Choosing to Use a Financial Planner
Choosing to Use a Financial Planner
Financial planners can provide valuable assistance when you need help making smart decisions for your future. They can offer advice in areas from choosing the right types of insurance to cover all of your needs sufficiently, to basic household budgets, to what kinds of mortgages and home loans are best. When you need someone to help you run your family's financial affairs, you may consider hiring a financial planner. Putting someone in charge of your family's financial future is a decision that should be made with careful consideration. You need to hire someone who has your best interests in mind and someone who you can trust and feel comfortable with. You should talk with several financial planners and find the one that is the right fit for your financial needs. In order to determine who is the best financial adviser for you there are several questions you should ask based on recommendations from The Australian Investments and Securities and Investments Commission (ASIC).
1. How long have you been a financial planner and/or what experience do you have? Listen for an answer that details lots of history. You want to know that your potential financial planner is experienced in areas of personal finance dealing with individuals verses businesses or corporations. Experience in other banking industries, while helpful, is not the same as having direct financial planning experience.
2. What are your qualifications? You can ask them if they are a Certified Financial Planner (CFP). If so you can check them out through the agency that offers the certification. Many professionals in the financial world claim to be financial planners but have little or no expertise in this field. Also, find out if they are a member of the Financial Planning Association of Australia, an agency that governs ethics in the financial planning industry.
3. Ask them a question to get them talking. For example you might want to ask them what their ideal client is like or to describe a particular service to you. You want to hear answers that make you feel comfortable. Do they describe a client similar to you? Are they talking in terms that you can understand? Are they trying to relate to you and make you feel comfortable?
4. What services do you offer? Some financial advisers only offer certain services based on credentials, licenses, and experience. Ask to see their approved products and services list so you know if what they are experienced in is in the areas of financial planning that you need assistance with. Not all financial planners offer advice in the area of mortgages and home loans, so be sure you find someone who does if this is an area you will need assistance in.
5. Will you be the one working with me? You do not want to hire a financial planner that you feel you can trust and will work well with you, only to find out that your account will be handled by someone else in the office. Be sure you are familiar and comfortable with other staff in the office and get to know anyone who could possibly be working with you if you were to hire this planner.
6. How are you compensated and/or how much do you charge? It is not being nosy or pushy to want to know how your potential financial planner gets paid. If they make their commissions directly from you paying them, they are more likely to look out for your best interests. If they are paid by an outside agency based on products or services sold, be leery.
7. Can I have it in writing? Your financial planner should be willing to give you a written agreement of all of the services and fees you have agreed upon. There should be no hidden costs or extras that you are unaware of.
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