How to select a financial planner in Sydney?

Financial planners are essential to managing your money, especially if you have little experience or investment knowledge. A financial planner in Sydney will help you make better decisions about investing your money and advise you on other financial issues like budgeting, debt management and retirement planning.

Selection of financial planner

Millions of people visit Sydney each year and choose to settle down because it is the best city in the world. However, it’s essential to remember that Sydney is also one of the most high-priced cities in the world. In Sydney, a person’s average monthly cost of living is close to $5000. You need a bird’s eye view of your finances to live your best life in this metropolis. To help you find the best financial planner who walks you through the process, here are key things you need to consider when selecting a financial planner.

Qualifications and licences

• The financial advisers must be qualified to meet the legal requirements. They should have an Australian Financial Services Licence AFS License or be working under somebody who holds one. You can check the licence online by visiting the ASIC website. The AFS License allows the financial planner to provide you with financial advice for a fee, commission or a combination of both.
• Make sure you choose a licensed financial planner who is also certified by one of the following professional associations of Australia: CFP (Certified Financial Planner), ChFC (Chartered Financial Consultant), PFS (Personal Financial Specialist) or LUTCF (Life Underwriter Training Council Fellow).
• When selecting a finance professional in Sydney, always ask if they will receive any commission for selling products and services. The Australian Securities and Investment Commission (ASIC) regulates all professional planners in Australia. As per ASIC, a professional who receives a commission from selling financial products is not a planner. Hence, always ask prospective planners if they will receive any commission for selling you products and services.

Experience and professionalism

• In addition to the above-mentioned legal requirements, several other factors help determine whether a financial planner is right for you. Ensure they are skilled enough to offer competent advice regarding your long-term goals. This will help you get matched with advisers who specialise in your situation or plan.
• Ask your planner if they have experience in your situation. For example, if you’re considering buying a home, ask the planner if they’ve helped people buy houses. You can also ask them how many clients they’ve helped with this type of goal and what their average client profile looks like.

Some critical questions to be asked your planner

Here are some of the most fundamental questions you should ask the finance professional you intend to partner with:

• How long have you been in business?
• What is your experience in the industry?
• What are your training and education? Look for someone who’s gone through a selection process similar to yours—a CFP (Certified Financial Planner), Chartered Accountant or other professional designation demonstrating competence in personal finance services.
• What is your speciality area? Does this person specialise only in retirement planning, or do they also offer investment management services? If it’s just one area of expertise, keep looking until you find someone who can do both!

Conclusion

The financial planner in Sydney you choose must be a licensed professional; this will ensure that they have a legal obligation to provide you with advice. However, these advisers can help you make informed decisions about your finances by providing information about products and services from different providers.