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"By listing what you need, you might find that another adviser is more suited to give you 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 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 and have they clearly explained how they plan for you to reach these goals.
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.
Finally make sure you understand and are comfortable with the fee structure of your chosen Financial Planner. Financial Planners can be remunerated in a number of ways, which you can read up on here.
Our financial affairs can sometimes become overwhelming and burdensome, so it can pay off to find someone who can worry about your money, so you don't have to.