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1. The Mission of Retirewell Financial Planning
Retirewell provides two Primary Services :
We deliver our Primary Services through the provision of specialist planning in 7 major areas:
The firm also provides 2 other client services:
3. What Sets Retirewell Apart? There are 7 key reasons why Retirewell can provide significant additional benefits to its clients: Private Ownership - Retirewell is privately owned. The firm's directors, shareholders and advisers have no interests in, and are under no obligation to promote the particular investment products or services of any institution or product provider. Specialisation - We specialise in financial planning solutions for Pre-Retirees and Retirees. Competitive Fee Structure - We believe our fees to be very competitive. We may not be the cheapest, but we do provide ‘value for money' and highly competent, personalized and specialised advice. Wide Investment Choice - Our Australian Financial Services Licence allows us to advise and deal in a very broad range of financial products and services. This combined with private ownership and direct local control, allows us to access a full range of listed and unlisted financial products, solutions and strategies. Competence - The firm's Senior Planners are highly experienced (20 years or so experience each), very technically competent and hold the Certified Financial Planner designation, the highest professional designation as well as other designations and/or qualifications. Innovative Solutions - Access to a very broad range of financial products and solutions, combined with a high level of technical competence, has resulted in a strong capacity for innovative financial planning solutions. Ongoing Client Service - Our carefully designed Ongoing Client Care service options allows clients to choose the level of service which they feel is appropriate and of value to them. 4. Are You a Member of the Financial Planning Association of Australia ? Yes. Retirewell Financial Planning is a Principal Member of the Financial Planning Association of Australia Limited (FPA). All Retirewell's advisers are individual members of the FPA. 5. How “Free” is Retirewell to Give Appropriate Advice? Clients necessarily seek advice which is designed to be in their best interest. We believe the ideal of true freedom to provide such advice can be compromised in a number of ways: AFS License Restriction - where the AFS Licensee is specifically restricted to one or a narrow range of investments Imposition of Constraints on Advice - where the adviser is limited by specific direction from the Licensee to a highly restricted list of financial products, particularly where the licensee has a financial interest in those products Licensee/Adviser is not Financially Independent of Product Provider - where the advisory firm has financial or commercial links to a financial product provider and/or may receive ‘soft dollar' benefits from a financial product provider Compensation is not Independent of the Advice - where the licensee's or adviser's remuneration is tied to or maximized by the recommendation of specific financial products or services Receipt of Trailing Brokerage – where the financial product pays an ongoing or ‘trail' brokerage, particularly where the level of trail is above the normal range of 0.25% to 0.5% With respect to these criteria, Retirewell's position is as follows: • Broad AFS Licence – The Australian Financial Services Licence held by Retirewell allows our advisers to work across an extremely broad range of possible investment options to meet our clients' needs. • No Artificial Constraints on Advice – Although we use a regularly reviewed ‘Recommended List' of financial products and direct equities, our Advisers can use any other investment which may be appropriate to the client's circumstances, after the conduct of due diligence and approval has been obtained from the Licensee. • Independently-Owned – No ‘Soft Dollar' Benefits – Neither Retirewell nor its directors and advisers have any direct or indirect interest in, nor are they under any obligation to promote the particular financial products or services of any institution or product provider. We do not receive any ‘soft dollar' benefits from product providers . • Our Advice is Fee-Based – Our reference Fee Scale is based upon the value of funds under advice, irrespective of where the investments are placed. We may receive remuneration from initial brokerage, which is fully disclosed to the client. This will generally only occur with small or ‘one-off' investments. In these cases, it is always in the client's best financial interest for our remuneration to be received in this way. • Our Policy on Trail Brokerage – Historically, almost all retail products have paid trail brokerage. Retirewell continues to receive this brokerage on this past business and takes it into account when setting the level of each individual client's ongoing fees. Almost all new investments are in ‘wholesale' financial products which do not pay trail brokerage. In the small number of instances where retail products which pay trail brokerage are used, we state most emphatically that this is an incidental consequence of and not an influencing factor in the recommendation of any particular retail financial product. A financial product is always recommended on the basis that it is the most appropriate financial product for the client's needs. 