If you’re hiring a financial advisor/planner, be careful since there are tons of experts out there and not all mean good. Some are there to reap from unsuspecting and gullible clients. If you are not careful, rogue financial advisors will lure you into making wrong financial decisions that will benefit them and not your economic status. For you to avoid working with such unscrupulous financial planners, here are some questions to ask a financial advisor Adelaide before hiring them.
What are your Qualifications?
Only work with financial advisors with relevant financial qualifications. With a well-trained financial planner, there are high chances of success unlike working with a wannabe advisor who is self-made. Among the many qualifications to look at include Certified Financial Planner (CFP), Certified Public Accountant (CPA), Chartered Financial Consultant (ChFC), and Chartered Financial Analyst (CFA) among others. Ensure that the financial advisor you are considering has at least one of these qualifications.
How long have you been an advisor?
When hiring financial advisor Adelaide, it is essential to know how long they have served the industry. It is also vital to know how many clients that have worked with over the period and their success. Before you hire, make sure that the financial planner has over ten years of experience, and he/she can refer you to several clients that they have worked with for purposes of clarifications.
Who are your Ideal Clients?
Every financial planner should have a targeted group depending on their speciality. For example, some financial planners are great when it comes to dealing with debts, investments, retirements etc. You need to know the expertise of the advisor before hiring them. This way, you will get a professional that suits your financial needs.
How are you compensated?
Like any other profession, you do not get financial services or advice for free. You need to pay your financial advisor. But the question is how they are compensated? You can pay your financial advisor in a variety of ways and so it is essential to understand how a planner benefits from the advice he/she is giving you. You may prefer fee-only advisors or commission-based advisors due to your preference, potential conflicts of interests and so on. The bottom line is finding one that works for you.
Since there is much to factor in before choosing a financial advisor Adelaide. If you’re unsure who to hire or where to start or do not have the time for the lengthy research, you can seek referrals from friends who are already benefiting from such services. However, even as you consider references, be sure you’re using a financial planner that specialises in the financial field you are interested in.