| Choosing the right financial adviser can be a difficult | | | | an Australian Financial Services Licence. |
| process. How can you find a professional with the | | | | - do they have appropriate experience? Are they |
| expertise you need? Someone you can trust to | | | | experienced in all the areas you identified you want |
| assist you in planning your financial future. Where | | | | financial advice in? |
| should you start? What should you look for? | | | | - are they recommended? Do you know anyone |
| Here are some things you should consider: | | | | who has had experience with this financial adviser? |
| | | | | Do they come recommended? |
| - your current situation - before meeting a financial | | | | - how do they charge? Some advisers receive |
| planner, get a good idea of where you're currently at | | | | commissions from product providers. Others charge |
| financially. You might like to use these free online | | | | the client directly for their time (known as fee for |
| calculators to help you get started: Free Financial | | | | service). Do you know and are you comfortable |
| Position Calculator Free Budget Calculator | | | | with how this adviser charges? Be aware |
| - your goals - What are your financial goals in | | | | that financial advisers who charge commissions may |
| the short, medium and long term? | | | | have an added conflict of interest as they receive |
| - what do you want a financial adviser to do for | | | | payment when selling you a product |
| you? There are lots of options when it comes to | | | | - who are they owned by/affiliated with? Sadly in |
| financial advice. Some people just want help with a | | | | Australia, the overwhelming majority of financial |
| specfic area of concern (eg divorce), or at a | | | | advisers work for or are affiliated with larger financial |
| particular life stage (eg retirement). Other people | | | | institutions and banks. This poses a problem where |
| want to get financial advice in all areas to help them | | | | many of these groups impose restrictions on the |
| get ahead financially - the choice is yours. | | | | types of products and advice that these financial |
| | | | | advisers can offer their clients. If this concerns |
| You should take your time and do your research | | | | you, you should seek out the advice of a financial |
| before you choose your financial adviser. Some | | | | adviser from a privately owned financial planning |
| things you might like to think about before you | | | | firm. Remember that this information must be |
| decide on one are: | | | | disclosed in the Financial Services Guide (FSG) so be |
| - are they properly licensed? In Australia, financial | | | | sure to read the fineprint. |
| advisers should be the holder of or authorised under | | | | |