6. What Sorts of People are Retirewell Clients? Our services are aimed at the specific needs of two groups: • Those in the pre-retirement phase (say age 35 - 55+) when income needs are being met from work income and the primary focus is on accelerated accumulation of capital within acceptable bounds of risk. Other important needs of this group are legitimate tax minimisation and the protection of assets in their various forms. • Those in the retirement phase (say 55+) when work income has usually ceased and the primary focus shifts to the preservation of capital and the provision of an assured level of income. A process of regular review ensures that their financial plan continues to meet their retirement lifestyle needs, goals and objectives. Although our clients form a fairly select group, they come from a wide variety of occupational backgrounds, with a similarly wide range of financial resources, from Age Pensioners to millionaires. Although some of our clients may be described as ‘entrepreneurial', many are cautious investors. They all share a common wish to be as financially well-organised and independent as possible and want their spouse and/or family to be secure in the event of their death or disablement. Invariably they wish to minimise their tax liabilities, maximise any possible support from the Social Security system and enjoy an affordable standard of living with sufficient time to enjoy the fruits of their working life. 7. The Retirewell Financial Planning Process The Retirewell Financial Planning process can be broken down to six steps: collecting information; setting and prioritising objectives; strategy formulation; selecting appropriate investments; plan implementation; and ongoing monitoring and review. We would normally work through this process in the following manner with a new client: Step 1: Initial Meeting At this first meeting we explain how we operate and what to expect. You get to meet us and decide whether you feel comfortable with us, and we get to meet you and decide whether our services would be of benefit to you. This is important as the relationship often can be for the rest of your life. This initial one-hour meeting is held without any obligation and with no cost to you as a prospective client. At the end of this meeting we can proceed in one of two ways. Firstly you can request that we prepare a Strategy Recommendation for you, which will be a broad outline of strategies which are available to you and we would indicate a preference to a recommended strategy that we believe you should pursue. The cost for the Strategy Recommendation will be quoted at the Initial Interview and will depend on an estimate of time and complexity. It will normally fall within the range of $300 to $1,500 + GST. The second option is to proceed directly to the preparation of a written comprehensive financial plan, called a Statement of Advice. This would be appropriate where the strategies have been decided upon at the first meeting and we are in a position then to look at the detail of the particular strategies which have been chosen. At that point a fee will be determined and agreed for preparation of the plan. The Plan Preparation Fee will generally be in the range of $500 to $3,500 + GST, depending upon the time required and the complexity of planning involved. Costs are generally at the lower end of this range. Note : Fees for Strategy Recommendations and Plan Preparation are rebated or offset against the Advice and Implementation Fee i.e. they usually are waived in the event of the client proceeding with the recommendations. Step 2: Data Gathering At the data gathering interview we will go through a very comprehensive questionnaire to gather information about your personal circumstances and financial situation. We will gather information on your current Goals, Needs and Objectives, information on your Assets and Liabilities, Income and Expenses and after having gathered this information we will be in a position to prepare a written financial plan for you. Time and other circumstances permitting, this step can often be completed during the initial meeting. Step 3: Strategy Discussion (Optional) If you have elected after Step 1 to have a Strategy Recommendation completed then this step will be a discussion of the Strategy Recommendation to determine the appropriate strategy for you to pursue. At this point after the strategies have been considered and the strategy report has been provided, you will determine whether you wish to proceed with a comprehensive written plan. Step 4: Plan Presentation At this meeting we will present to you the plan we have prepared and explain the strategies we have selected and discuss the investments we have recommended. We will recommend and agree with you, the most appropriate method of Ongoing Client Care. We will also explain to you the Implementation Fees that will be incurred in the implementation of the plan, together with the implementation process itself. Any changes or ‘fine tuning' also may be agreed at this stage. Step 5: Plan Implementation Once you have decided to implement the plan, you will authorise us to prepare the necessary documentation, including Application forms, letters to fund managers re placement, redemption or switching of investments, rollover documentation, instructions to other specialists if needed and any other documentation required. Once all relevant documentation has been prepared we will meet with you for your signatures to implement the recommendations which have been made and place the investments which have been recommended. We will also schedule the first Review appointment to monitor the progress of your plan. Step 6: Ongoing Reviews Depending upon the method of the Ongoing Client Care you have selected, reports will be prepared for you on a periodic basis and we will conduct regular reviews with you on the progress of your plan. This is done to ensure that the plan continues to meet your objectives in the light of changing investment circumstances, government legislation and your own changing needs. 8. Who are Retirewell Financial Planning's Advisers? The expertise Retirewell Financial Planning can offer you is rare if not unique in Brisbane , with the three Senior Planners having a combined total of more than 60 years of professional financial planning experience. Further information on the background and experience of our Senior Planners and Associate Planners click here 9. What Does Your Service Cost? Our services may be categorised for cost purposes under the following headings:
