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5 questions to ask your financial advisor

Superannuation  |  26/10/2017  |   5 min read

Receiving financial advice used to be seen as a luxury – something for the wealthy. But the reality is everyone approaching retirement could benefit from some external advice. With increasing pressures on Australian households from the rising costs of healthcare, energy, and day-to-day life, a little professional advice can go a long way.

But how do you find a planner that can assist with your specific financial goals? By asking them the right questions. Here are five to get you started.

1. What are their qualifications?

The Financial Planning Association (FPA) is the professional association for planners in Australia. Members of the FPA are obligated to offer professional advice that puts your needs and best interests first. If you have any doubts or concerns regarding a planner’s credibility, check the FPA’s online directory to see if they are listed as a member. You can view our planners’ credentials here.

A ‘Certified Financial Planner’ is the highest financial planning qualification. It is internationally recognised, and will often be noted on the FPA website or on the planner’s online profile. Several of our planners have earned this qualification.  

2. What is their area of expertise?

Many financial planners have specialist knowledge in a particular area. So it’s important to find one whose expertise matches your needs. Whether you’re looking for advice on retirement planning, superannuation, aged care or investments, you want someone who knows the regulations and opportunities back to front. You can learn more about Equip’s financial planning team (and their specific areas of expertise) here.

3. How does their planning process work?

It’s all good and well to talk about financial advice, but what does that actually mean and what will you have to show for your time and money? A transparent planning process means you’re always in control and know what to expect. We’ve outlined Equip’s planning process on the website, and can answer any question you may have during the initial appointment.

4. What are their fees?

A good financial planner should inform you about fees and ongoing charges upfront. That being said, the complexity and scope of the advice being offered will have a significant impact on the price. Before you enter into any plan, make sure you fully understand the strategy and the service you’re going to receive.

5. Are they independent?

An independent financial adviser doesn’t take any commissions from third parties. That means they can recommend the products best suited to your needs without any conflict of interest. Always ask your planner how they’re compensated, and if they take any commission fees. Equip’s planners are paid a salary, and do not receive any commission fees.
 

Speak to an Equip financial planner about your retirement income, and ways to increase your final balance. Book an appointment online or call 1800 065 753.

 

This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the relevant Equip Product Disclosure Statement (PDS). Past performance is not an indication of future performance. Issued by Equipsuper Pty Ltd ABN 64 006 964 049 AFSL 246383. MySuper Authorisation Numbers 33813823017672 and 33813823017518  (‘Equip’, ‘the Fund’ and ‘the Equip Rio Tinto Fund’).

Equipsuper Financial Planning Pty Ltd (“EFP”) (ABN 84 124 491 078, AFSL 455010) is licensed to provide financial planning services to retail and wholesale clients. EFP is owned by Equipsuper Financial Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the EFP Financial Services Guide and/or Privacy Statement by contacting our Helpline 1800 682 626.

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