is a Senior Adviser
with Fintuition Wealth
Advisers. He is a
Certified Financial
Planner and holds a
Masters of Personal
Financial Planning.
PLANNING
courses and conferences, and regardless
of the topic I am presenting on a common
question often gets asked: "How do I choose
a good financial adviser?"
in making the right financial decisions, this
is not a surprise. So, let's go through some
of the key factors you should be looking at
when making your decision.
You may be looking for an ongoing
relationship with an adviser or simply
one-off advice to address a specific matter.
Whatever the case may be, you need to be
clear about this as the estimation of cost will
likely reflect the advice required.
A common problem people have when they
seek advice is they haven't really thought
about what they want to achieve. They come
into the adviser's office and say, "Tell me
what I should do." This is akin to going into
a doctor's surgery and asking the doctor to
prescribe a medicine to fix you before they
have had a chance to examine you. Think
about what you are looking to achieve and
this will help the adviser to help you.
This can be somewhat of a double-edged
sword. On one hand, knowing a friend
or colleague already uses the services of
the adviser can provide comfort, but be
warned your friend may not have a good
understanding of what a quality advice firm
looks like. Over the years there have been a
and provided questionable advice at best.
And when things go badly and they are asked
"Why did you go to them?", the general
response is because someone they knew
recommended them.
go in blindly. Do your due diligence and
ask questions.
an adviser is to find out if they are a member
of a professional association the main
two in Australia are the Financial Planning
Association and the Association of Financial
Advisers. While membership does not
provide certainty regarding an adviser's skills
and ability, there is a code of conduct and
ethics members must adhere to. There are
disciplinary actions that can be imposed if
the code is not followed.
Association (FPA), I would suggest it is best
to deal with a Certified Financial Planner.
The Financial Services Guide (FSG) is a guide
that outlines a range of information relating
to the financial advisory business. It covers
important matters such as who the licensee
is, how the firm charges, dispute resolution,
services available, privacy and relationships
with other entities. You should receive a copy
of the firm's FSG prior to any advisory services
being provided. Ask for one to be sent to you
prior to your initial meeting with the adviser.
in the right direction.