Financial Planner Questions

Great Questions to
Ask Financial Planners

When you first meet a financial planner you need to know if you can build a long term relationship with them. The planner should listen to your situation and ask questions about your personal financial details. This will allow the adviser to give you the best possible advice and an understanding if they are able to assist you.

Common questions consumers should ask their prospective financial adviser include:

Different advisers and firms may specialise in different areas of advice (e.g. self managed superannuation, direct shares, insurance etc).  If you are seeking advice you want to make sure the adviser has specialist skills in the areas you require.

You want to know the financial planner and firm has a track record in dealing with clients such as yourself.  For example if you are arranging complex insurance for your business you would want to see a financial planner that regularly deals with other business owners insurance needs.

The base level qualification is RG146 or a Diploma of Financial Planning.  A more experienced adviser should be a Certified Financial Planner (CFP) with over 5 years’ experience.

Statistics show advisers who hold the CFP designation are 32 times less likely to be in breach of ASIC regulations compared to non CFP holders.  Source: Money Management 

More information on qualifications can be found on our financial planning courses and qualifications page.  Please note as in any industry qualifications and experience does not always guarantee a good service.

It is important you understand what initial and ongoing service you will receive as some people require comprehensive service and others may prefer more limited contact.  There is no point in paying for something you will not use or becoming surprised if the service is not what you expected.

Services and costs will differ between firms and will also depend on the level of service/advice you require.  Most financial planning dealer groups charge an upfront fee for advice and a flat dollar fee or % of assets under management for ongoing service.  Make sure you understand the initial and ongoing cost of the service and how it will be delivered to you.

The questions above general in nature and should be used as a guide only.  It is also a good idea to ask personal questions of your prospective financial adviser to get an idea of their personality, hobbies and interest to make sure you are comfortable.

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