Q&A Financial Planning

Who is Bridges?

Bridges is Community First’s Financial Planning partner. They are one of Australia’s largest financial planning and stock-broking groups and has been providing financial planning services to credit union members since 1985. Bridges is a leading and highly respected wealth management business with over 60 offices and over 160 planners.

What is financial planning?

Financial planning is about ensuring that your future lifestyle is as good as it can possibly be by making sure your money is working as hard as you are.

I’m not planning on retiring any time soon – why do I need a financial planner?

Financial advice can make a big difference at every stage of life. No matter where you are in life, you want to make sure you’re making the most of your finances and making the right decisions for your circumstances.

Whether you are in your 20s, 30s, 40s or 50s, the advice of a professional financial planner can be critical in helping you achieve your financial goals by developing a strategy that will work for you.

What can a financial planner help me with?

They can help you with budgeting, saving versus investing, minimizing tax, super, retirement planning and a range of financial planning tools.

A financial planner can help you with different investment strategies for different circumstances, such as:

Managing your investments tax effectively
Saving for a home
Planning for the costs of marriage and the benefits of combined income and savings
Making your income go further by investing wisely
Structuring your assets in the most effective way if you are self employed
Planning for the birth of children and the loss of a regular salary whilst on maternity leave
Making the most of your superannuation
Planning your finances following a redundancy or when changing jobs
Making the most of a financial windfall, such as an inheritance or a maturing term deposit
Maximising your eligibility for government benefits
Planning the retirement lifestyle you want

What can I expect from my appointment?

Your initial appointment with a Bridges Financial Planner is all about setting your goals and gathering information. Your planner will discuss with you your financial and lifestyles goals, both for the short, medium and long term.

Once you have discussed your goals, the financial planner will ask you questions about your income, expenses, investments and superannuation. This information will assist your financial planner in understanding your personal circumstances. You will need to bring information with you such as details of all your assets and liabilities.

After your Bridges financial planner has gathered the required information at your first meeting, they will make an appointment for a second meeting to discuss your options and present their recommendations.

If I decide to proceed with step 2, what can I expect?

If you decide to proceed with Financial Planning advice after your first meeting, at your second meeting, your Bridges financial planner will present you with a range of options and recommended strategies that can assist you in achieving your financial and investment objectives. These options and strategies form a financial plan are referred to as a Statement of Advice.

Following the discussion of the Statement of Advice, you can decide whether you would like to implement those strategies.

A Statement of Advice contains information about:

1. Details of your personal financial situation and objectives

2. Your financial planner’s strategies and recommendations as to how you can achieve your goals which may include:

3. Investment strategy

4. Asset allocation

5. Taxation position

6. Social security issues

7. Estate planning and insurance needs

8. Ongoing financial advice needs

9. Initial and ongoing fees

10. Additional information such as projections and graphs

Do I receive assistance in implementing my plan?

Yes. Only when you are comfortable with the strategy your Bridges financial planner has recommended, it's time to set the plan in motion. Your Bridges financial planner will assist you in preparing the paperwork necessary to invest in the selected products, and then lodge them on your behalf with the appropriate organisations.

Can my strategy be reviewed?

Yes. Financial planning is not a set and forget process. You need to keep your financial plan under review to ensure that it remains appropriate to the investment and regulatory environment as well as continuing to meet your changing circumstances and needs.

Community First Credit Union