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Choosing the right financial planner for your circumstances
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Latest  /  Financial Planning

How to choose the right financial planner for your circumstances

Choosing a qualified and reputable financial adviser for your personal circumstances is instrumental in ensuring your financial goals are achieved. The recently released Royal Commission on Financial Services has now concluded and has shown just how important it is to ensure your financial adviser, financial planner or mortgage broker is adequately qualified in their field and in a position to act wholly in your best interests. The value of good personalised financial advice is still priceless, and more than ever is going to be necessary to navigate the complex and rapidly shifting economic climate.

Financial advice is designed to help you:
  • Develop a range of strategies to help achieve your financial goals
  • Identify your short, medium and long term financial goals
  • Implement systems to help you manage your money better
  • Maximise your superannuation
  • Minimise your tax liabilities
  • Ensure you are adequately insured
  • Develop a suitable investment plan for your life stage
  • Plan for your retirement
But how do you choose the right financial solutions provider for your circumstances? It can be easier said than done. Luckily there are a number of tools you can use to compare financial advisers in Brisbane and beyond, as well as a number of steps you can take to ensure you are making the right choice. First of all, you need to identify your financial advice needs, this will give you the scope you need to make sure you are choosing a financial solutions provider that is qualified to give advice in that field.

Check ASIC’s Financial Adviser register

ASIC is Australia's corporate, markets and financial services regulator and they have created the financial adviser register to allow consumers to check the qualifications and history of their prospective financial advisers. The register also contains information on the types of products the adviser can provide advice on, and whether or not they have ever been subjected to disciplinary action by ASIC. 

5 questions to ask before choosing a financial solutions provider
  • What are your qualifications and any professional body memberships?
  • What are your fields of expertise?
  • What is your fee structure and are there any links to other financial institutions?
  • How do you keep up to date with changes to the industry and legislation?
  • Can you advise on my current products?
Always read the financial services guide

When you have narrowed your search down to the top financial advisers for your circumstances, the next important step is to read their financial services guide (FSG). All registered financial planners are required to keep their FSG on their website. The FSG will go into detail on the services they provide, how they charge, if they have any links to another bank, Life Insurance Company or fund manager that may affect the scope of their products.

Once you have chosen a financial adviser, the next step is to ensure you are able to provide them with accurate information pertaining to all aspects related to your financial situation. Be prepared with your financial goals, financial statements, all assets and liabilities along with any other information finance related. Be open and honest about your current situation, failing to do so could result in incomplete or incorrect advice for what you require. Make sure you feel comfortable with the adviser and not pressured into making any decisions. The best way to ensure you pick a reputable and knowledgeable financial adviser for your needs is to follow the above advice, do as much research as you can and be as open and honest as you can be.