Looking for a financial adviser in Sydney?

Finding a financial planner in Sydney is easy, but it’s a potluck as to whether they will be a good fit for your financial needs. Here are a few tips you can use to make sure you end up with a financial planner who has your best interests at heart, rather than solely focusing on the commission they can siphon away from your investment.

Check the financial advisers register

All financial advisers in Australia will have a file on the ASIC Financial Advisers Register (source) .The register informs you about:

  • Relevant professional bodies or industry associations
  • Products the adviser is qualified to advise on
  • Experience, employment history, and qualifications
  • Records of disciplinary action by ASIC, if any
  • Name and number of Australian Financial Services licence of financial adviser’s employer.

As you can see, it’s an easy matter to check up on any financial adviser you are considering and confirming they are qualified and licensed. However, a squeaky-clean record is not the only consideration for choosing an adviser.

Family finance and home loans specialist

Ask for full disclosure

Your first question should be to ask which institutions the financial adviser has aligned with.  Once you know the products, if any, they will be recommending, you will need detailed info about why they are recommending them.

Financial advisers receive payment from the providers of products they sell, and that’s fair, but the focus should be on how a product will suit your financial situation. It’s such an important consideration that it is now a legal requirement for financial advisers to divulge every detail about why a product is a good fit for their clients.

Do you need a financial adviser?

You probably don’t need a financial adviser if your only goal is to get a few extra dollars in the bank or contribute more to super.

However, if you are creating a long-term plan to improve your family’s financial future, have been retrenched, or are ready to start your retirement planning, a good Sydney financial adviser can be an asset.

The risks associated with lousy advice are high. When your investments don’t perform as expected, and you reach retirement age, you might have the rude shock of having to stay in work for a few more years to top up your retirement funds.

Horrible financial advice can have devastating consequences such as loss of a business or home, and repossession of everything for which you have worked hard.

Create a financial checklist

A financial checklist will help you work with your financial adviser so you can arrive at a solution which provides you with the most benefit. Items on your checklist should include:

  • Investments with details about past performance, current value, and fees
  • Create an inventory of all your assets and their value
  • List all your liabilities, such as credit cards, mortgages, car repayments, etc.
  • Decide how much risk you are willing to take on
  • Educate yourself about the available markets and investment solutions
  • Learn about other strategies your adviser may not know about including employer super contributions, Remserv, etc.

Where to find the best Sydney financial advisers

Tradebusters Connect was formed with the vision of helping locals find reputable trades and professional services with complete peace of mind. When you search for a business on on the Tradebusters® Connect Top 3 Local Choice directory, you can be sure they come highly recommended.

Tradebuster’s rigorous vetting process includes an interview with the business owner and phone checking of their references. All previous customers are asked if they would recommend the business as a “Top 3 Local Choice”. If the answer is no, then the business is passed over for a listing.

Need help finding trusted local businesses in Sydney?

Whether you are buying, selling, simply maintaining your existing home or refinancing, our Tradebusters® Connect free local directory service can help connect you with trusted local businesses.

See who got a Top 3 Local Choice spot:

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