What happens when you meet a financial adviser

The idea of talking to a stranger about something as personal as your financial position can be a bit daunting, but it’s worth overcoming any misgivings.

Working with a qualified professional can leave you better informed about how to make the most of your financial resources and any of the tax, social security and other benefits on offer.

Good, timely financial advice can also give you peace of mind. Research by the Financial Advice Association of Australia found people who engaged with a financial adviser reported a greater sense of financial wellbeing.

So, if you do decide to get advice from a professional about your financial position and retirement plans, how does the process work and what can you expect?

Quality of Advice Review (QAR) and financial advice

At the time of writing, the government is partway through its legislative program in response to the 2022 Quality of Advice Review (QAR).

The QAR looked at the way financial advice was provided in Australia and recommended reforms that would allow for more targeted, flexible and affordable advice.

The key priorities are increasing the pool of qualified advisers to make advice easier to access, streamlining the documentation required when providing advice and making it easier to access retirement income advice by allowing super funds to provide more information.

The first tranche of the Delivering Better Financial Outcomes package was legislated in July 2024. The second tranche is awaiting legislation. 

1. What to consider when selecting your adviser

Choosing a good financial adviser involves doing some research and talking to several potential candidates. Issues to consider include: