Getting Financial Advice as a Couple — What Your SOA Should Cover

Joint Advice Should Cover Both Partners

If you and your partner are receiving financial advice together, your Statement of Advice should clearly address both of your circumstances. This includes each person's income, super balance, insurance cover, assets, and financial goals. A good SOA will show how the advice benefits both partners, not just one.

Shared Goals and Individual Goals

Your SOA should distinguish between shared goals (e.g., buying a home, retiring at the same time) and individual goals (e.g., one partner wants to start a business). The recommendations should balance both. If the SOA only addresses joint goals without considering each person's individual needs, it may not be fully appropriate advice.

Superannuation Strategies for Couples

Couples have several tax-effective super strategies available, including spouse super contributions (which may entitle the contributing partner to a tax offset), super splitting (splitting concessional contributions with a lower-balance spouse), and contribution strategies that account for both partners' balances and the transfer balance cap. Your SOA should explain which strategies are recommended and why.

Insurance for Both Partners

Joint advice should assess insurance needs for both partners, not just the primary income earner. Both partners may need life insurance, TPD, income protection, and trauma insurance depending on their circumstances. The SOA should show how the recommended cover protects the family financially if either partner cannot work or passes away.

Estate Planning Considerations

For couples, estate planning is essential. Your SOA should address beneficiary nominations for super and insurance, the interaction between binding death benefit nominations and your wills, and how assets would be distributed. If you have children, guardianship arrangements should also be discussed.

What a Couple's SOA Should Cover

When receiving financial advice as a couple, your SOA should address both partners' circumstances. This includes: both partners' financial goals (which may differ), combined income, assets, and liabilities, both partners' risk profiles, and strategies that consider the couple as a unit.

The SOA should also address: how assets are owned (jointly or individually), insurance needs for both partners, what happens if one partner dies or becomes incapacitated, and retirement planning that considers both partners' super balances and Age Pension entitlements.

Common Strategies for Couples

Several financial strategies are particularly relevant for couples, such as contribution splitting between super accounts to balance retirement savings, strategic asset allocation between partners to optimise tax outcomes, and insurance strategies that ensure both partners are adequately covered.

The SOA should explain which strategies are recommended, why, and how they benefit the couple as a unit. Each recommendation should show how it addresses both partners' objectives.

Estate Planning Considerations

For couples, estate planning is a critical part of financial advice. Your SOA should address: beneficiary nominations on super and insurance, the distribution of assets on death, powers of attorney and enduring guardianship, and how your estate plan aligns with your overall financial strategy.

Ensure the SOA considers what happens to each partner's super and insurance on death. Binding death benefit nominations are particularly important for blended families or couples with complex family structures.

Frequently Asked Questions

Should both partners attend advice meetings?
Yes. Both partners should be involved in the advice process to ensure the advice addresses both sets of circumstances and goals. Decisions made jointly are more likely to be successful.

Can we have different risk profiles?
Yes. Your adviser should assess each partner's risk tolerance separately and recommend strategies that accommodate both. This may involve different investment strategies for each partner's accounts.

How does Centrelink assess couples?
Centrelink assesses couples as a unit. Both partners' income and assets are combined for Age Pension means testing. Your adviser should model strategies considering the couple's combined position.

What if we separate after receiving advice?
If your relationship ends, your financial strategy will likely need significant revision. Seek updated advice as soon as possible to adjust your financial arrangements to your new circumstances.

How Much Does Financial Advice Cost?

Three numbers tell the story of Australian advice pricing. First, the median ongoing fee: about $4,700–$4,800 annually, up 67% over five years but now growing at just ~4% a year. Second, the upfront cost of a new SOA: usually $2,000–$3,500. Third, specialist rates: as much as $300–$600 per hour. The shift from commissions to fee-for-service, driven by FOFA, underpins all three.