Seven questions to ask at your first financial advice appointment
And in today's newspapers, 'Thinking about financial advice? Don’t make this costly mistake'
In this edition
Feature: Seven questions to ask at your first financial advice appointment
From Bec’s Desk: Looking up
SMH/TheAge: Thinking about financial advice? Don’t make this costly mistake
Prime Time: How to start planning your epic caravan adventure
Seven questions to ask at your first financial advice appointment
As I wrote in my article in this weekend’s national newspapers, I recently heard from an Epic Retirement Community member about their experience with a financial adviser. And I don’t want their story to scare you off getting financial advice—I want it to empower you to ASK THE RIGHT QUESTIONS upfront so you walk away with the advice you actually need.
In preparation for retirement, they paid for independent financial advice, expecting guidance on managing their household super and investment property, along with projections to help them plan their income in retirement. Instead, their adviser recommended moving all their super into a wrap account—something that hadn’t been discussed in their first meeting.
They were already invested in one of Australia’s highest-performing super funds, so they didn’t understand why switching was the best option. In hindsight, they realised they probably didn’t ask the right questions upfront or clearly communicate that they wanted retirement planning guidance—not a recommendation to change funds. Now, instead of having a clear roadmap, they’ve walked away with more questions than answers:
❓ Should they really be moving from a high-performing super fund to a wrap?
It depends on their goals, investment preferences, and whether the extra costs of a wrap account would provide real value. Wraps can offer greater flexibility and personalised investment choices, but they also come with higher fees and complexity and usually a need for ongoing advice. Advisers like them because they allow them to provide you with an ongoing investment management service. But, the real question this couple wanted to ask was ‘If their current super fund is already performing well, why move to a wrap?” Will it actually improve their long-term outcome or just add unnecessary costs and a need to use an adviser on an ongoing basis? And do they want this?
A key question they may not have thought to ask is: "What are the tax implications of moving our super before retirement?" Their existing fund may have incurred capital gains tax on earnings just to transition into the adviser’s recommended structure—an important cost to consider before making any changes.
❓ What even is a wrap, and how does it compare?
Most people don’t walk into an adviser’s office asking for a wrap account, yet they’re often recommended. A wrap account is an investment platform that allows an adviser to manage multiple assets under one structure. Instead of keeping your super in an industry or retail fund, your super is rolled into a wrap, where investments are selected and managed for you.
Wrap accounts can provide flexibility and access to a wide range of investments, but they also come with additional fees and complexity. For some people—particularly those who want more control over their investments—they can make sense. But for others, especially those already in a well-performing super fund, a key question is whether switching to a wrap genuinely improves their financial position. A good adviser should be able to explain that clearly.
❓ And why didn’t they get the projections they needed to plan their future?
This is the real issue. Retirement planning should start with strategy, not just product recommendations — unless you have just come for investment advice. The adviser should have provided projections on how their super, investments, and property decisions would affect their income in retirement—before suggesting any changes.
The key takeaway?
A good adviser should help you understand your full financial picture before making recommendations. And if they don’t? That’s when it’s time to ask more questions.
How to avoid this mistake— Seven questions to ask your adviser at your first appointment
1️⃣ Do you offer full retirement strategy and projections, or just investment management? (Make sure their focus aligns with what you need—there’s no wrong answer, just the right fit for you.)
2️⃣ Does your firm have a preferred product list or specific way of investing? (Ask them to explain how it works, so you can decide if it suits you.)
3️⃣ If I move to a wrap account, will I have to leave my current super fund? (Find out how this impacts your fees, performance, tax and insurance.)
4️⃣ Can you model different retirement scenarios for me? (For example: keeping vs. selling an investment property, staying with my current super vs. switching, different drawdown strategies, and tax implications.)
5️⃣ Do I need ongoing advice, or is this a one-time plan? (Clarify the costs and whether ongoing fees are necessary for your situation.)
6️⃣ If I want to keep my super where it is, can you still help me with retirement planning? (Some advisers only work with clients who move investments—ask upfront.)
7️⃣ What are all the fees involved? (Request a direct comparison to your current setup to see if the recommendations truly add value.)
Tell ‘em I sent you! Good advisers are thrilled to have well-prepared clients who are right for them and keen to learn!
Let’s talk about it in the comments.
Thanks for your lovely messages about my 12-year-old pup. After another week of nursing his paralysed body, he’s showing some positive signs of improvement… so keep your fingers crossed for me that this is the beginning of his recovery.
