Before making recommendations, planners will look at a variety of ways of meeting each client's financial needs. These might include different forms of investment, a range of insurance policies, superannuation plans, or taxation planning strategies. Most financial planners are usually linked to a specific set of insurance or investment products. Once they have obtained the relevant information they require from their clients, they may use computer packages, developed by these companies, to determine which provider best suits their client's needs. Independent financial planners, on the other hand, are not affiliated in this way. They do not receive commission from the company they recommend, but instead receive a set fee from the client.
Once a financial planner has prepared a recommendation, they meet with their client to discuss possible options. If the recommendation is what the client is looking for, the planner will complete any necessary paperwork and finalise the agreement with the client. ''The hardest part of the job is trying to find the best solution to someone's financial problems. Communication and interpersonal skills are a must for this occupation. The ability to understand where the client is coming from is really important here. If you cannot communicate with your client and understand their individual needs, you will not be able help them,'' says Adam.