MenuSix steps to finding a financial planner
The Financial Planning Association of Australia (FPA) is urging Australians to “plan well to live well” as part of global efforts to raise consumer awareness of the value of financial planning on World Financial Planning Day (#WFPD) , Wednesday, 3 October 2018.
Launched by the Financial Planning Standards Board Ltd. (FPSB), the 2018 #PlanWell2LiveWell campaign aims to promote financial capability and how professional financial planning can help people make informed decisions, whether that’s understanding your super, paying down debt, saving for an emergency, or retiring comfortably.
Dante De Gori CFP®, FPA CEO, says: “We all need to plan well to live well. Recent FPA research has revealed that a massive 82 percent of Australians are stressed about money, with younger generations more likely to struggle with planning their future than older people. Our research also tells us that working-age Australians most happy with their lot in life are most likely to have a financial plan.”
“Through World Financial Planning Day, the FPA will help raise awareness of the value of financial planning, of having a financial plan, and of working with a professional financial planner who puts client’s interests first,” says Mr. De Gori.
Noel Maye, FPSB CEO says: “Money doesn’t take care of itself, and for many of us it can create a lot of anxiety. If you don’t plan where you’re going with your money, you may not end up where you want to be. Planning for your future and your family’s future builds confidence—and, likely, will result in a better night’s sleep.”
The FPA’s Money and Life website offers practical tips to help people improve their money skills.
A face-to-face discussion is recommended when circumstances are too complex for online guidance. The FPA’s six steps to find the right financial planner for you, are:
- Ask family and friends for a recommendation. It’s a good idea to contact a few different planners and then choose one. You want someone who you trust enough, to give you an honest reality check, as well as encouragement.
- Make sure the financial planner has a license to provide financial advice. Ensure any planner you’re considering is an Authorised Representative of a firm that holds an Australian Financial Services (AFS) Licence issued by the Australian Securities and Investments Commission (ASIC) and verify their license by checking ASIC’s Financial Advisers Register.
- Check that the financial planner has professional membership. Members of the Financial Planning Association (FPA) must meet stricter criteria and higher standards than currently required by law. You can check if your planner is a member by using the FPA’s Find a Planner tool.
- Ask about the financial planner’s education and experience. Make sure your financial planner is properly qualified and trained to provide you with advice that suits your needs. Look for a planner who holds a qualification in financial planning, such as a degree or a certification like the CERTIFIED FINANCIAL PLANNER® designation.
- Avoid any financial adviser that seems focused on selling products or isn’t clear about their fees. A good planner should focus on your personal situation and offer tailored financial advice, not sell products.
- Go with your gut. If you meet with three planners and they are all similar, go with the one that feels right to you. If you are not happy after the first meeting, try again.
Now in its second year, World Financial Planning Day aims to unite the global financial planning community, including over 175,000 CERTIFIED FINANCIAL PLANNERS® worldwide, to encourage people to improve their financial capability.
The FPA is supporting the event by publishing new articles on its Money & Life website and sharing insights on social media. People can join the conversation with #PlanWell2LiveWell through the FPA’s social media channels.