This week I’ve been preparing for the two events I am doing in Sydney on the 11th March. They’re being held at the West Ashfield Leagues Club. And there’s two events that are open to the public to attend. Both are free, hosted by Inner West Council.
12.30-2pm — The 12 Secrets of an Epic Retirement. More info/ RSVP https://events.humanitix.com/12-secrets-of-an-epic-retirement
6-7.30pm — How to prepare for an Epic Retirement. More info/RSVP https://events.humanitix.com/how-to-prepare-for-an-epic-retirement
This week the Epic Retirement Course is in Week 3, with out third Live Q&A being held. These events are an absolute ripper — the last two weeks we’ve squeezed more than 50 questions into each event and run over time! This week’s is with David Lane the Queensland State Manager of Ord Minnett (and Senior Financial Adviser), and we’re talking Superannuation, Investing, Platforms and SMSFs.
I’m gradually working my way through the laid up edit of Prime Time - my next book. And preparing for the launch later next week of our April education program - which has a huge waitlist already! 😁 (You can waitlist yourself for the earlybird deal here).
And, we’re having huge fun on the podcast, with a great conversation about caravanning — something I’m really keen to do in the years ahead and clearly many of you are too.
Don’t forget, you can always email me at bec@epicretirement.com.au. I love it when you tip me off on things that I can help with or reply with insights.
Many thanks! Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker
Thinking about financial advice? Don’t make this costly mistake
Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 2nd March 2025.
If I received a gut-wrenching letter the other day from a pre-retiree who had just seen a financial adviser – and walked away deeply disappointed.
She and her partner had been diligent savers, carefully building their retirement nest egg in one of Australia’s largest super funds. They weren’t looking for magic solutions – just solid, independent advice to help them map out their retirement strategy.
They wanted to understand their options for their investment property, make informed decisions about their super, and see projections of how their retirement income might play out under different scenarios before making the shift into retirement.
Their first appointment started with the usual – filling out a stack of forms before they even stepped into the room. Then came what felt like a pleasant, productive chat with an adviser personally recommended by a dear friend.
But when they received their Statement of Advice (SOA), reality hit hard. The document was 70 pages long, packed with complex jargon, and the primary recommendation? Take their super out of a high-performing fund, open a wrap account, and invest in a model portfolio.
Looking back, they admit they didn’t understand the advice process or ask the right questions – and they didn’t tell the adviser this upfront, which might have helped simplify things. They also didn’t realise they had to explicitly state they were happy with their existing super fund, a consistent top performer.
This article continues — Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.
How to start planning your epic caravan adventure
If you've ever dreamed of packing up and hitting the open road, this episode of Prime Time is for you! I’m joined by Luke Chippendale from the Caravan Industry Association to talk about the magic, the myths, and the must-knows of caravanning in Australia. Whether you’re planning a quick getaway, a months-long adventure, or even thinking about becoming a full-time nomad, we’ve got you covered.
Caravanning is more than just a mode of travel—it’s a lifestyle. It offers the freedom to explore at your own pace, the ability to stay connected while going off-grid, and a built-in community of fellow travellers who are always happy to share a campfire and a story. But where do you start? How do you choose the right setup? And what are the real-world lessons from people who have done the big lap?
Luke brings his industry expertise to the conversation, helping us navigate the key decisions that can make or break a great road trip. We break down the pros and cons of different travel styles, the best times to hit the road, and how technology is making it easier than ever to stay connected while exploring remote parts of the country.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Last of all, if you haven’t read the book, you can order your copy from Amazon online. Or pick up a copy at your local Dymocks, or QBD stores. And if your bookstore doesn’t have it - ask them to get it in.
I have a little online store where you can purchase signed copies too.
Changed my super to a wrap account from an industry super fund in mid 2023, as I was preparing to transition to retirement. I felt like I was just a number in my industry fund. Unfortunately the account was frozen by ASIC in 2024 and now I have lost almost all my super and was forced back to work.
Great advice by Bec. My advice do your homework.
My experience to date:
I have retired, have my own SMSF and to date have seen 5 Financial Planners.
ALL want to switch my SMSF over to their product range.
I attended an ASX seminar and asked one of the speakers about how I go about getting advice for my own SMSF. "Ummmm..... I don't think you can. When you don't want to run it yourself any more, that's the time to seek a Financial Planner" or words to that effect.