Ever feel like your finances are running the show, instead of the other way around? You’re certainly not alone.
For many Australians, financial planning can sound as daunting as assembling IKEA furniture without instructions - completely overwhelming.
But here’s the good news: financial planning isn’t just for CEOs or “numbers people.” It’s for anyone who dreams of feeling in control, making confident decisions, and enjoying more of what life has to offer—today and tomorrow.
Whether you want to finally master your budget, invest for the future, or simply stop worrying about life’s “what ifs,” understanding financial planning is your ticket to turning uncertainty into clarity.
Ready to discover how a little structure can open up a whole lot of freedom? Let’s get started.
Table of Contents
What does Financial Planning involve?
The different types of Financial Professionals
Do I need a Financial Planner? Can I manage investments on my own?
What is the process of Financial Planning?
Can I just get a Financial Plan without having to engage in the yearly ongoing service?
Benefits of Financial Planning
Who can benefit from Financial Planning
How to choose a Financial Adviser
Challenges or Reasons Financial Planning Might Not Be Beneficial
Steps to commence your financial journey
Financial Planning is a comprehensive and ongoing process that involves gaining a deep understanding of what truly matters to you in life, identifying both your personal and financial priorities, and setting well-defined, actionable goals that reflect those core values.
This involves taking a detailed inventory of your current financial resources, including your income, expenses, assets, and liabilities, and evaluating how these can be leveraged to support your aspirations.
The next step is developing a strategic plan that not only aligns with your values but also positions you to attain your long-term objectives. Such a plan introduces a sense of order and discipline into your financial life, ensuring that every action you take is efficient, suitable for your circumstances, and congruent with the outcomes you desire.
It bridges the gap between where you are now and where you want to be, creating a roadmap that guides your financial decisions and actions in a coherent and purposeful manner.
Financial planning covers various aspects of personal finance, including budgeting, saving, investing, insurance, retirement planning, tax planning, estate planning and intergenerational wealth considerations.
So, what exactly does a financial planner do? Here's a breakdown of key components in financial planning:
With so many industry titles—Financial Adviser, Investment Adviser, and more—understanding who does what is the first step in feeling empowered and supported.
Some common terms you might hear are:
The main differences between the above are:
Investment Adviser: Provides advice on specific financial products. This role often focuses on investment advice and perhaps insurance products only. While Investment Advisers assess your risk tolerance, investment objectives, they do not consider your broader objectives, when determining their recommendations.
Financial Planner: A qualified professional, who helps individuals and families create comprehensive financial plans. They work closely with you to understand your tolerance to risk, your experience and financial goals. They analyse your current financial situation vs. your goals and provide recommendations to help you achieve them.
The terms Financial Planner, Certified Financial Planner, and Financial Adviser generally fall under the same category.
How to choose the right professional.
Anyone can invest on their own, just like anyone can sing. But not everyone can sing well.
Choosing to manage your investments yourself can feel empowering! You’re in the driver’s seat, making every decision directly. You feel confident and you are excited for the outcomes.
Yet, the sheer volume of information, market shifts, and changing regulations can make it difficult to know if you’re on the right track. A lack of professional understanding can have devastating effects on your investments, superannuation and overall financial position.
Seeking independent financial advice can help cut through the noise, giving you a clear, unbiased view of your options. It ensures that all recommendations are focused on your goals—no hidden agendas, just clarity and transparency.
Let's look at the breakdown of managing your investments on your own, verses with a Financial Adviser.
Whenever you engage with a financial adviser, you can expect a structured and collaborative process designed to get a complete picture of your unique circumstances. Advisers take the time to understand your current financial position, priorities, and aspirations—drawing out the details that matter most to you. This careful discovery forms the foundation for a tailored financial plan, developed to align with your personal goals and navigate life’s complexities with confidence.
As your situation and the world around you change, your adviser is by your side, providing ongoing support and proactive advice to help keep your financial strategy on track.
The first step will be a free, 30-minute Initial Consultation with an Adviser. During this phone call, a discussion will be had around your current financial position, your goals, and aspirations. Advisers at Strategy First will determine whether we are a right fit for your needs, and if not, will point you in the right direction to find a solution that works best for you.
During the Discovery Process, you will begin to gather information about your current financial position, spending habits, debts, goals for the future, and anything that makes up your complete financial situation. You will be provided with documents to collect all this information which you will need to return to your Adviser. Once they have reviewed the information, a Discovery Meeting will be booked to go over everything you have provided. This meeting usually takes 1 1/2 hours to complete.
