Choosing a financial advisor can be daunting, after all, there is a lot at stake. Your financial advisor will manage your money and offer advice and recommendations which will effect your future, so it is important to choose the right one for you.
Recommendations for financial advisors may come from friends or family, or perhaps your bank or accountant has made a recommendation. You can also find an advisor through industry associations such as The Financial Planning Association and The Association of Financial Advisers. Either way, it is important to do your due diligence before hiring a financial advisor.
Questions to ask a financial advisor
- What are your qualifications?
- Are you authorised to provide advice on the products you are recommending to me?
- Can you advise me on my current products?
- What is your experience as a financial advisor?
- Are you a member of any industry associations and/or professional bodies?
- How do you keep up to date with changes that might affect your clients?
- How do you get to know a new client?
- How are you paid, and what is your advice likely to cost?
- Do you get paid for selling me a certain product?
- What fees or other benefits do you receive for referring me to another person or business?
Read their Financial Services Guide
Read the financial services guide (FSG) of any financial advisers you are seriously considering. If their FSG is not available to download from their website, ask for a copy.
The guide will tell you:
- what services they offer
- how they charge and whether they receive any additional payments or benefits
- who owns the company the adviser works for
- if they have links to product providers
- their licence number
Most financial advisors offer an obligation-free initial consultation. This is an opportunity to get to know them and their business and vice-versa. It is important that you feel comfortable with your financial advisor, trust them and are happy with the level of communication they provide. You must also be willing to engage in the process and follow their recommendations.
The team at Greentree Financial works with you in establishing a relationship built on trust and reliable outcomes. We would love to help you achieve your financial goals.