Choosing a suitable financial adviser might seem like a challenge, but if you need help with an important financial decision, it is worth the effort. The key to finding the right financial adviser is working out what type of advice you want and what you would like to achieve. There are lots of reasons why you may consider seeking financial advice but there are also lots of different types of financial advisors on the Sunshine Coast, so it pays to know who to go to and what you can expect to pay.
Independent vs. Restricted Advisers
There are two main types of financial advisers – independent and restricted – and this can affect the advice you receive. Independent advisers are able to recommend a wide variety of financial products. They consider products from all firms across the market, and have an obligation to provide you with unbiased and unrestricted financial advice.
Restricted advisers, on the other hand, are only able to recommend certain financial products, product providers, or both. They cannot claim to offer independent advice, and have an obligation to clearly explain the nature of their affiliations to certain products and providers with you.
All financial advisers must hold an Australian Financial Services Licence (AFSL), or be authorised as a representative of an AFSL holder. You can check that a financial adviser is licensed by checking their details against the Australian Securities and Investments Commission (ASIC) financial advisers register.
The cost of financial advice will depend on its scope. As a guide, you should expect to pay between $200 and $700 for basic advice and between $2000 and $4000 for comprehensive advice. If you decide to accept the recommendations from financial advisors on the Sunshine Coast, you may have to pay an implementation fee to cover the cost of any necessary administration work.
When choosing a financial adviser, never settle for anyone less than the best. After all, you are paving the way to a financially secure and comfortable future. Carefully explain what it is you aim to achieve financially to your adviser. Respected financial advisors, such as the ones from Ethica Private Wealth Specialists, can then help you find the best course of action to achieve those goals.
(Choosing a financial adviser, moneysmart.gov.au)
(Financial advice and you, moneysmart.gov.au)
(AFS licensees, asic.gov.au)
(Check a financial adviser, moneysmart.gov.au)