Once you have signed off to engage our services, we will begin preparing a Financial Plan. This is a document that covers your current financial situation and includes our recommendations on what changes need to be made to ensure that you are in a better financial position. Once we have sent you the document, we will meet to go over everything we have recommended in detail and explain to you why we have recommended this (and how it improves your financial position). When you are ready to proceed, you will sign the authority within the Financial Plan, which allows us to implement the recommendations we have made. We will collaborate with you to get this done in a timely manner.
Financial advice is paramount to ensuring your strategies are working towards your goals, and not against them. Ongoing engagement ensures that your adviser is regularly reviewing your portfolio to make sure that your recommendations are still in line with your needs.
You can, but it is not recommended by most advisers due to the fact that markets, financial positions, and goals change. Without a regular review of your portfolio, you can't be sure that your current recommendations are up to date years after you receive your advice. Engaging in an ongoing service gives you clarity and peace of mind that your portfolio is working with you, and not against you. It takes the burden off your shoulders, and onto the shoulders of your adviser.
Financial planning helps individuals and families articulate their financial goals and develop a roadmap to achieve them. Clarity and direction allow positive action and implementation, not just intention.
It provides a sense of security by creating a safety net for emergencies, ensuring proper insurance coverage and planning for retirement.
Through systematic saving and investing, financial planning contributes to wealth accumulation over time.
It helps in identifying and managing financial risks through appropriate insurance coverage, diversified investments and investment strategies that are specifically aligned with different objectives and timeframes.
Strategic tax planning can minimize tax liabilities and maximize after-tax returns on investments.
Having a well-thought-out financial plan gives individuals confidence and peace of mind, knowing that they are on track to meet their financial goals. It promotes Financial Wellbeing, which is a huge contributor to our quality of life.
Financial planning can benefit a wide range of individuals and households, regardless of their financial status or life stage. Here are some groups of people who can particularly benefit from engaging in financial planning:
Do I need Financial Advice? (who can benefit from Financial Planning)
As of March 2025, there are 15,558 financial advisers registered with the Australian Securities and Investments Commission (ASIC) in Australia. With so many options, how are you supposed to decide on who to partner with?
The type of adviser you decide to partner with is critical to ensuring a successful financial future.
Things to consider when choosing a Financial Adviser
Independent advisers aren’t tied to specific products or institutions — providing unbiased, tailored recommendations.
Independence ensures transparency, avoids conflicts of interest, and builds trust.
Tip: Seek advisers who meet the Corporations Law definition of Independent.
Choosing a Financial Adviser: The Importance of Independent Advice
Verify formal education (undergraduate and postgraduate) and industry accreditations.
Look for memberships in reputable bodies (e.g., CFP, FAAA, SMSF Association).
Tip: Ask about experience in areas important to you (e.g., wealth, super, retirement, estate planning).
Choose advisers with expertise relevant to your goals (retirement, wealth management, succession, superannuation).
Consider advisers offering holistic advice for all aspects of your financial wellbeing.
Tip: Ask about their track record, success stories, and client testimonials.
Understand how they are paid — fee-for-service promotes unbiased advice.
Tip: Request a full fee breakdown and disclose any conflicts of interest.
Adviser should understand your goals, circumstances, and risk tolerance.
Clear, prompt communication and regular progress updates are essential.
Trust and comfort in the relationship are key to long-term success.
Tip: Use an initial consultation to assess listening skills, communication style, and fit.
In summary, while financial planning offers numerous benefits, its effectiveness depends on factors such as commitment, acknowledging that your financial journey is unique, accurate information, realistic goal setting, adaptability to external factors and proper implementation.
Engaging a Financial Adviser with your planning needs is not about applying restrictions and rigidity to your life and how you interact with money. It is about providing guidance, leveraging from our experience and building some deliberate structure to provide you with more freedom to live your life.
It is for these reasons that partnering with a high quality and Independent Financial Adviser will give you the greatest chance of success, bringing peace of mind and financial wellbeing.
If you are still asking yourself "is a financial advisor worth it?" - the best way to find out is to speak with an adviser, break down your current financial situation, and see how they can help you.
Financial planning is not exclusive to individuals with a certain level of income or wealth – it is beneficial for everyone, regardless of their current financial situation. Financial planning can help you manage your resources more effectively and work towards your financial goals.
Here are some considerations to help you commence the financial planning journey.