3 Factors to Consider Before Hiring a Financial Adviser

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It is a common goal for many Australians to achieve financial security for themselves and their family. Many people will find this far easier with a financial adviser by their side.

In partnership with a financial adviser, you have the opportunity to improve your finances and get on track to achieving the dream of financial freedom!

However, it’s imperative to choose the right financial adviser to help you protect and maximise your hard-earned money. 

You want to be sure they are the right person to help secure a better future for you and your family. 

Your financial planner should be someone you can trust and someone who will understand your financial needs and wants.

According to the Productivity Commission Inquiry Report

 

48% of Australians have unmet financial advice needs1. This highlights the need for more Australians to seek great financial advice. 

 

Let’s face it, most life goals require money. Being able to retire early and travel the world, for example, isn’t something you can do with empty pockets. A financial adviser can support you in attaining these goals and more.

If you are seeking help from a financial adviser for the first time, here are three factors you should consider before choosing the right financial adviser for you:

1. You Should Have Confidence in Your Financial Adviser

It’s vital that you have confidence in the person you’re hiring to manage your finances. After all, leaving all your expenses and profits in the hands of someone you don’t know and don’t trust isn’t going to make you feel better about your financial situation.

Money can be difficult to handle, and the person who manages it for you should be an expert at what they do. A financial planner should consider your financial goals and guide you in the right direction to achieving them.

The Australian Securities and Investments Commission (ASIC) regulates financial service companies to make sure they are operating fairly and in the best interests of their clients. By selecting an adviser that is registered with ASIC, you can feel comfortable knowing your money is being regulated by a company that has been vetted for honesty in its practices! 

You can check certifications or qualifications of any business on the Financial Adviser Register, which will show if they have the specific training needed before offering advice – a great way to choose a trusted financial adviser. 

Both of our female financial advisers – Jennifer Richardson and Dyanne Prinsen – at 123 Financial Group are on ASIC’s  Financial Adviser Register so you can feel confident that they are registered in line with industry standards and are qualified to give great financial advice. 

2. Personalised Advice To Reach your Unique Life Goals

A high-quality financial adviser can develop the right plan for your unique needs and preferences. They’ll take time to understand what matters most in your life and ensure you are on the right track to achieving your financial goals!

But before discussing the details, it’s important to think about what you really want from life. Set yourself some meaningful goals and determine if a specific financial planner is required to help you achieve them.

For example, picture yourself a few years from now. If you imagine you own a house and are financially secure, then that is a goal that you should aim for. If you are close to retiring, you may want some help in growing your nest egg. 

From there, get in touch with potential financial advisers that can serve as your guide in reaching your goals. 

It’s worthwhile seeking guidance from a financial adviser who is qualified and experienced in the areas of financial advice you need. 

At 123 Financial Group, our financial planners can help you with:

  • Superannuation Strategies and Retirement Planning
  • Growing your money through a Personalised Investment Plan
  • Debt Management and Strategic Debt Solutions
  • Financial Plans to Protect Your Wealth – through life insurance solutions
  • Cash Flow Management 
  • Estate Planning

3. Your Financial Adviser Should Respond to Change

Some people have just one or two financial goals, others have many. And goals can change over time. 

This is where ongoing financial advice can be incredibly valuable. With ongoing financial advice, your financial adviser will be able to build a plan to help you reach your financial goals, while being responsive to changes in personal needs and circumstances. 

When circumstances or goals change, they can adjust your plan to suit. This way, you can always feel confident in your finances and your ability to enjoy a life free of financial stress. 

How to Choose a Financial Planner in Newcastle

A good financial adviser should deliver the services you are paying them for. They should take the time to really get to know you and understand your needs, and will keep you informed all along the way. Above all, they should help you achieve your goals. 

However, the process of letting someone handle your finances for you is a two-way street, and there are things you can do to ensure a good outcome. 

Firstly, do your research to check that the financial advisory firm is reliable. Next, identify where your finances stand and what you’d like to achieve. Then decide whether the firm you are considering can help you achieve your specific personal goals. 

Having someone manage your money should be a reassuring and seamless process.

Are you looking for a financial adviser near you? 123 Financial Group can help. Besides providing clients with sound financial advice, we also aim to help everyone achieve financial freedom. 

As you take the first and final step towards financial freedom, we’ll be with you every step of the way. Schedule an appointment through our website to learn more about how we can help!

 

REFERENCES

1  https://www.pc.gov.au/inquiries/completed/financial-system/report/financial-system.pdf

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