Types of financial advice

The type of advice you can receive from your financial adviser will depend on your personal situation and your financial needs and goals. There are a couple of different categories of financial advice offered:

Issue specific advice

If you have a specific situation you want help with, your financial adviser can help you with that requirement alone. This could be something like creating a budget, cash-flow and debt management strategies, KiwiSaver reviews, insurance cover, redundancy advice and retirement strategies to name a few.

Comprehensive or holistic advice

If you want help setting goals and developing a personalised financial strategy, your financial adviser can help. They can assess your situation holistically to develop a plan which includes investment accumulation, life and income protection insurance, estate planning and aged care. Together you can then manage your strategy going forward.

Ongoing advice

An ongoing relationship with your financial adviser means that you will work together to ensure that your financial strategy remains in line with your objectives, even as your circumstances change or as new opportunities arise.

Key areas of ongoing service:

  • You have access to customer service staff who are there to help when you need them.
  • Your adviser will review your investments as regulatory, economic or investment specific changes occur. They will advise you if any adjustments need to be made to your portfolio or if any opportunities arise.
  • To help keep you on track you can review your financial position with your financial adviser at least on an annual basis.
  • You will receive information reports about your investment portfolio on a regular basis.
  • You will receive newsletters and other communications to help you keep abreast of current economic issues as well as any other services that are available to you
  • Your advisers can communicate with your accountant and/or solicitor to ensure that all your strategies are aligned.

Speak to your financial adviser about which category best suits your needs.