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4 Questions You Should Ask Your Prospective Financial Planner

Hiring and working with a financial planner Sydney is a major decision for anyone to make. Of course, it’s a difficult task to think about because you’re planning out your finances now until you pass away. It’s daunting and most people aren’t sure about discussing their finances with anyone, not even their partners! However, it’s often important to use these services, regardless of how much money you have in the bank. Financial planners can help advise you in many areas, especially for retirement and providing for your loved ones. So, since this is an important decision to make, what questions should you be asking a possible financial planner?

What Accreditations or Licensed Do You Hold?

If you’re new to this whole concept, you probably won’t think about asking for licenses or accreditations. You probably won’t even think about references either; however, these are crucial when selecting a financial planner. Remember, this is the person who will advise you on every aspect of your finances and they must know what they’re talking about. You should always ask about their accreditations and licenses. Most professionals won’t be insulted by this question simply because genuine financial planners want you to ask. This allows them to show you the type of professional they are. 

What’s Your Expertise?

Financial planners differ considerably. Some will specialize in retirement planning; others will focus mainly on investments. It can get confusing quickly, but it’s crucial for you to stop and ask this question. You need to know which areas the financial planner Sydney specializes in. If they have a team of financial planners, it’s also important to know their skills. Remember, this is your money and your future, so you can’t be afraid to ask the difficult questions. It’s also important to get an understanding about the type of investments they’re able to offer you or use. 

What Are Your Fees?

This is where things get a bit complicated. There are different ways in which a financial planner can be paid. Some are compensated by commission with the recommended investments they provided you. Others can be fee-based. It’s important to ask this so that you know where you stand and what fees will be paid at some point. A lot of people don’t ask this question before they hire a financial planner. However, it’s best to ask this question upfront – before – you hire them.

Will I Be Dealing Directly with You?

It doesn’t matter how fantastic the financial planner Sydney is, you need to know if they’re going to be the one to advise you. If you’re going to be passed over to a partner or associate, that’s fine, as long as you know about it first. You should ask this question so that you know for certain who’s handling your financial matters. If they can’t answer the question, then you may want to assume it isn’t going to be them personally. That doesn’t mean it isn’t the right planner, but it’s worth considering, nonetheless. 

Be Smart and Ask A Financial Planner the Right Questions

Financial planning remains a tricky subject for most for whatever reason. However, it’s also crucial to ensure your financial decisions are being handled by an expert. Even if you just want some advice over retirement investments, you must ensure the right expert is on your side. Take the time to ask prospective financial planners questions so that you’re happy to use their services. The above are only a few, you could ask the financial planner Sydney many more and should.