How To Choose A Financial Adviser - Best Stock Market Investment

Are you trying to choose a financial adviser but don?t know where to start? Are you confused by the available choices, difference in fees and myriad of financial planning firms? If so, then we can help.

There are 3 easy steps for choosing a financial planner in Australia.

Step 1 ? Get Clear On Your Advice Needs

Financial planners specialise in different types of advice. Some provide advice for retirement planning; some provide advice for investments, while others insurance.

It is necessary to choose a financial planner who?s specialised in the type of advice you need.

The major types of financial advice are:

* Personal Protection Advice

* Wealth building and cash-flow management

* Advice for retirees or people looking to retire

* Self-Managed Superannuation Funds

While a financial planner may be competent in one or more of these types of advice, they may not have experience in them all. That?s because each areas of advice has unique rules, legislation and strategies, so it?s important to choose a financial planner who specialises in the type of advice you require.

Step 2 ? 5 Different Way To Choose A Financial Planner

Once you know the sort of advice you need, the next thing to do is to start creating a short-list of financial advisers who provide the advice you require. There are many ways to find a financial planner. In this article we?ll discuss 5 different ways to choose a financial planner.

1. Ask Your Existing Service Providers

2. Ask A Friend

3. Contact Professional Associations

4. Specific Google Search

5. Use The Find A Financial Planner Matching Service

Let?s look at each of these options in more detail.

1. Ask Your Professional Service Providers

Your current service provider may be able to help you chose a financial adviser, this may be an accountant, a finance broker or a general insurance consultant. Inform them of the type of advice you require so that you can be referred to a specialist financial adviser.

The downside of this method is the potential conflicts of interest. If your accountant has a better relationship with the financial planners than they do with you, then they may make a referral to support their friend which would be in their best interest but not yours.

2. Ask A Friend

Do you have friends or family members in a similar situation who have received financial advice? Ask them how they found the experience and if they were happy with the advice they received.

Keep in mind that not all financial advisers specialise in all types of advice, so if it is insurance advice you are after it may not be sensible to ask a retiree for a referral to see their retirement adviser, and so on.

3. Contact Professional Organisations

There are several professional associations who can assist you to find a financial planner from their member database.

* Association of Independent Financial Advisers

* Australian Financial Advisers Association

* Financial Planning Client Advocate (FPCA)

* Financial Planning Association (FPA)

Obviously, professional organisation will only refer you to a financial planner who is part of their member base.

4. Specific Google Search]

You could conduct a specific internet search. Make sure your search includes the advice type and a location, for example, ?Retirement Advice Melbourne.? The biggest risk with this method is that there is no third party recommendation, as with all the other methods mentioned in this article.

5. Use Our Online Matching Service

Want a trustworthy hassle free way to be matched with a specialist financial adviser? The Find A Financial Planner websites is a free service designed to match you based on the type of advice you require and your location with a financial adviser that best meets your needs.

To your benefit, all financial planers using the matching service need to pass an accreditation by the Financial Planning Client Advocate (FPCA) before they can be listed, this gives you the added security needed whilst selecting a credible financial adviser.

Step 3 ? Question To Ask Your Financial Planner

When searching for a financial adviser on FindAFinancialPlanner.com.au you know your adviser is FPCA approved, they have had background checks and an accreditation process to guarantee that they meet our high standards.

If you choose to go it alone, the following are some tips to help you qualify the financial planner you choose.

1. Check They?re Licensed ? In Australia, financial planners must hold, or be employed by a business that holds an Australian Financial Services (AFS) licence.

2. Request A Financial Services Guide (FSG) ? A Financial Service Guide (FSG) outlines the services offered, fees involved and what to do in the unfortunate event of a complaints. Obtaining a copy of the FSG which will help you assess a financial planner.

3. What Are The Fees & How Are They Charged? - Before you proceed with any advice, make sure you understand exactly what the fees are and how they will be charged?

4. Who?s Behind The Advice and Why? ? An adviser may be limited to recommending companies products as many financial planning firms are owned by or licensed by financial institutes. These institutions may be banks, life insurance companies and fund managers. Recognising who is behind the advice that you receive will help you identify any possible conflicts.

When you?re ready to choose a financial planner then visit the Financial Planning Client Advocate?s (FPCA) free matching service to find a financial planner in Australia who right for you.

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Source: http://www.beststockmarketinvestment.com/2012/03/02/how-to-choose-a-financial-adviser/

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