Here are some common questions you might want to think about before signing on the dotted line with a financial adviser.
Q. Where can I look for general information on a financial adviser?
Check their website, majority of advisers outline their areas of expertise and service proposition on their website.
You should also be able to find a copy of their privacy policy and financial services guide.
I would also suggest checking their reviews; Google Reviews, Facebook Reviews, and/or Adviser Ratings are a great place to start.
To ensure the adviser is registered check the ASIC Financial Register.
Q. What does a financial adviser do?
A financial adviser uses expertise and experience to build a personalised roadmap to assist you in reaching your goals.
Financial advisers research the market constantly, so they’re on top of the latest opportunities and challenges.
If you would like more information on what a financial planner does, check out ASIC’s MoneySmart website: moneysmart.gov.au/investing/financial-advice
Q. Who should see a financial adviser?
Most individuals, couples and families will benefit from seeing a Financial Adviser.
For most people it’s about maximising what you can get from your money. This can be applicable to people on an average income right up to a CEO.
Q. What can financial advisers help with?
Advisers provide services in a large range of areas, including:
- Life Insurance, Totally & Permanently Disabled Insurance, & Trauma Insurance
- Income Protection
- Debt Management; Home Loans, Personal Loans, Refinance
- Budgeting & Cash Flow Management
- Investment portfolios
- Superannuation Goal setting & Planning
- Planning for Retirement
- Estate Planning
Q. How often should people check in with their financial advisers?
How often you meet with your adviser depends on the complexity of your financial plan – it can range from meeting once to four times a year. Your adviser will recommend the ideal number of meetings to suit your circumstances.
If your financial situation changes it's also important to set up an appointment with your adviser as soon as possible, even if you're not due for a check-in. You'll need a meeting with your adviser when:
- Buying/Selling a Home,
- Having a Family,
- Getting Married / Divorced
- Death in the Family.
Q. What rules and regulations are financial advisers bound by?
Financial Advisers are governed by several bodies including ASIC, APRA, FASEA, TPB, as well as being bound by law such as The Privacy Act and The Corporations Act.
As of 1 January 2020, all advisers adhere to the Code of Ethics issued by FASEA.
Existing advisers have until 31 December 2021 to pass the Financial Adviser Exam and all new advisers will need to pass this exam before they can practice.
Existing advisers also have until January 2024 to reach an education standard for an approved university degree.
Q. What are the main benefits of seeing a financial adviser?
- Reach your goals faster and stay on track
- Save money and grow your wealth
- Protect your family, income and assets
- Structured planning
- A source for information and research
- Reassurance.
Many financially literate people believe they’re doing the right thing but it’s always good to know you’re on the right track. It’s also useful to get guidance on what’s available and assistance with SMART goal setting.
If you’re thinking about financial advice, find an adviser now.
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