Along with establishing that your prospective financial advisor is in fact authorised and registered to give financial advice, there are other important factors to take into account.
Consider what you are hoping to gain from financial advice
Often, people turn to financial advice when in a changing season of life–such as starting a family, planning for retirement or after receiving an inheritance. You may also turn to a financial advisor when looking to get out of debt, or wanting to become more conscious of your investment abilities in the long term.
When choosing an advisor, it’s important to consider your stage of life and what you want to get out of the advice. Consider your short and long term goals along with how long you anticipate wanting to work with a financial advisor for.
Check their financial services guide
“When looking for an advisor, make sure to read your adviser’s Financial Services Guide to learn about their fees and services, and how they deal with complaints,” an ASIC spokesperson tells Forbes Advisor.
These are usually listed on a financial advisor’s website, or you can request a copy prior to discussing any agreement with them.
A financial services guide will show the services a financial advisor offers; how they charge their fees; who owns the company; any links to product providers; and their AFS licence number.
Ensure you are aware of the fees
Financial advisors charge varying fees depending on their services and the type of…
