5 tips to find a financial adviser that’s right for you

Nick Sundich Nick Sundich, February 8, 2023

How to find a good financial adviser? It goes without saying that it can be tricky. It’s important to do your research and make sure that you’re dealing with someone who has the knowledge and experience to help you achieve your financial goals.

Although the Hayne Royal Commission has introduced new regulatory standards on financial advisers, which theoretically could have made finding a financial adviser an easier task, it actually made it more difficult. This is because it led to an en-masse exodus from the industry.

 

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How to find a good financial adviser

Stocks Down Under has compiled five tips for finding a qualified and reputable financial adviser:

 

1. Look for a financial adviser who is registered.

A good financial adviser should be registered with either the Financial Conduct Authority (FCA) or an equivalent regulatory body in your country or region. This will ensure that they are adequately qualified and regulated to provide advice on investments and other areas of finance.

2. Ask about their qualifications and experience.

Your advisor should have suitable qualifications for their profession, such as a financial bachelor’s degree or higher as well as years of experience in providing financial advice. They should also have certifications from relevant organizations such as Financial Advisers Australia.

 

3. Get recommendations from friends, family and colleagues.

Ask other people who have had positive experiences with a particular financial adviser if they would recommend them to you.

This can be a great way to find someone who you trust to handle your finances appropriately. Nobody that knows you is going to risk their relationship with you by recommending a financial adviser that they know is bad.

However, it’s important to bear in mind that even if someone else had positive results with an adviser doesn’t necessarily mean they will be right for you too – so make sure you still do your own research!

 

4. Check reviews online

Before committing to any particular advisor, read reviews online – both positive and negative – to give yourself a better idea of what kind of service they provide and how reliable they are when it comes to delivering on their promises.

You could even ask your potential financial adviser for references from other clients.

It’s also worth checking out their website and social media profiles for more insights into how they operate as well as any awards or recognition that demonstrate their expertise in their field.

 

5. Ask questions during an initial meeting or consultation call.

When meeting with a potential financial advisor – whether face-to-face or over the phone – make sure you ask lots of questions about their qualifications, experience in advising clients like yourself and fees charged, among other things.

 

The bottom line: Do your due diligence

Hopefully, by undertaking these steps you can determine whether they’re the right person for you before making any commitments – financially speaking! But if they could all be put down to one sentance, it is ‘do your due diligence’.

 

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