You may encounter a Gold Coast financial planner through a friend or family member’s recommendations or introduction via a bank. However, if you think that this means you should simply hand them over your money, think twice.
Here’s how to search for a financial advisor who should do you good services.
Look around for prospects
While recommendations from someone you trust are great, they can also be the beginning of setbacks where network or family members and friends all fall prey to the same unreliable practices. Set a goal of meeting at least three financial planners before settling on one.
It is advised to look for an advisor who has a Bachelor’s Degree or Masters in Financial Planning or any related degree in finance, accounting, or economics coupled with a diploma in financial planning. Being educated in it serves as a good indicator that they have invested their time developing themselves to such a field.
Probe into their work history
If you can’t build a bond early on in your meeting with a financial advisor, keep looking. This must be kept in mind as not all advisors are licensed to provide their services on the full scope of investments, estate planning, insurance, self-managed super funds, and tax. There are advisors who only focus on younger couples who are starting a family, while others specialise in retirement planning. Look for one who can offer you your specific needs.
Search for signs of misbehaviour
Aside from their experience, look for cases of their bad behaviour. This is an important thing to do to find out if they have records of breaching the professional standards.
Track down associates
It is recommended that you ask your prospective financial advisor for full disclosure about which institution they have a financial relationship with if there is one.
Meet them face-to-face
You may find the qualifications of a planner on paper, but nothing beats to seeing and interviewing them face to face. Some financial planners will offer a free initial consultation. Utilise this to ask them questions like how they deliver unfavourable news to clients. And once you find out that they can’t explain financial matters that are complex, it isn’t likely good to hand them over the responsibility.
Put them to the test
Know that there’s no need for you to hand them over your portfolio in just a single hit. It is suggested that you drip-feed your assets into the hands of an advisor as your trust grows.
If you have questions in mind, let us know in the comments below.