There are many reasons people seek the advice of a financial planner in Brisbane.
For some it’s to build and protect wealth, plan for retirement or develop financial strategies through self managed super funds. Others may require assistance managing tax and insurance needs, dividing marital assets or simply need budget management advice.
It’s important to remember that financial strategies are not a ‘one size fits all’ solution, and identifying the right financial planner for your individual circumstances is as important as your financial future.
An internet search will identify hundred of listings for Brisbane financial planners, leaving many overwhelmed with which firm to entrust their assets to. However, choosing the right financial planner for your unique requirements needn’t be a challenge. To take the mystery out of the process, it pays to consider the following identifiers:
Qualifications and Licences of Brisbane Financial Planners
Legally a financial planning firm must hold an Australian Financial Services (AFS) Licence to conduct business in Australia. You can search current licensed firms through the Australian Securities and Investment Commission’s (ASIC) database.
Once you have established the firm’s licence, check out their team. Do they hold current and relevant qualifications? Ask about their tertiary and industry-recognised certifications. Do they have Certified Financial Planner Status (CFP®), a Diploma of Financial Planning, or degrees encompassing commerce, economics, accounting, applied finance or wealth management? What is their commitment to ongoing professional development and keeping abreast of industry changes?
Expertise and Experience
Every individual and family has unique goals, limitations and assets, and an experienced financial planner will take the time to discuss your personal circumstances, identify your goals, and tailor a financial plan or investment strategy designed to help you reach your goals.
Check that the company provides a full suite of services, and are not limited to one area of financial planning or investment management. Equally important, is whether the firm has expertise and experience in these fields. Ask about their client base, number of years in the industry and specialist training. Ask for comparable client situations to determine if their advice can be targeted towards your needs.
Bruce Williams, Director of Elston, encourages clients to ask whether their Brisbane financial planner is able to provide a well thought out investment strategy that draws on diversity.
“The good thing about Elston is that we don’t push anything. In the traditional investment landscape, you had stockbrokers on one side and financial planners on the other and you had to choose which direction you were to go. The problem with that is stockbrokers only push direct shares and financial planners only push managed funds.
We sit between the two options, offering the best of both worlds; well thought out investment strategy and the freedom to buy shares and own direct assets within a transparent portfolio.” Adds Williams, “It’s a major change in the whole investment dynamic and our clients really enjoy the fact they can have the whole package.”
Look to your wider network as a source of referral. Word of mouth testimonials can be a good indicator of quality or otherwise. Perhaps your family, friends or colleagues have used a financial planner.
Did they have a positive or negative experience? Have they had good financial outcomes gleaned through strategic advice and solutions? Was their advice delivered professionally and transparently? Do they feel comfortable that they are dealing with an honest, ethical and fair financial planner or licensee?
Financial Planner Costs and Fees
Just like any other profession, cost can be indicative of expertise, and the best financial planner probably won’t be the cheapest. As a guide to navigating costs and fees, at your first meeting a financial planner will be able to give you an indication of how much their advice will cost.
The ASIC advises to make sure the cost is explained to you in dollar terms, not just as a percentage of the amount you have to invest.
If you decide to continue, a Statement of Advice (SOA) will be prepared, documenting the advice, strategies and any financial products recommended. Upon acceptance, there may be a fee for implementing this advice, and if you have paid for ongoing advice it’s important to determine and negotiate what this will cover.
Financial planners are required by law to detail fees you will have to pay for advice and how this will be distributed to them and/or their licensee or employer.
Other points to discuss are whether they operate on a fixed fee model where you pay for the agreed services provided, as an alternate to paying a percentage on the money you have to invest.
Accessing a trusted financial adviser is a good investment in itself, so make sure you find the right fit for your needs by asking the right questions.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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