Questions You Should Ask a Financial Planner

Choosing which financial advisor can be a daunting task when you are not sure where to start, or which questions you should ask. Having some insight into which questions are the right ones can help you to build a strong understanding of what you need from your advisor, and what services you can expect to receive from them. When deciding upon a financial advisor, these questions will help you gain a better understanding of both your positions.

What are your qualifications, and where did you acquire them?

A professionally trained advisor will be able to tell you about where they studied, the subjects, and the length of any courses.

What is your representative number and who holds your AFS licence?

When your advisor shares this information with you, remember to keep a record of the name and number, so you can check it on ASIC’s financial advisers register.

What is your experience as a financial advisor?

Your advisor should be able to tell you about their typical clients, and the types of activities that they do. They should be able to explain to you how they have dealt with other people with similar issues and goals as yourself.

Are you a member of any industry associations and/or professional bodies?

ASIC’s financial advisers register will tell you which associations or professional bodies your adviser belongs to. You can also review the industry association or professional body’s website for information about the advisor.

How do you keep up to date with any changes that might affect your client?

Your adviser should be able to tell you that they regularly attend industry relevant courses and seminars run by industry associations, universities or similar organisations.

Remember, choosing a financial advisor is an important decision, so make sure you complete some research and talk with a few advisors before you decide.