Important Questions to Ask Your Financial Planner

If you’re getting closer to retirement and you’re interested in consulting with a financial planner Sunshine Coast, it’s best to speak to more than one so you can compare the services they offer and narrow down your choice to the best one for you.

Here are a few questions to get you started.

  1. What do you charge for your services and what can I expect to pay?

No matter which financial adviser you talk to, they must let you know how much they charge before they take you on as a client. Some of them may charge by the hour and others might charge a fixed fee, a percentage or receive a commission. While the exact price may vary depending on the kinds of services you are needing, the financial adviser should be able to give you a rough idea of what you can expect to pay.

  1. What types of services do you offer? Are you an independent adviser?

 The financial adviser should tell you which services they offer, and whether or not they’re an independent financial adviser. An independent adviser can only call themselves independent if they follow certain guidelines. They must also be able to provide a wide range of investment products and can only provide consumers with unbiased and unrestricted financial advice.

  1. Are you able to look at different products from across the market?

If a financial adviser is restricted, then they may only have the ability to offer certain products, for example, they may only offer retirement advice. Some of these types of advisers may be able to recommend other products from different providers. If they are limited in the number of products they can recommend, they you may not have enough choices. This doesn’t necessarily have to rule them out because it does depend a lot on what your own personal needs are.

  1. Are you qualified above the required minimum qualifications?

All financial advisers on the Sunshine Coast (and right across Australia) must have certain qualifications, and be licensed with and listed on the Australian Securities and Investments Commission (ASIC) financial advisers register. Some advisers have taken additional exams, so it is definitely worth asking if they have any other or more specialised qualifications. Before they can give any advice on a certain product or topic, they should have the necessary qualifications to give that advice and it’s best to confirm that with them from the start.

  1. Do you currently serve clients who are in a similar financial position?  

Every financial adviser is different. Some may only choose to work with clients who have a certain pension amount or size, while other financial advisers would be happy to advise clients on any pension amount or goal. It can be very helpful to know whether or not your adviser has a lot of experience helping other clients in a similar financial position.

  1. Do you provide ongoing advice and how much will it cost?

Depending on your needs, you might not need any ongoing advice from your adviser, but if you think you could find a service such as this useful in the future, it’s definitely worth finding out if there are any additional costs associated with this.

When looking for a financial planner on the Sunshine Coast, it’s important to ask the right questions so you can make the best choice when choosing to hire a planner or adviser to help you plan for the future.