Warren Buffet once said that ’Risk is not knowing what you are doing’…

Finding a Good Financial planner may make all the difference to your financial wellbeing and peace of mind. It’s a decision that warrants an investment of time – below are some things to consider when finding a financial planner.

Firstly and perhaps most obviously, check that they are licensed. Generally all practicing financial planners must hold an Australian Financial Services Licence issued by ASIC or be an Authorised Representative of a Licensee.
Licensed advisers will need to complete ongoing education and training to ensure their knowledge is up to date.

Ask for their qualifications. A Bachelor from the School of Life is nice, but it doesn’t mean you know anything about giving financial advice.
A widely recognised mark is that of a Certified Financial Planner (CFP) who has gone beyond the competency, ethics and professional practice standards required by other advisers.

During the initial meeting – Ask Questions…

Ask about their background, where they specialise, who the owner of the business is and whether you can have a copy of their Financial Services Guide (FSG). An FSG explains what services the adviser can offer, fees and commissions and any relationships that could affect the advice given.

Also ask how much the advice will cost and how it will be charged. Without knowing your circumstances, you probably won’t get an exact figure, but getting an outline of the cost will help you make your decision.

Most importantly, you want to find someone you can trust. Hopefully this relationship is one that will last a lifetime, and you want someone who will put your needs first while still holding you accountable to the things you want to achieve.

By guest blogger Robbie Kirtley CFP Financial Planner from WCH Investor Services