When it comes to your money, you want to find someone you can trust to help you make the best financial decisions for your future. You need a financial adviser with experience and expertise, as well as personal and professional qualities that make you feel comfortable.
That said, you may need to take note of the following top qualities to look for in a financial adviser. Knowing these may help you make a wise pick along the way.
Based on the IOOF Value of Advice study, 90% of surveyed respondents have greater confidence in making financial decisions as a result of working with their adviser.1 Are you looking for a new financial adviser and want to gain confidence in your financial future? Read our guide here to help you make the right choice for you.
Top Qualities to Look For in a Financial Adviser
A good financial adviser will get to know you personally including your needs, wants, and goals to create a financial plan specifically for you. This personalised approach ensures that your finances are being managed to align with your values and what you want to achieve in life.
A financial adviser should start by asking questions about your personal life and finances to understand your financial situation better. They should take the time to get to know you as a person, not just a client. They should ask about your job, your family, and your goals for the future. This is because they want to be invested in you as a person, not just a number.
Goal setting is an essential aspect of financial planning. This includes setting goals for the long-term, like retirement, and goals for the short-term, like saving for a new car. Having a financial adviser who is good at setting goals and keeping your accountable is crucial to ensuring that your financial plan is successful. They must have a clear strategy and purpose for your money. They will work with you to ensure that your money is working towards your goals. Every person is different, and an adviser should be able to adapt their approach to the specific needs of each one.
Your adviser is there to help you understand the reasoning behind any recommendations. You can help create a strong relationship with your adviser by listening, asking questions, and ensuring that you fully understand their advice to you.
A good financial adviser will make your life easier by keeping you informed and proactive about your financial plan.
It is beneficial to meet with your financial adviser at least once per year to stay updated on your wealth creation progress, review insurance policies, and ensure that your financial plan is still on track. It’s important to meet with your financial adviser regularly to ensure you’re on track to reach your financial goals. Regularly meeting will also help you identify any potential problems or missed opportunities.
There may be times when your adviser cannot anticipate your needs, but as long as they are responsive and available, it should not be an issue. However, your financial adviser should be someone you can rely on when life throws you a curveball. Whether it’s a job change, divorce, or a large expense, your adviser should be available to help you navigate the situation.
If your financial adviser consistently fails to respond to your questions or requests in a timely manner, or if their responses seem short and impersonal, you may begin to doubt their ability to manage your finances effectively.
Even though some people seem to have a knack for picking shares or picking winners in the share market, it is important to remember that no one can consistently predict future investment returns. It’s vital to make sure that your financial adviser is being realistic with you about your investment performance and the potential risks involved. They should also be open about any potential issues in your financial life so that you can be prepared for them.
The qualities to look for in a financial adviser depend on your individual needs. However, some qualities are universally important, such as experience, integrity, and communication skills.
When choosing a financial adviser, it is important to do your research and ask around for recommendations. Once you have narrowed down your choices, take the time to interview each potential adviser to see if they are a good fit for you.
If you are looking for a well-trusted financial adviser on the Central Coast, look no further than our experienced financial professionals here at Central Coast Financial Planning Group. We are here to help manage your investments and assist you in making sound financial decisions. Call us or book online to secure your complimentary first meeting with our advice team today
DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.