Whatever your life stage, making the right decisions about your financial situation has never been more important. Knowing who to turn to for financial advice is essential. A CERTIFIED FINANCIAL PLANNER® professional is internationally recognised for having the highest education and ethical standards in financial planning. So when you want trusted, credible financial advice, look for a CFP® professional.

What can a CERTIFIED FINANCIAL PLANNER® do for me?

When it comes to understanding the intricacies of investment, taxation and ever-changing rules and regulations, you might need help from a professional.

A CERTIFIED FINANCIAL PLANNER® professional can make a positive difference to your financial future. They will help you understand your financial situation, develop a strategy and give you guidance on things such as funding your children’s education, helping with budgeting and tax planning, having enough money to live comfortably in your retirement, insurance, estate planning and so on.

It’s all about helping you set your goals and devising a plan to give you the confidence that your financial future is secure. A CERTIFIED FINANCIAL PLANNER® professional can give you the peace of mind and security that comes with being prepared for the future. Find your local CFP® professional today by using the Financial Planning Association’s (FPA) Find a Planner tool. 

There are many reasons you may need some help when it comes to your finances. Many people think financial planning is only for people with wealth. However, financial planning can help you significantly at different stages of your life.

When can financial advice help you?

YOUNG TO MID‑LIFE (20 TO 39)

You are establishing and building your career, launching a business or perhaps starting a family. You may be looking at getting married, buying your first home, having children and looking into family healthcare.

MID‑LIFE (40 TO 49)

This is your consolidation stage – achieving a comfortable lifestyle and thinking about managing your long-term future. You’re likely to focus on maintaining your lifestyle, managing your healthcare, looking into investments, tax management, your inheritance and retirement planning.

PRE‑RETIREMENT (50 TO 64)

With 20 or more years of retirement ahead of you, your priorities will depend on how well you’ve prepared. Your main concerns may be protecting your assets, debt elimination, family healthcare, helping your children, retirement planning, looking into wills and trusts as well as a business exit strategy.

RETIREMENT (65+)

This is the time to indulge in hobbies or travel, enjoy your family and prepare for transferring your wealth. You may be thinking of protecting your assets, healthcare, aged care planning, inheritance tax mitigation, gifting to family, preserving your capital and estate planning.

How should you start your search for a financial planner?

There are some fundamentals you should look for in the first instance.

• A license to provide financial advice – Always look for a financial planner who works for a firm that holds an Australian Financial Services (AFS) License issued by the Australian Securities and Investments Commission (ASIC). You can verify the financial planner is licensed by checking ASIC’s Financial Adviser hosted on the MoneySmart website.

• Professional membership – Look for a financial planner who is a member of a professional body, such as the Financial Planning Association (FPA). Members of the FPA must meet stricter criteria and higher standards than currently required by law.

• Education – Make sure your financial planner is properly qualified and trained to provide you with financial advice. Ask them about what financial planning qualifications they have achieved.

Also…

Ask family and friends

Ask family and friends if they have a financial planner they would recommend. Usually if you find a friend or family member who is in a similar life stage or situation as you, they should be able to recommend a good fit.

Go with your gut

In one respect, like many of life’s decisions, going with your gut feeling is how you may end up choosing a financial planner. If you meet with three and they are all of similar capabilities, but you like one of them and don’t like the other two so much, then the one you like is the one you are going to pick. As you may be dealing with this person for the next few decades, a good match is very important.

Don’t be embarrassed about discussing your finances

Remember it’s YOUR money, the financial planner is working FOR you, not the other way around. Don’t be afraid of asking as many questions as necessary to determine if this is going to be a good relationship for you. It is important that you understand exactly what is happening with YOUR money. Ask what the proposed outcomes are. Define exactly what you want out of it and what are the benefits to you of having a financial planner, what can they advise you about and what are the likely outcomes.

Look for a financial planner who covers your demographic

By checking out financial advisers on social media such as LinkedIn and their Facebook pages, you can get an idea of who they are and what they do. If they sound like they’re experienced at advising people like you – or perhaps they themselves are similar to you in terms of life stage, with parallel challenges – they probably are going to be a suitable choice.

Red flags – what to look out for and what to avoid

If the financial planner seems to be more interested in selling products rather than focussing on your personal situation and offering tailored financial advice to suit your needs, it would be advisable to give them a wide berth. Good planners generally focus on good “pure” financial advice and NOT selling products, with a “one size fits all” default.