Your Financial Adviser in Newcastle Should Tick These Boxes

A financial adviser is someone who helps you manage your money and financially plan for your future. They can advise you on anything from saving, investing, and retirement to insurance. People seek out the support of a professional financial adviser to help them reach their financial goals. Yet how can you tell when you’ve got a good or bad one by your side? Your financial adviser in Newcastle should tick these boxes in the first few meetings you have with them:

Your Financial Adviser in Newcastle Checklist

They’re FoFA-Compliant

The reforms enforced by the Future of Financial Advice (FoFA) have ended conflicted remuneration, meaning financial advisers can no longer recommend products or strategies based on the commissions they stand to make.

They’re Licensed

This means that your planner should either be licensed themselves or work for a licensed financial services company with an Australian Financial Services Licence (AFSL) number. All financial companies must be registered with the Australian Securities & Investments Commission (ASIC), the Australian financial regulator.

They’re Experts in Several Fields

Finding a financial planner that is right for you and offers comprehensive advice is important. Make sure they have expertise in the complementary areas you need advice in, such as Superannuation and Retirement Planning.

They Should Conduct Themselves in the First Meeting Like This

The first meeting with a professional financial adviser is important to assess the adviser’s ability to understand and meet your needs. It is also a good opportunity to ask questions and get to know the planner’s professional background and approach.

• They should freely offer you a copy of their Financial Services Guide (FSG) to be sent via email or post before your first meeting – be sure to read it.
• They should openly discuss their background and qualifications in the industry.
• They shouldn’t introduce their products and solutions yet. Instead, they should be ready listeners, hearing and understanding your situation, needs, timeframe and attitude to risk.
• They should be interested in understanding what drives you and what makes you happy.
• Professional financial advisers must also be transparent about whom they represent and share if they prefer a particular type of investment, fund manager or insurance provider while justifying their stance on those matters.
• They must open up about their professional indemnity insurance, what it covers, and what amounts.
• They must disclose all forms of payment and fees.

They Should Present the Final Plans in This Manner

A comprehensive financial plan lays out your options and shows how each option will affect your finances. Having a financial plan to make informed decisions about your money is important. During these last few conversations, your financial planner must have outlined the following details like so:

• Pages, contents, and executive summary.
• An accurate and thorough representation of your client profile (a current financial situation, future needs and goals, risk profile, time frame, etc.).
• Your recommended strategy.
• An overview of your investment types and how they fare compared to other firms’ products and services.
• Information about how they will earn from your investing.
• Research and PDSs of recommended investments, investment vehicles and insurance policies.

In Closing, Remember to Regularly Review

A financial adviser can review your portfolio and insurance regularly and make adjustments as needed – it will depend on your Client Service Agreement as to how often you meet. This ensures that your investments are on track and that your financial goals are still achievable. Take advantage of this service, as it could update an otherwise obsolete portfolio in the interim.

Achieve Your Financial Goals with Newcastle Financial Planning Group

Talk to a financial adviser in Newcastle to get solutions such as retirement planning, superannuation advice, self-managed super fund advice, wealth creation, investment planning, and more. Becoming a client of Newcastle Financial Planning Group will give you the ability to leverage from nearly 300 years of combined experience and the opportunity to receive a thoroughly researched and tailored financial advice strategy.