What Should I Consider Before Choosing a Financial Planner?
Video Transcript:
What Should I Consider Before Choosing a Financial Planner? When considering a financial planner, there are a number of things that people should look for. A really good point to consider is the connection between the client and the advisor. The client will get a feel if they’re comfortable working with that advisor because it’s really important to have that personal fit. This is essential as it’s an ongoing process and relationship, not just a transaction. Both the client and the advisor need to feel comfortable with that relationship.
Personal fit is important, but when looking for a financial advisor, it’s also crucial to check out the credentials and qualifications of the advisor. The first thing is to ensure the advisor is licensed and that the license is current, which can be verified by checking the Australian Securities and Investment Commission (ASIC) website. This is where you can find the advisor’s licensing number and make sure it’s up to date.
Experience is another important factor. Seeking advice from someone with considerable experience in the industry is very valuable. After experience, it’s important to know that the advisor is working solely in your interests and for your best interests. This is crucial.
It’s also important to look at the services the advisor offers, ensuring they cater to all the needs of the client. Additionally, discussing the advisor’s fee structure and ensuring the client is comfortable with the fees for the appropriate advice is essential.
One way to find out more about the advisor and to get more comfortable with them is to check their reputation. You can do this by looking at reviews on the Internet or by asking the advisor for some client references or contact details. If approved, speaking to existing clients is a great way to check the services of the advisor.
What Should I Consider Before Choosing a Financial Planner?
Choosing a financial planner is ultimately a selection of process and scope, not personality alone. The right adviser should be able to explain how they identify goals, model scenarios, implement recommendations, and review outcomes over time. If you want the broader “what they actually do” view before assessing fit, start with What Does a Financial Planner Do? – and if you are still unclear on labels, see Financial Planner vs. Financial Advisor: Know the Difference.
Personal Connection and Comfort
Personal fit matters because the relationship is iterative: goals evolve, markets change, and the plan needs review. But “comfort” should be anchored to substance; can the planner ask the right questions, challenge weak assumptions, and translate your priorities into measurable targets? If you want a structured way to clarify goals before you even meet an adviser, see How to Set Financial Goals, and if you want to understand how that discovery process should feed into advice, refer to What Does a Financial Planner Do?.
Credentials and Qualifications
Before you assess competence, verify authority: confirm the adviser is properly licensed and current via the Australian Securities and Investment Commission (ASIC) website. Then clarify what they are actually authorised to advise on, because “planner” and “advisor” can describe different scopes of service. If you want a practical explanation of what those labels usually imply (and what they do not), see Financial Planner vs. Financial Advisor: Know the Difference?.
Experience and Expertise
Experience matters most when it is relevant to your decision. A planner who regularly designs retirement income strategies should be fluent in drawdown risk, sequencing, and super access rules (see How to Prepare for Retirement: A Complete Guide). If your situation includes later-life care decisions, you want demonstrable experience in aged care modelling and fee outcomes (start with What Are the Aged Care Fees? and Means-Tested Care Fee Explained).
Client-First Approach
A client-first approach is not a slogan; it shows up in how recommendations are justified, how conflicts are disclosed, and how fees are explained. You should be able to see why a strategy fits your goals, what trade-offs it introduces, and what it costs to implement and maintain. If you are making decisions under time pressure (common in aged care transitions), the risk of rushed commitments rises sharply. See Three Aged Care Mistakes You Should Avoid for a practical explanation of where families get trapped.
Range of Services Offered
Range only matters if it is integrated. A planner should be able to connect day-to-day cash flow, super strategy, risk protection, and retirement income design into one coherent approach (see financial planning services). If retirement is the main objective, use How to Prepare for Retirement as the benchmark framework; if aged care is relevant, confirm they can model fees and accommodation decisions (see Understanding Refundable Accommodation Deposit (RAD) and What Happens to My House If I Go Into a Nursing Home?).
Fee Structure and Transparency
Fee structure is not just “what it costs” but “what you are buying”: a one-off recommendation, implementation support, or an ongoing planning relationship with review. Ask for fee disclosure that maps to deliverables (strategy, modelling, implementation, review cadence). If you want a reference for what a complete engagement should include, see What Does a Financial Planner Do?, and if you are unsure whether you need holistic planning or narrower advice, use Financial Planner vs. Financial Advisor: Know the Difference? as the decision filter.
Reputation and Reviews
Reputation is useful, but make it diagnostic: reviews should indicate whether the planner communicates clearly, documents strategy, follows through on implementation, and maintains ongoing review. The easiest way to judge “fit” is to compare what they promise against what a proper process requires. Use What Does a Financial Planner Do? as the benchmark, then ask prospective advisers how their process matches it.
Professional Approach and Ethical Standards
Ethics becomes tangible when the advice affects irreversible outcomes: locking in a product, triggering a tax event, or making a decision that alters entitlements. This is particularly true in retirement and aged care planning, where timing and structure matter. If those areas are relevant, read How to Prepare for Retirement and, for aged care decision mechanics, start with What Are the Aged Care Fees?.
Conclusion
Choosing a financial planner is best approached as a sequence: define the decision you are solving, verify licensing, test relevance of experience, confirm scope, and then evaluate fees against deliverables. If you want to compare “planner” versus “advisor” more explicitly, see Financial Planner vs. Financial Advisor: Know the Difference?. If you want a clear picture of what a full planning engagement should include, see What Does a Financial Planner Do?.
Seek Professional Financial Advice
Even “simple” situations can break when assumptions change (market downturns, health events, employment changes, or later-life care needs). If your next decision is retirement timing or drawdown design, start with How to Prepare for Retirement. If your next decision involves aged care costs, accommodation funding, or protecting the family home, start with What Are the Aged Care Fees? and What Happens to My House If I Go Into a Nursing Home?.
If you want to talk through your options or find out more information for your situation, call our office on 02 9894 1844 to arrange an appointment.
