Choosing a Financial Planner

Choosing a Financial Planner

Tips for Choosing a Financial Planner

Finding the right financial planner is of critical importance to ensure your wealth is protected and will grow to meet your future financial needs.  We have provided key points below to help you choose a financial planner.

1. Check your financial planner is legitimate.  First and foremost you must work with a financial planner and organisation that is registered with ASIC and has an Australian Financial Services Licence (AFSL).  It is is very easy to check using this using ASIC Professional Registers Website.

It is important to note being registered with ASIC does not guarantee quality advice.

2. Do they have experience in advising clients similar to you? (referrals from friends who have had a long term relationship with an adviser can be a good starting point).

3. Read the Financial Services Guide (FSG) when you have a meeting with a Financial Planner they should give you a financial services guide.  This document includes information on the services and products they can offer you along with how complaints are handled if you are not satisfied with the service.   The adviser should be able to answer questions and explain the FSG in more detail if you have any questions.

4. Check who owns the financial planning firm.  The majority of financial planning firms are fully or partially owned by banks and insurance companies.  You need to decide if you want to deal with a smaller independent practice or a practice owned by a large company.  Many dealer groups that appear independent are actually owned by the banks.

You can view the Top 100 Financial Planning Dealer Groups in Australia to help with your research.

5. Do I feel comfortable with this adviser? Take your time and make sure you are comfortable and happy with your adviser.  If you feel uncomfortable have an interview with another adviser there are many high quality advisers in Australia.  Your relationship with a financial planner or adviser should be for the long term it is important you find the right adviser for your situation.

View important questions to ask your financial planner to make sure you get the most out of the meeting.
Click on a capital city below to view the best Financial Planners in your area.