Your first meeting with a financial adviser is usually a structured conversation about your goals, your current financial position, and how the advice process works. In Australia, financial advisers must meet strict licensing and education standards and clearly explain their services and fees before providing personal advice. For many Australians, understanding this process upfront in your first financial planner meeting makes the experience far less daunting.
What Is the Purpose of the First Financial Planner Meeting?
The first meeting is typically a discovery conversation.
It allows the financial planner (or financial adviser) to:
- Understand your goals and priorities
- Get a broad picture of your financial position
- Explain how their advice process works
- Outline their fees and services
- Confirm whether they can help
It also allows you to assess whether the adviser is the right fit for you.
Most initial meetings run between 45 and 90 minutes. Some firms offer this meeting at no cost, while others may charge a set consultation fee. It’s worth checking when you book.
General Information vs Personal Advice
In Australia, there is an important legal distinction between general information and personal advice.
General information:
- Does not take your personal circumstances into account
- Is broad and educational
Personal advice:
- Takes into account your objectives, financial situation, and needs
- Must meet strict legal requirements under the Corporations Act
If an adviser provides personal advice, it must be documented in writing. Traditionally, this has been done through a Statement of Advice (SOA). In certain circumstances, such as when advice is consistent with previous advice already provided, a shorter Record of Advice (ROA) may be used instead. The format depends on the situation and the existing advice relationship.
Australian financial advisers are either holders of an Australian Financial Services Licence (AFSL) or authorised representatives of an AFSL holder. You can verify an adviser’s licence status, authorisation, qualifications, and employment history on the ASIC Financial Adviser Register.
Advisers are also subject to a statutory best interests duty, meaning they must act in the best interests of their client when providing personal advice.
The regulatory framework governing advice continues to evolve following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and subsequent reforms stemming from the Quality of Advice Review. These reforms are reshaping how advice documents are prepared and how ongoing fee arrangements are managed.
What the Adviser Will Ask You
In your first meeting with a financial planner, expect questions about your:
- Income and employment
- Superannuation balances
- Investments and savings
- Debts and mortgages
- Insurance cover
- Family situation
- Short and long-term goals
- Attitude to risk
For many Australians, this is the first time they’ve looked at their finances as a complete picture.
The adviser may ask what prompted you to seek financial advice. Common reasons include:
- Preparing for retirement planning
- Managing an inheritance
- Reviewing or setting up an SMSF
- Investing surplus cash
- Reducing debt
- Planning around Centrelink entitlements
- Navigating defined benefit super schemes
You do not need to have everything perfectly organised, but bringing recent super statements, loan balances, and income details can make the meeting more productive.
Documents You Should Receive
Before or during the first meeting with an adviser, you should receive a Financial Services Guide (FSG).
This document explains:
- The services offered
- How the adviser is paid
- Their licence and authorisation details
- How complaints are handled
- Any potential conflicts of interest
If you decide to proceed and personal advice is provided, you should receive written documentation outlining the recommended strategy, associated risks, and the fees involved.
Fee transparency has become a major focus in the advice profession, particularly since the Royal Commission and subsequent reforms. Advisers must clearly disclose ongoing fees and, where applicable, obtain your consent to continue charging those fees.
How Fees Are Discussed
Financial planners in Australia generally use one of the following fee models:
| Fee Type | What It Means |
|---|---|
| Fixed project fee | A set cost for preparing a financial plan or specific piece of advice. |
| Ongoing annual fee | A recurring fee for ongoing wealth management, reviews, and support. |
| Hourly rate | Charged based on time spent providing advice. |
| Asset-based fee | A percentage fee based on the value of assets managed. |
Many advisers operate on a fee-for-service model, particularly for investment and superannuation advice. In some areas, such as life insurance advice, different remuneration structures may apply under Australian law.
The financial adviser should clearly explain:
- What you will pay
- What services are included
- Whether ongoing reviews are required
- What happens if you choose not to proceed
The specific outcomes and value of advice depend on your individual circumstances and the scope of services provided. You are under no obligation to continue after the first meeting.
What You Will Not Be Asked to Do
You should not be pressured to:
- Sign documents on the spot
- Move your superannuation immediately
- Purchase investment products without a written recommendation
If you feel rushed or unclear about fees, it is reasonable to pause and ask questions. A professional adviser should be comfortable explaining their reasoning and giving you time to consider your options.
What Happens After the First Meeting?
If you decide to proceed, the process usually involves:
- Detailed fact-finding and data collection
- Strategy development tailored to your circumstances
- Presentation of recommendations in writing
- Implementation only after you agree to proceed
Financial advice in Australia is structured and documented. Recommendations should outline risks, benefits, and relevant costs so you can make an informed decision.
How to Prepare
To make the most of your first meeting with a financial advisor, consider bringing:
- Recent superannuation statements
- Investment summaries
- Mortgage and loan balances
- Insurance details
- A list of financial goals
- Questions about fees or services
It is also helpful to think about what matters most to you. For some people, that might be retiring earlier. For others, it may be financial security, flexibility, or supporting family members. Clear priorities help shape meaningful financial advice.
Why the First Meeting Matters
The financial advice process can seem complex, but the first meeting is simply the starting point. It gives you clarity about how advice works, what it costs, and whether the adviser’s approach suits your needs.
As explained in our guide on why you might choose to work with a financial planner, professional guidance can provide structure and confidence when making important financial decisions.
You can also read more about what a financial planner can help with to understand the broader scope of services advisers provide across superannuation, retirement planning, wealth management, and risk protection.
If you are comparing options, our overview of tips for choosing a financial planner outlines what to check before committing to an ongoing advice relationship.
Frequently Asked Questions
How long does the first meeting usually take?
Most first meetings last between 45 and 90 minutes, depending on complexity and the questions you have.
Is the first meeting free?
Many financial advisers offer a complimentary initial consultation, but not all do. It’s worth confirming when booking.
Do I need to commit to anything?
No. The first meeting is typically exploratory. You can decide afterwards whether to proceed.
Can I bring my partner?
Yes. For couples, it is often recommended so both people understand the advice process and can ask questions.
How do I check if an adviser is licensed?
You can search the ASIC Financial Adviser Register to confirm their AFSL status or authorised representative details, qualifications, and employment history.
This article contains general information only and does not consider your personal circumstances. You should consider seeking independent financial advice before making financial decisions.
If you’re unsure how this applies to your situation, speaking with a licensed financial adviser can help clarify your options. You can find qualified financial planners near you through our website.
