In this guide
So, you’ve decided to see a financial adviser. With around 15,500 financial advisers listed on the Australian Securities and Investments Commission (ASIC) Financial Advisers Register, you’re not short of choice. Yet too much choice can be daunting, especially if you’ve never consulted a professional adviser before.
You’re also not alone. According to the Investment Trends 2024 Financial Advice Report, only 7% of Australians currently receive financial advice. Of the remainder, almost half (48%) say they plan to get advice.
Whether your financial affairs are simple or complex, it’s important to take time selecting an adviser who is not only well qualified but the right fit for you. Following these five steps will help you make the right choice.
Step 1: Where to look for an adviser
A multi-pronged approach works well when you are starting your search.
- Ask trusted friends, relatives and work colleagues for recommendations. While a personal recommendation alone is not sufficient to choose an adviser, as everyone’s needs are different, it can help narrow down the list of advisers in your local area and give you the confidence to make that initial call.
- Contact your super fund to find out what types of financial advice they offer. Depending on the level of advice you are seeking, the fee, if any, may be paid by your fund.
Read more about financial advice through your super fund.
- Do an internet search for financial advisers near you. Check their website and social media pages to see what services they offer, if they specialise in a particular area of advice or encourage certain types of clients, and comments from happy or dissatisfied clients.
- Check out financial advisers’ professional associations.
- Use the ‘find a planner’ service offered by the Financial Advice Association of Australia (FAAA). The online search function allows you to narrow your search by location. Once you have a shortlist, click through to each adviser’s website to find out more.
- Go to SuperGuide’s list of Australian independent financial advisers for each state (see below), where you can find all the Profession of Independent Financial Advisers (PIFA) members, plus other advisers who have declared to us that they meet the independence test.
- Australian independent financial advisers: National list
- Independent financial advisers: Adelaide and SA
- Independent financial advisers: Brisbane and Queensland
- Independent financial advisers: Canberra and ACT
- Independent financial advisers: Hobart and Tasmania
- Independent financial advisers: Melbourne and Victoria
- Independent financial advisers: Perth and WA
- Independent financial advisers: Sydney and NSW
Find a planner with the FAAA’s online search tool.
Some advisers have expertise in areas such as retirement planning, SMSFs or aged care. Others might work with occupational groups such as teachers, doctors or small business operators.
An adviser can also help younger clients with guidance on budgeting, cash flow management and investing, perhaps in preparation for buying their first home, building an investment portfolio or starting a business.
Once you have a shortlist of advisers, it’s time to do some due diligence.
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