For most Australians, comprehensive financial planning takes around four to eight weeks from the first meeting to receiving formal written advice.
That estimate covers fact-finding, analysis, compliance checks and preparation of regulated advice documents. After the initial advice is delivered, reviews are usually held each year, although some clients prefer more frequent contact.
How long does financial planning take? In practice, it depends on the complexity of your affairs and whether you are seeking comprehensive planning or more limited personal advice focused on a single issue.
Why financial planning takes time
Financial advice in Australia operates within a strict regulatory framework. Anyone providing personal advice to retail clients (such as financial planners or financial advisers) must be registered as a financial adviser on the ASIC Financial Advisers Register and either hold their own Australian Financial Services Licence (AFSL) or act as an authorised representative of an AFSL holder. In reality, most advisers operate as authorised representatives rather than holding their own licence.
Since 2019, advisers have been required to meet higher education standards, complete an approved ethics exam, and undertake ongoing professional development. These reforms followed the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and were designed to lift professional standards across the sector.
Many practising advisers also hold professional designations such as Certified Financial Planner (CFP) certification or membership of the Financial Advice Association Australia (FAAA), which indicate an additional commitment to professional standards.
More recent reforms under the Delivering Better Financial Outcomes legislation have refined aspects of how advice is delivered. Treasury consultation materials sometimes refer to a “good advice” standard — terminology that continues to evolve — alongside measures aimed at improving access to scaled advice.
When personal advice is provided, advisers are required to investigate relevant circumstances, act in the client’s best interests, and document the basis of their recommendations.
What usually happens, and how long each stage takes
Although no two advice engagements are identical, the sequence is broadly consistent.
Financial Planning Timeline
Below is a typical 4–8 week financial planning timeline.
Note: Timeframes vary depending on complexity and document availability.
Initial meeting
Typical timing: Within 1–2 weeks of enquiry | Duration: Around 60–90 minutes
The first meeting typically occurs within one to two weeks of your enquiry and runs for about an hour. Before considering potential strategies, the adviser will spend time understanding your goals, financial position, and priorities.
Some clients arrive wanting comprehensive retirement planning. Others have a narrower question — for example, whether to increase super contributions or adjust an investment mix. Clarifying scope early helps avoid unnecessary analysis later.
At this point, the conversation is exploratory. Decisions are not locked in and strategies are not yet formalised.
Information gathering
Typical timing: 1–3 weeks (depending on document availability)
Once scope is confirmed, supporting documents are requested. Superannuation statements, loan balances, investment summaries, recent tax returns and Centrelink information are common starting points.
This stage often takes longer than expected. Documents may need to be retrieved from multiple providers, and small discrepancies sometimes need clarification before modelling can begin. For many Australians, gathering complete and accurate information takes between one and three weeks.
Strategy development and documentation
Typical timing: 2–4 weeks after complete information is received
The analysis phase is usually the most time-intensive part of the engagement. During this period, the adviser models different scenarios, reviews superannuation contribution limits, considers tax implications — including capital gains tax on investments held outside super — and assesses the broader impact of proposed strategies on cash flow and government benefits.
Where comprehensive personal advice is provided, the outcome is typically a Statement of Advice (SOA). This document sets out your objectives, relevant circumstances, recommended strategies, associated risks and the reasoning supporting those recommendations.
Existing clients whose circumstances have not materially changed may instead receive a shorter Record of Advice (ROA), depending on the nature of the recommendation.
More complex arrangements — such as business ownership structures or defined benefit schemes — can extend this timeframe.
Presentation and implementation
Typical timing: 1–2 weeks (implementation dependent on external providers)
When the documentation is ready, you meet again to work through the recommendations in detail. Questions are encouraged, and adjustments can be made before any action is taken.
If you decide to proceed, implementation follows. This might involve rolling over superannuation, establishing retirement income streams, updating insurance policies or restructuring investments. External providers, including super funds and insurers, ultimately control processing times, which is why implementation can add another one to two weeks.
Viewed as a whole, the end-to-end process for comprehensive advice often falls within the four to eight week range, although straightforward situations may move faster and intricate financial arrangements can require additional time.
How recent reforms are influencing advice delivery
The Delivering Better Financial Outcomes reforms have begun reshaping parts of the advice landscape. Among other changes, they expand the ability of superannuation funds to provide certain forms of personal advice to members and aim to make scaled advice more accessible.
In limited-scope situations this may shorten preparation time and reduce documentation requirements. That said, comprehensive financial planning — particularly where retirement income modelling, SMSFs, estate structures or detailed tax considerations are involved — still demands careful investigation and written explanation.
Ongoing reviews and fee arrangements
Financial planning does not automatically conclude once the first SOA has been delivered.
Many advisers offer ongoing service arrangements that include annual strategy reviews, portfolio assessments and updates for legislative changes. Under the current framework, ongoing fee arrangements require explicit annual renewal and written fee consent from clients.
Some Australians engage an adviser for a defined project, such as a retirement transition plan, and then manage independently. Others maintain a longer-term relationship where investments or complex structures benefit from periodic review.
Limited advice and faster timelines
When advice is confined to a specific issue, the overall process can be shorter. Scaled advice — personal advice limited to a defined area rather than your entire financial position — narrows the scope of investigation and documentation.
Digital platforms may also provide general advice immediately. General advice does not consider your personal circumstances. Personal advice, by contrast, must be tailored and meet legal best interest and appropriateness standards. The four to eight week timeframe discussed earlier relates primarily to regulated personal advice.
Why the process is structured this way
Superannuation strategies, retirement income streams, SMSF structures and tax planning decisions can carry long-term consequences. A documented, staged process exists to support recommendations that are appropriate and transparent, rather than simply quick.
Advice should align with your circumstances under the law and remain understandable if reviewed at a later date.
Key points to remember
- Comprehensive financial planning usually involves two meetings and two to four weeks of documented analysis, resulting in an overall timeframe of roughly four to eight weeks.
- The preparation period begins only after complete and accurate financial information has been provided.
- New comprehensive engagements generally result in an SOA, while ongoing clients may receive an ROA where appropriate.
- Ongoing advice arrangements require annual renewal and written fee consent under the current framework.
- Scaled or limited advice may be delivered more quickly, depending on the agreed scope.
Frequently Asked Questions
Is financial planning just one meeting?
No. Comprehensive personal advice typically involves an initial meeting, a period of analysis and documentation, and a presentation meeting before implementation begins.
How long does it take to receive a Statement of Advice?
Once all relevant information has been provided, preparation of a full SOA commonly takes two to four weeks. Complex strategies may extend beyond that range.
Does retirement planning take longer than basic investment advice?
Often. Retirement planning can require modelling income streams, assessing Centrelink implications, reviewing superannuation structures and considering tax outcomes, all of which may increase preparation time.
What is scaled advice?
Scaled advice is personal advice limited to a specific issue rather than your entire financial position. Because the scope is narrower, documentation and preparation time may be reduced.
How can I check if an adviser is properly registered?
You can search the ASIC Financial Advisers Register to confirm an adviser’s registration status, qualifications and professional history before engaging them.
