Things you should consider when choosing an adviser

The value of advice

One of the benefits of using a financial adviser is having a professional do the heavy lifting for you. When you dedicate time and energy toward building a relationship with a financial adviser, you are making an investment in your own financial wellbeing and security.

Where to look for an adviser

Not all financial advisers and advice practices offer the same services or look after the same clients. They may work in large financial institutions, networks of advisers or act independently.

Family and friends

Many people ask their friends or family for recommendations if they have similar financial needs. It’s a great way to hear from someone you know on how their adviser relationship is going and whether their adviser sounds like someone you could trust with your finances.

Find an adviser

Colonial First State’s Find an adviser site can help you find a financial adviser. The Financial Planning Association’s industry directory is another great tool.

Find an adviser

ASIC Financial Advisers Registry

Do some research before you contact an adviser. ASIC’s financial advisers register lets you check their Australian Financial Services licence, as well as their experience and qualifications, so you can learn more about your adviser.

Look up an adviser in the ASIC Financial Advisers Registry

What to know about your adviser

Once you have a particular financial adviser in mind, here are some things you might want to consider.

An open working relationship. An advice relationship involves divulging a lot of personal and financial information. You should feel you can have open and honest conversations with your financial adviser.

A good fit

Understand a financial adviser’s career, background and qualifications, experience and areas of specialisation to make sure they’re a good fit for the kind of financial advice you need.

Upfront services and costs

Your financial adviser should give you clear and upfront details on their services and costs. These might include what services you can expect and how often you will meet with or contact you. with them. Every financial adviser is legally obliged to give you a Financial Services Guide, which includes information about them and their business, the services they offer and the fees they charge.

Research their business

If it’s an independent adviser who’s not part of a large financial institution, you should research their company. This makes sure they are properly licensed with the right expertise, alongside good access to a broad range of financial solutions.

If this information isn't listed on their website, a good financial adviser will be upfront about the work they do.

That means it’s always okay to call or email them and ask questions before committing to a meeting.