Choosing a financial planner is a decision that can shape your finances for decades — yet most people spend more time researching a new phone than they do vetting the person who'll manage their retirement savings, insurance, or investment strategy. The good news: a short list of well-chosen questions can tell you almost everything you need to know in a single meeting.
Below is a complete, Australia-specific checklist grouped into the areas that matter most: qualifications, fees, services, and the questions that separate a genuinely client-focused adviser from one who isn't. Use it before your first meeting, or during it — a good planner will welcome every one of these questions.
A financial planner should listen to your situation and ask you plenty of questions before recommending anything. But the relationship works both ways. Since 2013, Australian financial advisers have been legally required to act in their client's best interests under the Corporations Act's "best interests duty" — but not every adviser interprets or applies that duty the same way, and remuneration structures can still create subtle conflicts of interest. Asking the right questions upfront is the single best way to protect yourself.
Qualifications and standing
1. What are your formal qualifications, and do you hold an approved degree under the current education standards?
2. Are you listed on ASIC's Financial Advisers Register, and can I see your record?
3. Are you a Certified Financial Planner (CFP)? If not, what designation do you hold?
4. How many years have you been providing advice, and in what areas?
5. Have you ever been the subject of a complaint, disciplinary action, or banning order?
Fiduciary duty and conflicts of interest
6. Are you legally required to act in my best interests?
7. Are you fee-for-service, commission-based, or a mix of both?
8. Do you or your firm receive any commissions, referral fees, or incentives tied to the products you recommend?
9. Are you tied to a particular product provider, bank, or "approved list," or are you independent?
10. Will you disclose any conflicts of interest in writing before I sign anything?
Fees and costs
11. What is your total fee, in dollars — not just a percentage?
12. Is that fee flat, hourly, or a percentage of assets under management?
13. Are there any additional costs I should expect (platform fees, fund management fees, insurance premiums)?
14. What happens to your fees if my asset balance falls?
15. Can I get a written Statement of Advice that itemises every fee before I commit?
Experience with clients like you
16. Who is your typical client, and do you regularly work with people in my situation (e.g. business owners, pre-retirees, first-home buyers)?
17. Can you describe a time you helped a client with a situation similar to mine?
18. What outcomes have past clients typically achieved working with you?
Services and ongoing relationship
19. What's included in the initial engagement, and what's considered "ongoing service"?
20. How often will we meet or review my plan, and how will you contact me between reviews?
21. Who do I speak to if you're on leave or leave the firm?
22. Will I always deal with you directly, or sometimes a paraplanner or junior adviser?
Investment philosophy and approach
23. What's your general investment philosophy — active or passive, growth or conservative?
24. How do you approach risk, and how will you determine my risk tolerance?
25. How will my plan be adjusted if my circumstances or the market changes significantly?
Wrapping up
26. Can you give me two or three references from existing clients?
27. What happens if I want to end the relationship — are there exit fees or lock-in periods?
Below, we unpack the categories that tend to matter most.
Historically, the entry-level qualification for financial planners in Australia was RG146 or a Diploma of Financial Planning. That's no longer the full picture. Under reforms administered by the Australian Treasury and ASIC, all existing advisers were required to meet a degree-level education standard — either an approved bachelor's degree (or higher) or an equivalent qualification — by 1 January 2026, unless they qualified for the "experienced provider" pathway (broadly, 10+ years of advice experience with a clean disciplinary record between 2007 and 2021). New entrants to the industry have needed an approved degree since 2019.
In practice, this means it's now reasonable — and important — to ask a prospective planner directly how they meet the current education standard, rather than relying on older qualifications alone. A Certified Financial Planner (CFP) designation, awarded by the Financial Advice Association Australia, remains a strong signal of both education and ongoing professional development, particularly when combined with 5+ years of experience.
You can independently verify any adviser's licensing status, qualifications, and disciplinary history for free on ASIC's Financial Advisers Register. It takes two minutes and is one of the most useful checks most people skip.
See our financial planner courses and qualifications guide for more detail on what each designation means.
Every Australian financial adviser providing personal advice to retail clients is subject to a statutory best interests duty. But "best interests" isn't the same as "commission-free," and how a planner is paid can still shape what they recommend, even unintentionally.
Ask plainly:
None of these answers is automatically disqualifying — percentage-based fees and commissions are common and legal in Australia — but you want a planner who answers openly and puts it in writing, not one who's evasive.
A planner who regularly works with people in situations similar to yours will move faster and ask sharper questions than one encountering your circumstances for the first time. If you're a small business owner needing key-person insurance, a pre-retiree drawing down super, or a young professional just starting to invest, ask directly whether that's their specialty or an occasional case for them.
Fee structures vary significantly between firms in Australia. Most charge either:
Don't accept a vague percentage-only answer. Ask for the dollar figure based on your specific balance, and get a full breakdown in writing — this is a legal requirement via the Statement of Advice, but it's worth asking upfront so there are no surprises.
Some people want a single, one-off plan. Others want quarterly check-ins, market updates, and someone to call whenever life changes. Mismatched expectations here are one of the most common sources of client dissatisfaction. Ask specifically:
A few answers should make you pause before signing anything:
What's the difference between a financial planner and a financial advisor? In Australia, the terms are used interchangeably and there's no formal legal distinction — both refer to a professional licensed to provide personal financial advice. Some firms use "planner" to emphasise long-term strategy and "advisor/adviser" for broader investment advice, but check qualifications and licensing rather than relying on the job title.
How much does a financial planner cost in Australia? Costs vary by firm and complexity of advice, typically ranging from a fixed fee of roughly $2,000–$5,000+ for an initial comprehensive plan, plus an ongoing fee (flat dollar or a percentage of assets, commonly 0.5%–1.5% per year) for continued reviews and service. Always ask for a specific dollar estimate before committing.
Do I need a financial planner, or can I manage my own investments? It depends on the complexity of your situation and how comfortable you are managing tax, super, insurance, and investment decisions yourself. Simple situations (e.g. a single super fund, no dependants) may not need ongoing advice, while business owners, pre-retirees, or people with complex assets often benefit significantly from professional guidance.
How do I check if a financial adviser is properly licensed? Search their name on ASIC's Financial Advisers Register, a free public tool that shows current licensing status, qualifications, and any disciplinary history.
Is a Certified Financial Planner (CFP) better than a regular adviser? CFP is a respected professional designation requiring additional education, experience, and ongoing professional development beyond the base licensing requirements. It's not the only marker of quality, but it's a strong signal worth asking about.
What questions should I avoid skipping in my first meeting? At minimum: qualifications and licensing, total fees in dollar terms, whether they're a fiduciary, any commissions or conflicts of interest, and what ongoing service actually includes.
Can a financial planner be commission-based and still act in my best interest? Yes — Australian advisers are subject to a statutory best interests duty regardless of fee structure. But commission-based arrangements can create subtle incentives, so it's worth understanding exactly how your planner is paid and asking them to explain any potential conflicts.
What happens if I'm unhappy with my financial planner's advice? You can raise it directly with the firm first. If unresolved, Australian consumers can escalate complaints to the Australian Financial Complaints Authority (AFCA), a free, independent dispute resolution service.
The questions above are a starting point, not a script — the best conversations happen when you also ask personal questions to get a sense of whether you'll work well together over the long term. A planner worth hiring will welcome all of this scrutiny; if they don't, that's useful information in itself.
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