Shop Around For Financial Advice

For a lot of the Baby Boomer cohort, brand loyalty is one of the main reasons they choose certain products and services.  Their favourite brands and businesses have been tried and tested over their lifetime, and sometimes it is much easier to stay with what you know, rather than take the risk with a new unknown brand and service.  This is also often applied when choosing a Financial Planner. However it could be beneficial for you to shop around, as this is an area where you could potentially make some serious financial gains.

Staying with or choosing a Financial Planner who doesn't understand your goals or meet your needs, could end up being a long-term financial burden. You may lose investment profits or vital money saving opportunities. When shopping around for a Financial Planner, you should ask the following questions to ensure their answers line up with your expectations.

• How often will your planner meet and speak with you?

• How often will your portfolio be reviewed?

• Is your planner interested in understanding your goals?

• Has your planner clearly explained how they plan for you to reach these goals?

• Based on the service are you in agreement with the planners fees?

Financial Planners may have areas they specialise in.  Make a list of the areas you want advice in.  Is it superannuation, insurance, retirement planning, or something more like tax advice and debt management?  By listing what you need, you might find that another adviser is more suited to give you advice.

If your Financial Planner specialises in high-risk/high-reward investments and you are looking for a stable and consistent profile to help you ease into retirement then its a good sign that you and your planner might not be on the same page.

Always make sure you understand and are comfortable with the fee structure of your chosen Financial Planner.  

Finally, if you can find a Financial Planner who listens, commits to you plan, outlines a schedule, and specialises in the financial care that you need. Then it sounds like you have a new Financial Planner.