How To Choose The Right Financial Planner | Articles @ Redbright

Are you trying to choose a financial adviser but don?t know where to start? Are you confused by the available choices, difference in fees and myriad of financial planning firms? If so, then we can help.

There are 3 easy steps for choosing a financial planner in Australia.

Step 1 ? Get Clear On Your Advice Needs

Not all financial advisers provide all types of financial advice. Some advisers are experts in wealth building strategies, other work only in personal protection insurance.

It is necessary to choose a financial planner who?s specialised in the type of advice you need.

The common specialisations are:

* Insurance Advice

* Wealth building, loan reduction and budgeting

* Retirement Planning Advice

* Self-Managed Super Funds

While a financial planner may be competent in one or more of these types of advice, they may not have experience in them all. That?s because each areas of advice has unique rules, legislation and strategies, so it?s important to choose a financial planner who specialises in the type of advice you require.

Step 2 ? Different Ways To Choose A Financial Planner

Now that you understand the type of advice you require you can start searching for a financial planner to match your advice needs. Here are five different ways to choose a financial planner.

1. Ask Your Existing Service Providers

2. Ask A Friend

3. Contact Professional Associations

4. Conduct A Specific Search Engine Search

5. Use The Find A Financial Planner Matching Service

Let?s look at each of these options in more detail.

1. Ask Your Professional Service Providers

Your current service provider may be able to help you chose a financial adviser, this may be an accountant, a finance broker or a general insurance consultant. Inform them of the type of advice you require so that you can be referred to a specialist financial adviser.

One pitfall with this approach is that many finance companies also own financial products and may refer you to one of their internal planners who may only recommend their internal products. Also be cautious if the referrer will receive a referral fee for connecting you with a financial planner. If this is the case, then the referral may be in their best interest and not yours.

2. Ask A Friend

Do you have friends or family members in a similar situation who have received financial advice? Ask them how they found the experience and if they were happy with the advice they received.

Remember, not all financial advisers specialise in all types of advice, so if you are trying to find a financial planner who provides insurance advice it may not be wise to ask a retiree for a referral to their retirement adviser, and vice versa.

3. Contact Professional Organisations

There are several professional associations who can assist you to find a financial planner from their member database.

* Association of Independent Financial Advisers

* Australian Financial Advisers Association (AFA)

* Financial Planning Client Advocate (FPCA)

* Financial Planning Association (FPA)

Professional organisations like these can only refer you to a financial adviser on their member base.

4. Specific Google Search

Using the type of advice you require as a search term, such as ?Insurance Advice Sydney? may help you uncover a planner. The biggest problem with this method is that there is no third party referral, as with all the other methods mentioned in this article.

5. Use Our Online Matching Service

The Financial Planning Client Advocate offers free matching service called ?Find A Financial Planner? on their website www.findafinancialplanner.com.au. The service matches you with a financial planner based on your location and the sort of advice you need, which means you will be matched with a specialist financial planner for your advice needs.

To your benefit, all financial planers using the matching service need to pass an accreditation by the Financial Planning Client Advocate (FPCA) before they can be listed, this gives you the added security needed whilst selecting a credible financial adviser.

Step 3 ? Qualify Your Financial Planner

When searching for a financial adviser on FindAFinancialPlanner.com.au you know your adviser is FPCA approved, they have had background checks and an accreditation process to guarantee that they meet our high standards.

If you choose to go it alone, the following are some tips to help you qualify the financial planner you choose.

1. Are They Licensed? ? All financial planners must either hold a license or be employed by a business that holds an Australian Financial Services (AFS) license to practice in Australia.

2. Request A Financial Services Guide (FSG) ? A Financial Service Guide (FSG) outlines the services offered, fees involved and what to do in the unfortunate event of a complaints. Obtaining a copy of the FSG which will help you assess a financial planner.

3. What Are The Fees & How Are They Charged? ? Ensure that you are fully aware of all fees and how you will be charged before you precede wit any advice.

4. Who?s Backing The Advice ? Who?s behind the advice if something goes wrong? Do they hold insurance? Are there any ownership conflicts of interest? A financial planning firm can be owned by or licensed by a financial institutions, fund managers or life insurance company. This can lead to conflicts of interest if the adviser is limited to recommending only that companies products.

If you?re ready to choose a financial planner then visit the Financial Planning Client Advocate?s (FPCA) free matching service to find a financial planner who right for you.

Source: http://art.redbright.co.za/how-to-choose-the-right-financial-planner/

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