What are MMPs education, training and ethical standards for its' representatives?
MMP adheres to FASEA’s standards by ensuring its’ employee representatives satisfy the education, training and ethical standards as required by the relevant legislation. Ongoing training and records are maintained by Kaplan Professional OnTrack and overseen by the Chief Navigator.
This includes satisfying continuing professional education for MMPs tax (financial) advisers who are members of the Tax Practitioners Board.
How does Map My Plan work?
Map My Plan is a 100% online, fully automated service that enables you to build a personalised financial road map. Our intelligent software collects, stores and responds to the information you provide. To help you map out a plan, we’ll ask some personal and financial questions. The software prompts you if more details are needed.
Based on the information you provide, we’ll give you the advice you need to create and implement a financial strategy.
The best things about the service is that it's free and not tied to a product or service provider. This means we’re not motivated to sell particular financial products that make us money – we just focus on advice.
After all, the real value of financial advice is just that. Advice.
To find out more watch our short video:
How do I make changes to my plan if my circumstances change?
Map My Plan is designed to allow for changes as you go through life’s financial journey. Simply log in to Map My Plan and you’ll be able to go to that goal specifically, or straight to your Profile and make the necessary changes. Once you‘ve done that we’ll adjust your roadmap to take the new information into account.
Make sure you check out the recommended actions as they'll be updated too.
How do you help me stay on track with my plan?
Map My Plan is built to track the progress of your financial goals, including the individual steps you need to take. So don’t be surprised when you get an email asking if you have paid down that debt or set up that life insurance cover. When you log in to Map My Plan and update your tasks, Map My Plan will generate the next steps in your financial roadmap.
You’ll also receive weekly coaching tips related to your current situation and we’ll include information that other users are reading that might be valuable to you as well.
I'm having trouble filling out my profile, what can I do?
To get started we’ll aim to ask you just a few questions (6 to 8 questions) that should only take you a minute or two to complete. Focus on the questions marked like this*.
Because we're reliant on the information you give us, if it's not accurate or complete, our advice may not be suitable for you. So please do your best.
For example, you might not know exactly how much money is in your super fund, but think it might be about $50,000. That’s enough to begin with. We want you to start getting an idea of what you should be focusing on with minimal fuss.
Why do you need to know how much I earn?
Don’t worry this never gets shared with anyone!
We use your salary to work out things like how much super your employer contributes and what tax is taken out. This gives us a snapshot of what super you have and what it might be worth when you retire. Telling us how you spend your money (ie what expenses you have) helps us work out what you've got left each month to use towards goals like repaying your lifestyle debt and whether you've got enough of the right kind of insurance.
There are many things we can plan for you with this little bit (and yes very personal) of information.
If I use Map My Plan, do I still need a financial adviser?
Map My Plan is designed to give you information to make well informed financial decisions – not to sell you or recommend a specific financial product. At some stage your financial situation should be well on track and developed to a point where a financial adviser could take it to the next level by applying tailored solutions.
But don’t worry, with the help of Map My Plan you’ll build up your financial knowledge so you feel more comfortable talking with them. We’ll also provide some guidance on what to consider and ask, a potential adviser along with answers they should not give. If they do, we think you should run away and find another adviser.
We’ll still be there offering our virtual hand to guide you through the process.
Even if you do decide to engage an adviser, you may find that Map My Plan is a good sounding board helping to ensure your financial plan stays on track.
What is different about Map My Plan?
There’s an inherent conflict embedded in the majority of financial planning businesses. Most firms are built with the goal of selling financial products and earning fees from doing so. As a result, the majority of financial advisers use written advice as a means to justify selling you a financial product.
Map My Plan eliminates this conflict by giving you a guarantee to never sell you a product. We just focus on giving you advice to help build your financial roadmap and reach your financial goals.
We also believe that advice should be affordable for every Australian. That’s why it's free! There is absolutely no catch, except of course, that it will take time for you to fill in your details, read our advice and keep your info up to date!
We also might be telling you things you don't necessarily want to hear. For example, if you want to save for a car and you've still got debt owing on three credit cards, we're going to tell you that's not a good idea - concentrate on consolidating your cards and paying down that debt first, the same as any good financial adviser will tell you.