Choosing a Financial Advisor


Managing your financial concerns in various aspects can be extremely challenging particularly if it is your first time to handle your own account. If this is the case, you need a financial advisor to guide you every step of the way. Your personal choice and decisions will definitely affect the way you handle financial accounts.

Before selecting an advisor, it is required to check the registry of financial advisors in ASIC to guarantee that they got the right qualifications and experience. In this way, investors will receive the good service level they seek for. Furthermore, such register is designed to help determine whether advisors are already licensed and have never been disqualified or banned from giving pieces of advice to their clients. Some of the details that you need to know in choosing a financial advisor include;

  • Fees
  • Financial service guide
  • Experience and qualifications
  • Financial service from a reliable lawyer

Most industry associations offer services for those who want to seek out a great expert financial advisor. They require members to take part in their ongoing training. For this reason, they provide certain codes of conduct for these members understand. It also involves managing complaints’ mechanism.

What to Consider?

In choosing a financial advisor, make sure that you set some standards to find the right partner. These standards may be focused on:

  • Experience – It is important that the financial planner must at least a few years of working in allied or planning fields, including securities analysis, law, trading or accounting.
  • Credential – check if the advisor is also Certified Financial Planner or CFP)
  • Fee and commission – planners who are confident of selling high commission products usually gamble on lower fees.
  • Connections – access to other experts

Robo Advisors

A robo advisor usually refers to a firm established to provide online portfolio management with a human interaction regarded as negligible. Using robo advisors may have both benefits and drawbacks on the part of the investors. Take note that a robo advisor is focused on providing portfolio management, although some do also provide financial advice. Through robo advisor services, portfolio management is presented through computer models relying on risk tolerance assessment tools and basic online goals. Here, using ETFs (exchange-traded funds) is common.

What are the reasons why people typically choose financial advisors to guide and help them to survive? The main advantage of these robo advisors is that they offer low minimums and very low fees compared to other options. It then paves the way for individuals to meet the minimum amount for a full-service financial planner.  It also becomes more possible for them to access professional portfolio management aspects.

It is never easy to decide on mixing investments and insurance to uplift yourself from financial struggles. Remember that you should rely on a trusted stockbroker, financial advisor, or robo advisor to take the next steps to get you on the right path. There are several ways on how you come up with a list of planners in your respective area. All you need is to make use of different resources such as the internet and other forms of technology.