3 Things to look for when choosing a Financial Planner


It can be difficult choosing a Financial Planner.  There are so many factors that we need to take into consideration when choosing to work with someone who is right for our needs.  We have compiled a quick list of three important factors to help you choose a Financial Planner.

Degree Qualified and Industry Recognised


Degree Qualified

When choosing the right financial planner for you, you should ensure that they have the correct education and qualifications and that they are industry regulated.

The first sign of credibility and someone who operates with the highest ethical standards is someone who is a Certified Financial Planner (CFP).  The CFP qualification is recognised in over 26 countries around the world and ensures that the person giving you financial advice upholds the appropriate knowledge and ethical framework to guide you through your financial journey.  Your financial planner should also have finance related degree in specialties such as Commerce, Economics, Accounting, Business or Financial Planning.

In Australia, the professional association for Financial Planners is the Financial Planning Association (FPA).  To be a member of the FPA, it is required that the financial planner follows the FPA Code of Professional Practice, so you know that as a consumer, you are receiving the best possible advice.

Always check that your Financial Planner is licensed to give advice.  You can check a Financial Planner's licensing on ASIC's financial adviser register.  You can also see their qualifications and memberships of professional associations.

Follow Up

Follow Up

Financial advice is a long-term engagement that requires ongoing guidance and follow up.  What may have been suitable a year ago, may not be relevant now, and this is why your planner should offer you an ongoing and transparent arrangement.

"Financial Planners will look at your whole financial picture, including estate, retirement and tax planning, plus insurance needs and debt management, and help you come up with a plan to achieve your long-term financial goals."
Source: Forbes

Someone you can Trust


Your Financial Planner's role is to identify your financial goals and develop a plan to achieve them.  It is important that you have someone you can trust and communicate ideas with to guide you through your financial journey.  You share a lot of personal information with your Financial Planner, so you need to feel comfortable with that the person. 

Have you been thinking of contacting a Financial planner?