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5 Things To Ask Your Financial Adviser

Posted by Scott Millar, Financial Planner

If you’re reading this article then you have likely already engaged the services of a Financial Adviser. You hopefully have a plan, and are well on your way to achieving your goals.

To help you make sure you’re on the right track, we have put together 5 questions to ask your financial adviser to ensure you are making the most of your relationship with them; and getting the value you deserve.

What are my current goals?

As we go through life it's not uncommon that we may shift focus from one goal to another. This could be because of a new addition to the family, or you've made progress in your career and your aspirations may have shifted to suit.

Your financial adviser should be setting aside regular time with you to question your existing plan, and ensure that your focus remains valid. Do they know what your current goals are? If they don’t, does your existing plan cater to your needs both now and into the future? It might be time to make some changes to ensure you are moving in the right direction.

What am I paying for?

The relationship you have with your financial adviser may go beyond just financial advice, and wealth management. Often financial planning firms, can offer, or at least provide access to a wide range of additional services that could help you day to day. One question to ask is, are they able to support you in other areas of your life where you may need some help?

Subjects such as tax, legal or insurance often need special care and advice, and it may be that your financial adviser can help you work through any concerns here too.

Life can throw us a curveball now and then, and it’s always good to know your options if you need answers to those burning questions, and to pull on the connections or resources of your adviser. So, don’t be afraid to ask ‘What else can you do for me?”

Are they paid to sell you certain investments over others?

If you're going to entrust someone with your hard earned money, then it's only right to ask that they share how they earn their fees. Is your Financial Adviser incentivised to simply 'sell you stuff' or do they have a deeper meaning to their work?

Understanding how your financial adviser is paid, is crucial in being able to identify whether they make the most suitable partner for you, and ensure that they always act in your best interests.

Is your Financial Plan tailored to you?

You are unique. Everything that makes you, well... you is different than any other client your financial adviser has. So it would make sense to assume that your financial plan is unique and tailored to your exacting needs. Sadly though, this isn't always the case.

Whilst the existing plan you are working toward may be good for you, it doesn't hurt to question whether you could be doing better.

How do they respond to unexpected surprises in the markets or in their clients lives?

Your financial adviser should be aware of changes in the market and poised to offer solutions in the event you need to move money around, or alter your financial plan. Having said that, you don’t want an adviser that is likely to panic if the markets make an unexpected shift.

Reactionary investing has been long proven to be ineffective versus a more strategic, long term view approach.

First Wealth is dedicated to providing Great Financial Planning. If you would like help with your financial planning, get in contact. We would love to hear from you!

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This document is Marketing Material for a retail audience and does not constitute advice or recommendations. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested

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