| Choose a committed financial planning professional who is a member of the FPA |
| All practising financial planners must be licensed, but it's sensible to look for one who is also a member of a professional association - the FPA is the peak body for financial planning in Australia. All FPA practising members are committed to a code of ethics and rules of professional conduct, over and above what is required by law. They must also undertake continuing professional development. |
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| Use the FPA's 'Find a Planner' service |
| This service helps you identify FPA members in your local area. It includes contact details for over 5,500 CERTIFIED FINANCIAL PLANNERTM professionals across Australia. |
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| Ask a friend for a referral |
Referrals from friends who have had a good experience with a financial planner can be the best and easiest way to find one that suits your needs. FPA research shows that
over half the people who used a financial planner were referred by a friend. |
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| Talk to a CFP professional |
| CFP certification is the global symbol of excellence in financial planning. The CFP Mark is awarded to individuals who have gone beyond the competency, ethics and professional practice standards required of other FPA practitioner members. Each year CFP professionals must renew their right to use the Mark. |
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| Look for someone who you can trust |
You share a lot of confidential information with your planner and need to be able to take him or her completely into your confidence, and establish a relationship of trust.
Your financial planner should be open, well informed, professional and a good listener. Based on the information you provide, a planner will produce a Statement of Advice
outlining your current position and recommending a strategy for achieving your goals. |
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| Be prepared |
| Prepare for your first appointment with notes on your financial goals and what you want from your planner. You don’t need to go into too much detail at a first exploratory meeting, but you should be prepared to provide your chosen planner with all relevant information about your income, debts, what you own, and your future financial expectations. |
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| Ask questions |
| Ask questions about the financial planner’s qualifications, experience, area of specialisation and what they expect to be able to do for you. Also question how they charge (for example, up-front fees, commission, or a combination of both). See the section on Ten questions to ask a prospective financial planner for more on the types of questions to ask. |
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| Do a bit of background reading |
| If you feel you need to know a bit more, Money Well Spent is a ‘quick read’ that gives the key facts about financial advice. Getting Advice is a practical guide to finding the right financial planner and advice that works for you. Both publications, and more, can be found by clicking here or call freecall 1800 626 393 for free copies. |