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.
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- 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.
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- 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.
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- Have they got appropriate qualifications? A financial adviser may be a:
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- Hold a Diploma in Financial Planning
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- Alternatively, if an adviser is part of an accounting firm, he or she may be a Certified Practicing Accountant (CPA) or a Chartered Accountant (CA).
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- 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.
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