A 3-step guide to help you find the right financial advisor for you.
It may have occurred to you recently just how important it is to properly manage and protect your finances. If this is something that’s been keeping you up at night, you’ve probably asked yourself if it is worth seeking help from a financial advisor or financial planner.
In a perfect world, everyone would have access to advice whenever they want or need it but, this is not the case. For some, they don’t feel they can afford professional advice or they prefer to manage their money themselves.
There does come a time, however, when financial advice becomes a solid and rewarding investment into your future. So how do you know when the right time is?
According to the Financial Planning Association of Australia Chief Executive, Dante De Gori, a financial planner can help people at any life stage with any financial issue, such as budgeting, buying a house, or superannuation.
” In its simplest form, a financial planner just helps you achieve your financial goals. They’re there to enable you to live the life you want to live.”1
– Dante De Gori, Financial Planning Association of Australia Chief Executive
There are many aspects and stages of your life that could benefit from advice.
According to this research report from ASIC, most Australians want advice for the same reasons.
Here are the top five areas Australians want advice on:
- Retirement Income Planning
- Budgeting and Cash management
- Aged Care Planning
These tend to be the areas of financial advice that affect everybody. However, you may have specific circumstances and elements of your life that would also benefit from advice such as if you are self-employed, have recently received an inheritance, or are about to start a family.
Here are some of the common reasons people seek our financial advice for2:
- You feel overwhelmed, confused, or stressed about your finances
- You want someone to ensure your finances are on the right track
- You don’t have the time or interest to manage your finances
Good financial planning can help you feel better prepared for your future, as well as the financial hurdles that may come your way.
If you’re ready to engage in financial advice, you might be wondering how to find the right person for you.
Your adviser relationship is an important one. It is essential to take the time to choose carefully so you can put your trust in the right professional for the job.
Here’s your 3 -step plan to picking the right financial adviser:
1. Decide what you want out of your adviser
Before you get financial advice, decide what you want to get out of it. This will be entirely up to you: your life stage, your financial situation, and your goals.
If you don’t know your financial goals, a financial planner can help you discover them.
Depending on your circumstances, the type of advice you need can also change. You may be seeking a third opinion on your financial decisions or somebody to completely manage your wealth.
According to ASIC’s MoneySmart, personal financial advice comes in three different forms3:
- Simple, single-issue advice — Assistance with one financial issue, for example, how much to contribute to your super, or what to do if you inherit shares.
- Comprehensive financial advice — Help to develop a tailored financial plan to reach your financial goals. This covers things like savings, investments, superannuation funds, life insurance, and retirement planning.
- Ongoing advice — Regular monitoring and review of your financial plan and affairs to ensure your financial future is secure.
2. Seek an adviser with credentials and a current license to practice
It is important to pick a financial adviser who is not only experienced but also holds the appropriate qualifications and licenses to practice.
ASIC regulates all Australian financial service companies to make sure they are operating fairly and with their clients’ best interests.
By selecting an adviser that is registered with ASIC, you can take peace of mind knowing your financial future is in capable hands.
You can check the certifications and qualifications of an advice business or professional on the Financial Adviser Register.
Here are some more tips from the Queensland Government about finding a good financial adviser4:
- Look for a Certified Financial Planner (CFP)—this means they have the highest level of certification (recognised internationally).
- Ask your friends and family if they have a financial planner they are happy with.
- Do some online research.
- Check if they’re a member of a trusted and respected industry body such as the Financial Planning Association (FPA).
3. Meet and compare advisers
Your adviser relationship is an important one. Financial advice is about more than just money. It’s important that you feel safe talking to your adviser and discussing your future with them.
In the initial meeting, don’t be afraid to ask questions about the process including how often they will be in touch, the fees and costs as well as their specialty areas of advice.
Every financial adviser is different. They will have different ways of explaining processes, different ideas, and personalities.
At Cambio Group, our financial advisers pride themselves on making advice simple. We’re not interested in bamboozling our clients with technical jargon and complex ideas.
We believe that financial advice doesn’t have to be complicated. We take the time to explain strategies to you. We care that you feel informed, comfortable, and – most importantly – happy with your financial plan.
After all, it’s your money! We’re just here to help you make the most of it.
If you’re searching for trusted financial advice on the Gold Coast, contact Cambio Group today. Your first appointment is complimentary, so you’ve got nothing to lose and everything to gain!
Disclaimer: The information (including taxation) in this website does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.
A full complement financial services group with 1 simple mission: to deliver positive change in the lives of our clients
For over 20 years we’ve been helping people like you make smart, informed business and financial decisions. We’re in this to make a difference, to help you avoid the common mistakes that prevent people from building a business and creating a life they truly love.