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Financial Adviser

What is Goals Based Financial Advice?

Simon Curtain
Partner/Private Client Adviser
9 Mar 2018

There are two ways to receive financial advice. How can you be sure your financial adviser is acting in your best interests? 

The most common way to receive financial advice

More often than not a Financial Adviser meets with a Client to asses an individual’s income and asset position as well as their ‘risk appetite’.  Following the meeting the Adviser will recommend investment products that most closely fit the client ‘type’.

Is there a better way to receive financial advice?

In short. Yes. There exists an approach that is less centred on ‘risk profiling’ and grouping clients homogenously and more on you – the individual. It is called Goals Based Financial Advice.

Goals based advice is achieved by putting your goals at the forefront and building a strategy around your goals. It involves meeting with a qualified financial adviser to gain an intimate understanding of what is important to you and what you are looking to achieve in the short, medium and long term.

How can you be sure your adviser is providing true goals based advice? Here are 3 things to look out for:

1.  Is the conversation centred on you?

To provide goals based advice an Adviser needs to understand what you are trying to achieve. It may be as simple as saving for a home deposit or a long-term goal of accumulating/preserving wealth for retirement.

These goals cannot be ascertained from a risk-profiling questionnaire or data collection form. An understanding of your financial goals can only come from a detailed conversation with your adviser about your current situation, your needs and wants, and most importantly of all – your goals and objectives.

You want to be sure that your adviser is working for you and not pushing you into a specific investment product based on what they think you want to achieve.

2.  Can you sleep at night?

The ‘sleep-at-night factor’ is an important part of providing goals based advice. You need to be comfortable with your financial strategy and understand the pros and cons of each step you take. If your Adviser is bamboozling you with rates of return, risk metrics, compound earnings and commissions then perhaps you need to take a step back and assess whether or not they are providing the advice you truly need.

3.  Is the financial advice you receive independent and free from bias?

Independent financial advice firms exist to provide clients with independent, unbiased advice. Independent financial advice firms offer a range of products and investments to achieve your goals and objectives – not line the pockets of the big product manufacturers.

Using goals based financial advice is not rocket science. Understanding what clients ultimately want to achieve makes sense. Hewison Private Wealth has been providing clients with goals based advice for 30 years. We pride ourselves on establishing long term relationships with clients to achieve your goals and objectives.


Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.