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15 January 2008

Westpac to deliver quality advice at an affordable price

Designed to demystify financial planning and deliver quality advice at an affordable price, Westpac Financial Planning has introduced a $199 Super Health Check to make it easier and more affordable for Australians to access personalised financial advice.

Sally Herman, General Manager of Advice, said that until now it has been too difficult for Australians with less than $100,000 of investable assets to access affordable advice.

"During the accumulation phase, the majority of Australians simply require super advice on three things: How much do I have? How much do I need? And, will I have saved enough by the time I retire?" she said.

"Westpac's $199 Super Health Check is an easy to understand, low cost advice solution to make it simpler and more affordable for investors to answer these questions with confidence and set a plan of action."

Ms Herman remarked that research released last year suggested many planners shun investors with less than $100,000 in assets, and yet, the average super balance is around $45,000, leaving too many ignored by the industry and unable to get the advice they need.

"With four in ten investors believing they don't have enough money to make financial advice worthwhile and over 20 per cent thinking it will cost too much , our $199 Super Health Check aims to remove some of the barriers to receiving professional advice," she said.

Westpac's $199 Super Health Check is designed to help those with investable assets of between $5,000 and $100,000 better understand and organise their super and retirement needs by providing personalised advice on:

• fast and effective ways to grow super;
• the new super environment and how to make the most it;
• how to access benefits such as the Government co-contribution scheme, and;
• how much is needed to fund one's lifestyle in retirement.