Details of our Fees and Services are provided in our Financial Services Guide. 10. Will You Work With Other Specialists, Including My Own? We aim to have the friendliest of relationships with your other professional advisers and to work actively with them where necessary to ensure you receive the full benefit of each specialist's expertise. One of our functions is to co-ordinate the help available and to bring everything together in a comprehensive plan which can be implemented in a sensible and structured manner. Where you require advice or assistance in a particular specialist area and do not have an adviser, we will recommend one or more persons who can help. Financial and Investment Planning is a full time, specialist discipline. A financial planner cannot replace your Solicitor, Accountant, or Stockbroker. Instead, we work with them to achieve your goals. We don't prepare your tax returns but we do help you plan the best overall tax strategy, and we take the initiative in bringing to your attention, ideas which will help you achieve your Financial Planning Objectives. We don't write your Will, but we will work with your legal adviser to ensure your affairs are properly organised in the event of your death, disablement or loss of mental competence, to ensure financial security for your dependents. We are able to advise on listed securities, but we do not deal on the stock market. Rather we liaise with your stockbroker or facilitate through our own arrangements, the purchase of listed shares or secondary market fixed interest securities to ensure that all investment alternatives are utilised to meet your needs. Similarly, we arrange for the installation and administration of self managed superannuation funds. Specialist Advisers Where required, clients of Retirewell have special and preferential access to a range of external specialist advisers in the following areas:
11. Towards a Secure Financial Future Many people now expect to live to a greater age than their parents or grandparents and to enjoy a far higher standard of living. In practice, this will only be possible if they have arranged their affairs to ensure that capital resources are maximised during their working years, then a strategy adopted in retirement which will sustain that capital and their income for as long as possible during retirement. Based on a wealth of past experience, we know how important it is for you to be able to adapt your financial plans to change. Our research and strategies will continue to provide you with advice which is reliable and relevant to your ongoing requirements in a changing environment. By continuing to work closely with us in monitoring your progress, we can help to ensure that as far as possible, your lifestyle needs, goals and objectives can be met, irrespective of future shocks. If you haven't already done so, you may phone our office on (07) 3221 1122 to arrange an exploratory meeting, without cost or obligation. Depending upon your needs and circumstances, this initial meeting may take up to two hours, at the conclusion of which we will offer advice as to what your best future options might be and discuss with you whether we may be of further service. If it seems likely that our services would not be of significant benefit to you we undertake to tell Remember - people do not plan to fail, they just fail to plan. We can help you to plan a better financial future. “Planning for Financial Independence and Peace of Mind in Retirement” 13. The Code of Ethics of the Financial Planning Association of Australia Limited
Integrity Members shall observe high standards of honesty and integrity in conducting their financial planning business and in the provision of financial planning services. Objectivity Members shall disclose to the client any limitation on their ability to provide objective financial planning services. Competence Members shall provide competent financial planning services and maintain the necessary knowledge and skill to continue to do so in those areas in which the Member is engaged. Fairness Members shall provide financial planning services in a manner that is fair and reasonable. Diligence Members shall act with due skill, care and diligence in the provision of financial planning services. Professionalism Members shall ensure their conduct does not bring discredit to the financial planning profession. Confidentiality Members shall not disclose any confidential information without the specific consent of the provider of that information unless compelled to by law or as required to fulfill their legal obligations. Compliance Members shall ensure their conduct complies with the Memorandum and Articles of the Association of the FPA, the FPA's Regulations and Professional Standards. |
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