Need some financial advice?
You’re not alone. We could all do with a bit of guidance on how to use our money from time to time. A lot of people generally rely on their friends and family for advice, but the truth is that a professional can give you a lot more insight.
There’s no denying that countless Australians have been left with problems to clean up after supposed experts have tried to pawn shoddy advice off on them. Just look at the fact that National Australia Bank is now setting aside 1.2 billion to help compensate the victims of poor financial planning. Similarly, rival bank ANZ is also delivering up to $559 million to customers suffering from the repercussions of bad advice.
However, financial planners aren’t always con-artists. You can find the right financial advisor if you know what to look for.
What to Look for in Financial Advisors
The first thing to do whenever you’re looking for a financial advisor, is make sure that you’re dealing with a professional. In Australia, advisors need to be licensed by the Securities and Investment Commission, or they need to be an authorised member o the Financial Services Licensee board. Before you use an advisor, check with the ASIC register to ensure they’re on it.
Additionally, it’s a good idea to check the FPA website or use the Financial Planning Association’s app to help you find the right financial planning professional. Match my Planner is a dating style app that helps individuals to find the right planner in a safe and reliable environment.
Of course, just knowing what to look for in a financial planner won’t necessarily convince every Australian to take the professional route for their cash advice. The cost of a financial planner is still a major detriment to a lot of consumers.
Whether you’re seeking advice from a professional, or a family member, the best thing you can do is make sure that you’re speaking to someone that you can trust. Don’t take someone’s advice to heart just because they claim to be a professional, or because they tell you that they know what’s best for you. Do your research and make the call based on the information you find.