HOW TO CHOOSE THE RIGHT FINANCIAL PLANNER?

When choosing your financial planner, make sure they have all the necessary skills and qualifications; and they represent a reputable organisation committed to servicing its clients' long-term needs.

Consider the following criteria when choosing a financial planner:

  • Is he or she a member of a relevant professional association? Members must abide by its code of ethics and rules of professional conduct. To find out if a planner is a member a professional association look for a reference to their association in the SelectAdviser profile.
  • Is the planner registered with the Australian Securities and Investments Commission (ASIC)? Do they have an Australian Financial Services Licence (AFSL)? Are they an authorised representative of a AFS Licensee? All Advisers in the SelectAdviser website have been cross checked with the ASCI database, however you are welcome of course to check for yourself as to whether a financial planner has an AFSL, by visiting ASIC's consumer website, wwww.fido.asic.gov.au. Alternatively, phone ASIC's Infoline on 1300 300 630.
  • Can they supply a Financial Services Guide (FSG)? This document details fee structures and the range of services offered by a planner. It is a legal requirement for the financial planner to supply you with an FSG.
  • Do they disclose all sources of remuneration such as commissions or fees? A good adviser will recommend the right strategy for you rather than trying to tip you into products merely so he or she can receive higher commissions.

How do financial planners charge for their services?
How to find a financial planner?
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