Questions To Ask Your Financial Adviser

When you have your first meeting with your financial adviser, it is essential to know if you are going to build a long-term relationship with them. The adviser should be able to listen to the situation you are in and ask questions about your personal financial details. If this is done it will allow the adviser to give you the best possible advice and will create an understanding if they do become successful in assisting you. Here are some common questions that consumers should be able to ask their potential financial adviser.

1. In what areas can you provide advice?

Different Advisers and different firms specialise in different areas of advice. For example – self managed superannuation, insurance, direct shares, etc. Make sure that your adviser has special skills in the areas in which you require advice.

2. What is their usual type of client?

Dealing with a financial adviser who is experienced in treating consumers like yourself makes it easier for them to have advice that caters to your needs. they must have a track record in dealing with clients that is yourself. For example, if you are looking for a complex insurance arrangement for your business you would want to have a financial adviser that regularly deals with other business owners who have insurance needs.

3. What are your qualifications?

The basic level of qualification required is RG146 or at least a diploma of financial planning. A more experienced adviser will have a certified financial planner post with over 5 years worth experience.

Please note that any industry qualifications with experience does not always guarantee a good service for you.

4. What are the initial and the ongoing services provided by you?

It is essential for you to know what initial and ongoing service you will be receiving as some people require a proper comprehensive service while others prefer a much more Limited contact with their financial Advisers. There is no point in paying for something that is not a service that you expected.

The cost and the services will differ from firm to firm and will also depend on the level of advice that you require. Most financial advising dealer groups charge base fee for advice and an extra fee or a percentage of assets for the ongoing service. Be sure that you understand the initial and ongoing cost of the service and the way it is going to be delivered to you.

In conclusion,

The questions mentioned above are completely generic in nature and should be used just as a guide. It can also be a good idea to ask personal questions to your potential financial adviser to have an idea about their personality, hobbies and interests to make sure that you are comfortable with that particular adviser.