as the planner helps you to see what the most important things are for you.

I am a cautious investor can you develop the most suitable strategy for me?

Mapping out a financial plan for you requires a planner to consider your risk tolerance levels to ensure you are comfortable with the investment strategy.

Will the global financial situation affect me?

Your planner will need to determine the reasons you are investing and also consider your lifestyle and retirement goals to ensure that you are well placed through different market cycles.

Do I want my investments to provide me with income or growth?

Retirees generally seek income providing investments, whereas those not retiring for many years are more likely to seek investments for growth.

How often should I review my financial plan?

We will offer to regularly review your financial plan to ensure it remains on track and properly reflects your changing needs and circumstances. At Carnegie Morgan Hill, we understand that everyone has different needs. Your Financial Planner will take the time to ensure you receive a personalised solution that is particular to your lifestyle and financial needs and objectives.

What information will I need to have if I see a financial planner?

It is imperative that we understand your current financial situation and lifestyle goals in order to recommend the best strategy. You will have to share all of your financial information, and the more the planner knows, the better they will be able to advise you. You should therefore bring payslips, tax returns, bank and investment statements, a list of current living expenses, copies of superannuation and insurance policies, retirement plans, list of outstanding credit card balances, and a list of financial obligations you may have in the future.