Guides to growth: how to get the right retirement advice

Your ‘golden years’ can be the best time of your life – but to really get the most out of your retirement, it pays to do a little financial planning first.

That can include getting your super in order, tax-savvy strategising, or figuring out how to best invest your money.

Some of those tasks can be tackled on your own with a little know-how, but others warrant seeking professional guidance.

So, if you’re ready to bring in an expert, what should you look for in a financial planner, and how can you get started?

It’s important to know your lifestyle goals before seeking financial advice. Credit: Louie Douvis

Start with your super

If you’re ready to dip your toe in retirement planning, the perfect place to start is right under your nose – your super fund.

“Often, people think about advice as a really big, scary point in time,” says Peter Hogg, general manager of guidance & advice at Aware Super.

“It can be daunting and complex, but [super funds] have a range of different options available for members to start to get advice for no additional cost.”

That can mean attending webinars or seminars to brush up on your knowledge, or using digital tools that help build your understanding of income and investment in retirement.

“We encourage people to take those steps first, before going and sitting down with an advisor, typically, because it just gives you a chance to learn and understand,” says Hogg.

Aware Super’s Peter Hogg

“So, the best place to start, I certainly feel, is to get in touch with your super fund. Learn a bit more. Attend a webinar, watch a video, play around with digital tools.”

These kinds of self-education might guide you towards the sort of advisor you need to see, says Hogg.

How to find the right financial advisor for you

Ready to take the next step in retirement planning? A good financial planner can be a powerful ally. But it’s important to make sure you’re selecting the right professional for you.

An essential first step, says Hogg, is making sure any advisor you’re considering working with is on the financial advisors register, to ensure they’re licensed and above board.

Secondly, “you want to know that they’re transparent in their services,” says Hogg.

“So you know how much it costs. You understand the arrangement. There’s no secrets or hidden fees, or anything like that. Transparency is really important when it comes to advice.”

And finally, you simply want to ensure you’re working with an advisor you connect with on a personal level.

“If you find you’re with an advisor that is not listening to you, or you’re not finding you’re connecting or cutting through, by all means, I encourage you to find someone [else],” says Hogg.

Prepare for your first meeting

Once you’ve selected an advisor, there are a few things you can do to get ready for your first appointment.

The right kind of advice can help grow your retirement savings.Credit: Getty

A great first step, says Hamish Landreth, director and head of financial services with Prosperity Advisors, is simply having a think about what your most pressing concern is, or what you really need guidance on.

Next, Landreth says, “It’s always good to collate your financial information. So get together what you can with regards to superannuation statements, insurances, tax returns – a good summary of what your financial life looks like.”

Thirdly, try to go in with a good understanding of your cash flow situation.

“It’s actually very common for people to not really know either how much they earn or take home each month or fortnight, and equally, how much they spend,” says Landreth.

“So starting to get a bit of clarity around those amounts is important as well.”

And if you’re part of a couple, there’s one final, very important step in getting ready to see an advisor – discussing the sort of lifestyle you want in retirement, so you can set yourself up to get there.

“Often the first time that conversation really comes out is when partners are sitting in front of an advisor,” says Hogg.

“So having those conversations is great preparation for talking to a financial advisor about your retirement, and what’s to come.”

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.