Deciding to hire a financial planner is a smart decision. A good financial planner can create a wealth, insurance and a retirement strategy based on your specific financial situation and goals. They achieve this while ensuring your best interests are keep top of mind. When you’re ready to hire a financial planner, you will immediately notice – there are many to choose from! So where do you start? And how do you know that the one you pick is going to provide you with the best results? You can start by asking them these 5 questions.
A person that just entered the financial field can be a good planner, but with experience comes knowledge. Knowledge of all of the rules and regulations and knowledge of specific strategies just to name a couple of things. You can also ask about how much experience they have in each different area of financial planning (retirement, investing, etc.)
When looking at websites or advertisements, you may see that a person or firm specialises in many things, but do they specialise in what you need? If they don’t, you may want to ask is there another person in the firm that does so that you can keep all of your financial planning within the same firm, but with the right people.
In order to be a financial planner, a person needs to be licensed by the ASIC (the Australian Securities and Investments Commission). Camori is licensed by the ASIC. While license is very important, so are the qualifications a person or firm has. Qualifications include degrees, training and registration as a Certified Financial Planner if the qualifications are met.
Fees will vary from firm to firm and planner to planner. According to the law, financial planners have to be upfront with the fees they are charging their clients and list out the fees beforehand. Be wary if you ever come across a planner who cannot provide you with this information.
Firms that belong to an affiliation often must abide by certain strategies or corporate rules which may hinder your investment opportunities or what the firm can do for you. Independent firms have much more leeway with what can be offered to clients.
You’ll be better prepared to choose the best financial planner to meet your needs when you ask these five questions.