How to chose a financial planner that’s right for you.
Things to consider.
Choosing a financial planner is an important decision that can have a significant impact on your financial future. A good financial planner can help you make informed decisions about investing, saving for retirement, managing debt, and more. However, with so many financial planners out there, how do you choose the right one? Here are some key factors to consider when selecting a financial planner:
Credentials and qualifications: Look for a financial planner who has appropriate credentials and qualifications. Some designations to look for include Certified Financial Planner (CFP) and Fellow Chartered Financial Practitioner (FChFP). These designations indicate that the financial planner has met certain education, experience, and ethical standards
Registration: In Australia, financial planners who provide personal financial advice to clients must be registered with the Australian Securities and Investments Commission (ASIC). The registration process involves meeting certain education and professional standards, as well as ongoing compliance obligations. You can check the Financial Adviser Register through ASIC to confirm that the financial planner is properly registered here.
Experience: Consider how long the financial planner has been in business and how much experience they have working with clients like you. A financial planner with a long track record of success may be a better choice than one who is just starting out.
Services offered: Make sure the financial planner offers the services you need. Some financial planners specialise in retirement planning, while others focus on investment management or debt reduction. Choose a financial planner whose services align with your goals.
Fee structure: Understand how the financial planner charges for their services. Some financial planners charge a flat fee, while others charge a percentage of assets under management. Make sure you understand how much you'll be paying and what services are included in the fee.
Communication style: Look for a financial planner who communicates in a way that makes sense to you. If you prefer plain language and straightforward explanations, look for a financial planner who communicates in that style. If you prefer more technical explanations and in-depth analysis, look for a financial planner who can provide that.
Availability: Consider how often you'll need to meet with the financial planner and whether their availability aligns with your schedule. Some financial planners may only meet with clients once or twice a year, while others may be available more frequently.
References and reviews: Ask for references and look for online reviews of the financial planner. This can give you insight into their past performance and how satisfied their clients have been.
Trust: Above all, choose a financial planner who you trust. This is someone who will be helping you make important financial decisions, so it's important that you feel comfortable with them and believe they have your best interests at heart.
In conclusion, choosing a financial planner is an important decision that requires careful consideration. By considering the factors above, you can select a financial planner who has the right credentials, experience, and services to meet your needs. Ultimately, the right financial planner will help you achieve your financial goals and provide peace of mind about your financial future.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.