Savannagh Chase

So, you’ve decided to see a financial adviser. Following new financial advice can be daunting, especially if you’ve never consulted a professional adviser before.

Research has indicated that increased wealth translates to an increased likelihood of seeking out the services of a financial adviser.

That doesn’t mean people who are in the early stages of building wealth would not benefit from advice. It could be argued that while in the early stages of wealth building, you have the most to gain from high-quality advice to help you set and achieve their financial goals.
Whether your financial affairs are simple or perhaps more complex, it’s important to take time selecting an adviser who is not only well qualified but the right fit for you.

Are they a licensed financial adviser?

A qualified and licensed financial adviser is able to do what they say they will do. Limitations and restrictions exist for who can arrange certain financial transactions on your behalf.

The financial services regulator, ASIC, has an online financial advisers register of individuals who are authorised to provide personal advice on investments, super (including SMSFs) and life insurance.
Personal advice takes into account your personal circumstances, such as your objectives, financial situation and needs.

Check the financial services guide

Advisers’ websites typically present a positive, friendly face and it can be difficult to find any reference to fees or who owns the business.
It should always provide information about;

  • what services they offer
  • how they charge
  • company ownership
  • any links to product providers such as banks, fund managers or life insurance company
  • their AFS licence number

Watch for the (not so) little things- financial advice

Fees and financial considerations are extremely important, but they are not the only thing that matters when choosing a financial adviser. The right adviser could be part of your life for many years and have a significant part to play in your future well-being. Like any long-term relationship, the little things count.

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