Frequently Asked Questions

By law all financial planners must disclose all forms of payment and fees. The cost to you will depend on the complexity of your financial situation and plan. There are various ways to structure fees, and typically at Growth Planners it starts with an initial fee to cover identifying your needs, developing a strategy and implementing the recommendations. Our bundle fees start from $2,000 plus 10% GST.

Constant changes and industry reforms in superannuation, taxation and social security legislation means that even simple decisions can have unforeseen consequences over the long term. This can be particularly so as we move from work into retirement. At Growth Planners we can help you plan for your financial future.

Financial planning is the process of meeting your life goals through the management of your finances. Your life goals may include buying a home, saving for your children’s education or planning for retirement. At Growth Planners our financial planners follow a process that helps you look at where you are now and where you want to be financially. Using this process we help you work out what you need to do now and in the future to reach your goals.

In the Financial Planning space in Australia the words Financial Planner and Financial Advisor are used interchangeably. We mostly refer to our Financial Planners as Financial Advisors because they each have additional financial skills and training. It may seem that when people reference a Financial Consultant vs Financial Planner vs Financial Advisor (or any other financial title), that they’re referencing the same person, and you’re not wrong. But, the person you’re asking may not be entirely correct for your needs either.

So, what is the difference between a Financial Planner vs Financial Advisor?

Basically, any professional that can help you manage your money in some fashion can be considered a financial advisor. A financial planner, on the other hand, is a financial advisor within a specified area of interest such as financial planning.

Financial Planner
If your goal is to create a program to meet long-term financial goals, then you probably want to enlist the services of an experienced, degree qualified financial planner. You can look for a planner that has a speciality in investments, retirement or estate planning.

Financial Advisor
A financial advisor is simply a broad term to describe a professional that can help you manage your money. They may broker the sale and purchase of your stocks, manage investments, and help you create a comprehensive tax or estate plan.

It is important to note that either a Financial Planner or a Financial Adviser are expressions referenced in the Corporations Act, Section 923C. To use these restricted words or expressions whilst providing advice to the public they must be covered by an Australian Financial Services License (AFSL).

Remember, it’s not necessarily the difference between a financial planner vs financial advisor. A financial planner is considered a type of financial advisor that holds specific certifications. And, different financial advisors service different areas of the financial spectrum so make sure you’re prepared to ask questions relating your own financial situation before just picking one.

A budget is a plan that shows you how you can spend your money every month. Making a budget can help you make sure you do not run out of money each month. A budget also will help you save money for your goals or for emergencies.

How do I make a budget?

Write down your expenses. Expenses are what you spend money on. Expenses include:

Bills:

• bills that are the same each month, like rent

• bills that might change each month, like utilities

• bills you pay once or twice a year, like car insurance

Other expenses, like:

• food

• gas

• entertainment

• clothes

• school supplies

• money for family

• unplanned expenses, like car repairs or medical bills

• credit card bills

You might have bills that change every month. Look at what you paid for the same month last year. You might need $200 for your gas bill in January, but $30 in July.

Write down how much money you make. This includes your paychecks and any other money you get, like child support.

Subtract your expenses from how much money you make. This number should be more than zero. If it is less than zero, you are spending more money than you make. Look at your budget to see what you do not need or what you could spend less on.

Work out where your money is going in 20 mins, find out more about the MoneySmart budget planner.

We are GESB superannuation specialists with over 20 years experience helping people like you manage their GESB superannuation.

Alcoa of Australia Retirement Plan is a complex super fund. Before making a decision that may be irreversible, you should seek financial advice to help you make a fully informed decision. Growth Financial Planners have years of experience helping clients navigate the complexities of the Alcoa of Australia Retirement Plan.

We know that many of you will be facing uncertainty around your financial situation. Many of you are facing job losses and forced business closures and are under significant stress. In our news article we have summarised the government measures to support individuals and households in response to COVID-19 in clear, simple language to make it as easy as possible for you.