10 Questions to Ask Before Hiring a Financial Planner in Australia

Financial Planner vs Financial Adviser: What’s the Difference?

Before we jump into the list of questions to ask, let’s make sure we’re aligned on the difference between a financial planner and a financial adviser:

• Financial adviser: In Australia, a financial adviser is licensed to provide advice and may choose to focus on specific financial products or strategies, such as investments, superannuation, or insurance.
• Financial planner: A financial planner is a type of financial adviser who offers broader, end-to-end planning. All financial planners are financial advisers, but not all advisers provide comprehensive financial planning.

Full planning services often cover cash flow and budgeting, superannuation and retirement strategy, investment structure, insurance needs, and tax-aware planning, usually in collaboration with accountants or other professionals.

Top 10 Questions to Ask Before Hiring a Financial Planner

Now that you understand the differences, let’s get into the open-ended questions to ask a financial planner before you sign on the dotted line.

Understanding the Adviser

These questions are about a planner’s background, credentials, and how they operate.

1. What qualifications and professional experience do you have?

In Australia, financial advisers are held to high standards. They must meet education and professional requirements set by government regulators, including approved qualifications, industry standards, and ongoing study requirements.

Here are some more detailed questions to ask to help you dig deep into a planner’s background.

• What formal qualifications and degrees do you hold?
• Are you required to meet ongoing education standards each year, and how do you stay current?
• How long have you been licensed to provide financial advice in Australia?
• Do you belong to any professional associations or industry bodies? Which ones?
• Have you worked through different market conditions or regulatory changes? Please provide an example or two.

2. Are you licensed with ASIC, and where can I verify your registration?

All financial advisers in Australia must hold or operate under an Australian Financial Services (AFS) licence. You can confirm their credentials on the ASIC Financial Advisers Register.

A planner should be willing to show you exactly where their details appear. Clear licensing information helps you confirm they’re legitimate and understand who is responsible for the advice you’ll receive.

3. Do you operate independently or through a financial institution?

Some advisers work independently, while others are aligned with banks, insurers, or investment platforms. Whether they are independent or bank-affiliated can shape how advice is delivered and which products are considered. Ask if they use an approved product list, how wide that list is, and how institutional relationships influence recommendations.

4. What types of clients do you typically work with?

Many planners work with clients at particular life stages, such as young professionals, growing families, or those preparing for retirement. Others may focus on business owners or employees.

A planner who regularly works with people in situations similar to yours is more likely to understand common challenges, priorities, and decision points that come with your circumstances.

Understanding the Advice

These questions are about how financial advice works in practice, from the scope of planning to how recommendations are monitored and reviewed.

5. Do you provide comprehensive financial planning or advice in specific areas?

Some advisers focus on advice in specific areas, such as superannuation or investments, while others offer comprehensive financial planning that looks at how all areas of your finances work together over time.

Ask for examples of what their service includes so you can decide whether you need guidance on one issue or a more complete financial picture. If the planner you are talking to doesn’t offer what you are looking for, it’s a sign that they are not the right planner for your needs.

6. How do you ensure your advice is always in my best interests?

Of course a planner is going to say they act in your best interest, but this question helps you understand how they put your interests first in real-world advice. In Australia, advisers are required to follow the Best Interest Duty, meaning advice must be demonstrably based on your goals and circumstances.

So, ask how this duty is applied in day-to-day advice, and be cautious if recommendations seem rushed, poorly explained, or tied closely to specific products without clear reasoning.

7. What tools, reports, or online access will I receive?

Many planners offer online dashboards, regular reports, or digital access to your financial information. Ask what you’ll be able to see between meetings and how progress is tracked. Clear reporting and accessible tools can make it easier to stay organised and understand how your plan is tracking against your goals.

Understanding the Relationship

These questions focus on what it’s actually like to work with a financial planner, including fees, communication, and ongoing reviews.

8. How are your fees structured, and what services are included?

Australian financial planners use several different fee structures, and it’s important to understand how each one works and what you receive in return. Some of the most common approaches include:

• Fee-for-service: a one-off cost for specific advice or a written plan
• Ongoing advice fees: regular payments for continued guidance and reviews
• Flat fees: a set dollar amount agreed upfront
• Percentage-based fees: charges linked to funds under advice

Ask what services are included in each fee arrangement, what is considered out of scope, and how often costs are reviewed.

9. How often will my financial plan be reviewed or updated?

Financial plans are not static and should be revisited as your life changes. Reviews may happen annually, twice a year, or when major events occur. Ask how often meetings typically take place and what prompts an update. Clear communication expectations help you understand how involved the relationship will be over time.

10. What should I expect during the first 12 months of working together?

Understand that you aren’t going to see results right away. In the beginning, the focus will be on gathering information, sharing your financial goals for the near-term and long-term, and implementing strategies to help you achieve those goals.

Be sure to ask how long this process usually takes and what happens after recommendations are made. Understanding the first year, from discovery through implementation and follow-ups, helps you know what to expect and how actively you’ll be involved from the start.