How to choose your Financial Planner

Step one would be to organise a free meeting with your proposed Financial Planner to discuss your financial circumstances, such as, your existing assets and liabilities, income and expenses and your future financial goals.

From this conversation you should have a clear indication whether the planner talks in terms of your goals and his proposed strategies or product.

From this initial consultation you should walk away with the feeling that he is there to help you with strategies to achieve your financial goals.

This financial planner should offer you a copy of his Financial Services Guide. This Financial Services Guide or FSG will highlight a number of things including:

  1.  Who is the holder of the Australian Financial Services (AFS) license which is issued by the Australian Securities and Investments Commission (ASIC). Is this license owned by a bank, and insurance company or is it independently owned by an organisation not related to a bank or financial institution or insurance company.
  2.  The FSG should also highlight how this financial planner is to be paid. They may charge on a time   basis or on a percentage of the value of the investments they manage.
  3.  What are the qualifications of the financial planner. Do they have a Diploma, Degree or Advanced Diploma.
  4.  Is the financial planner a member of any organisation such as the Financial Planning Association.
  5.  Does the financial planner have any additional qualifications such as taxation or legal. That is, taxation plays a very big role in the type and nature of the assets we choose to invest in and how to structure the ownership of these assets.
  6.  Legal is also valuable with regard to asset protection for investors who also own small businesses and for estate planning purposes. What to do with the investment in the event you pass away.

The financial planner may also be able to provide you with the names and details of clients similar to yourself that he has assisted in the past.

Should you require any information please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.

The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.