Finding the right financial advisor can be tough, searching through for someone who is ethical and reliable and trying to avoid the sharks. There is an estimated 5 per cent of Australian at the present using a financial planner, this figure is on the rise as well with numerous baby boomers considering retirement.
It is recommended to shop around and do you research, ask the people around you for referrals etc. Double check and even triple check the credentials of potential candidates.
‘A financial adviser without the right credentials and education could cost you’, writes Leng Yeow.
Peter Bobbin, a principal at Argyle Lawyers, recommends seeing a minimum of three financial advisors, each from a different firm, before making a decision. He states “People commonly get three quotes for building work and the same rule applies for hiring a financial planner”.
Even though it seems a bit daunting to find the right financial planner the research and questions with definitely worth it in regards to the benefits that come with having a financial planner.
Some of the benefits are;
Building a plan- financial planners know where to invest and can plan for the things that matter to you- a comfortable retirement, money for education etc.
Managing Risk- your financial advisor can help with finding the right balance when investing, they understand the risk/return trade-off.
Make the complex simple- superannuation, estate planning, insurance- all are crucial and important. They are also complex; a financial advisor sifts through the details and helps you get the benefits you are entitled to.
Overall a financial planner is important and very beneficial. Implementing the right research and asking the right questions will allow you to find an ethical and reliable financial planner. Once found they will be able to help you in all meanings on Finance.