Here are some things you need to know about the 'fact-find' process.

Q: Under what circumstances should investors consider the various options?

FULL ADVICE: If the investor is not financially savvy, he should opt for the full fact-find, said Mr Tan and Mr Ben Fok, chief executive of Grandtag Financial Consultancy.

'If you are not savvy, it is likely that you do not know enough. You may know some but not every part of financial planning and you want advice,' said Mr Tan.

'When you see an adviser, you should expect nothing less than a full fact-find. This is to ensure that all things are considered before any recommendations are given. In addition, all the areas of a person's financial life are inter- related. Making a decision in one area affects the other areas.'

PARTIAL ADVICE: This is usually adopted when the investor wants to reveal limited information to the adviser, or when he wants advice only for a single or specific need, such as how to save for his children's education or his retirement needs.

However, Mr Stanley Jeremiah, a council member of the Singapore Insurance Institute, suggests that this option be cut out from the process altogether as it is neither here nor there.

'Partial advice is in a no man's land and I think this category should be eliminated,' he said.

PRODUCT ADVICE: Choose this option when you know what you are looking for but need help in pinpointing which product will suit your needs, said Mr Jeremiah.

A case in point would be if you have just bought a property and have an outstanding mortgage of $500,000 and want a plan to cover the outstanding liability.

As there are different mortgage- reducing policies out there, you would want the adviser to explain their various features to you.

NO ADVICE: This is for customers who are financially savvy and are clear on what products they want. Mr Fok said that at Grandtag, advisers take pains to explain that opting for 'no advice' means the adviser will have no information on the client at all. This includes not knowing his risk appetite.

'Only if the client agrees and signs that he understands the ramifications will the product sale be executed,' he said.

Q: What are the main features of a 'full advice' fact-find?

Depending on the complexity of your financial circumstances, it may take between one and two hours or longer.

You are expected to reveal personal financial details such as how much cash you have, what sort of stocks you own, your insurance plans, assets, liabilities and monthly expenses.

It is only when you have done so that the adviser is able to analyse your financial circumstances and make a suitable recommendation.

The information you provide will allow him to understand the following:

Your cash flow (to calculate surplus or deficit in cash flow and understand your spending habits);

Your current investment portfolio (your asset allocation and risk profile);

Your personal risk management (whether you have sufficient insurance coverage); and

Your estate management (your wills and trusts).