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When do you need the help of a financial adviser?
Seeking the expert advice of a financial adviser isn't necessarily the domain
of wealthy people nor is it something you only do if you receive a large
inheritance or lump sum payment.
A good financial adviser should be focused on helping you to achieve your financial
goals, whether you are just starting to plan your financial affairs, or you need advice on saving for a
house, making an investment, arranging your superannuation, or planning for
your retirement needs. A professional can help you make more informed
decisions about your money with a sound financial plan.
Knowing what to look for in a financial adviser
Knowing what to look for in choosing a financial adviser can be a difficult
thing. We have put together a series of questions that should help you find a
financial adviser to provide you with sound and unbiased advice.
However, before you start looking, think about and write down what you want to
achieve financially and how soon you want to achieve it. Make a few notes so
you are ready to discuss your ideas with an adviser.
To talk to one of our advisers call our client
service consultants on
1800 806 013.
Questions you should ask
Do you or does your firm hold a licence to provide financial
advice?
Financial advisers and companies must be licensed through the Australian
Securities & Investments Commission.
How long have you been providing financial advice? What qualifications
do you have? What practical experience do you have in giving financial
advice?
The more experience, the better. If the adviser has less than two years'
experience, ask if anyone will supervise them. If so, ask about the
supervisor's experience and if that supervisor will be checking the details of
any plan the adviser gives you.
What type of service will I receive as a client of your firm?
Some financial advisers offer regular reviews of your portfolio or strategy and
regular newsletters.
What types of fees do you charge?
Different financial advisers will charge differently depending on the type of
service you require. You should ask what the cost of an initial consultation
will be, as well as the cost of putting together a portfolio or
strategy. You
should also ask what the cost will be for a regular review of your portfolio or
strategy and for any changes to your portfolio.
Remember, look for professionalism and service first, then value for money.
Will you or your firm receive any other payments as a result
of any investment recommended?
Most fund managers pay a commission or incentive. The amount of the payment is
normally disclosed in the product disclosure
statement or information booklet. If it is not, you
should ask the adviser.
How do you select the investments you recommend and how do
you determine what is suitable for me? What is your source of research?
Do you provide a written financial report and what information is
contained in that report?
Your adviser should provide you with your own personalised financial plan that
specifically meets your needs.
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