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How to find the right financial adviser

How to find the right financial adviser

Make this the start of something special

Good financial advice can be life-changing in the best possible way. So it’s worth putting a bit of effort into finding someone you’ll want to work with for a number of years.

Here are some good ways to find the right adviser for you

What good financial advice looks like

Good financial advice can give you confidence you’re making the most of your current financial situation, while protecting what’s important to you. But what does ‘good financial advice’ actually look like?

Financial advisers may differ in their approach to working with you, but the advice you receive should always be:

  • highly specific to you, based on a thorough assessment of your current situation and goals
  • clear and easy to understand, so you know exactly what you’re getting and how it will cost
  • reviewed regularly to make sure it keeps up with you as your circumstances change.
Of course, the first step to getting good financial advice is finding the right adviser for you.

Tips to finding the right financial adviser

Ask around

Some of your friends or colleagues may be able to recommend a financial adviser they know or trust. This recommendation is particularly powerful if they’ve been through the process of gaining financial advice themselves, as it gives you a good idea of what that adviser is like to work with.

Read about their business

Some advisers may specialise in certain aspects of financial planning that may or may not be relevant to you. For example, you probably don’t want to see an SMSF or retirement specialist if you’re 30 years old and don’t have much super. Try to find an adviser who specialises in something you care about or has a lot of clients that are similar to you. Their website will generally tell you what you need to know.

Check their credentials

While education standards are becoming more standardised across the industry (read ASIC's financial adviser reforms) adviser qualifications can vary. Ideally you want an adviser who holds an advanced diploma or degree qualification in finance, economics, accounting or financial planning. You’ll be able to see an adviser’s credentials in their Financial Services Guide. You can also check what professional bodies the advisers belongs to on ASIC’s financial advisers register.

Meet them face-to-face

You’re going to be working closely with your adviser for a number of years, so it’s important you have a good relationship based on open communication and trust. While a lot of the advice process can be done online or over the phone, a face-to-face meeting(even over Skype) is a good way to build rapport and make sure you’re comfortable with the adviser you choose. Here are some tips on how to prepare for the first meeting.

Be open about your goals

It’s not in everyone’s nature to talk openly with other people about their finances. But that’s an essential part of making the most of an adviser relationship, as they need to know exactly where you stand and what you’re hoping to achieve. This can also help the adviser decide if you’re the type of client they want to work with.

Go with your gut

It’s always good to trust your instincts when it comes to choosing the right adviser. If you’re feeling uncertain or uncomfortable about their approach, they’re probably not the right adviser for you.

Need a hand with your search?

The Financial Planning Association of Australia (FPA) has set up a financial planning company directory and referral service. To view the directory or find out more about how the FPA can help you, visit the FPA website.

Important information

While OnePath life has taken care to ensure that this information is from reliable sources, it cannot warrant it's accuracy, completeness or suitability for your intended use. To the extent permitted by law, OnePath Life does not accept any responsibility or liability arising form your use of this information.

Unlike your car insurance, the policies we offer at OnePath Life are what is known as 'guaranteed renewable' policies – meaning that each year your policy is renewed, we must continue to cover you under the same terms and conditions. So regardless of whether your health has declined or you've taken up new activities, we cannot change what you're covered for.

No matter how your personal risks change after taking out your policy, your cover cannot be revoked – irrespective of changes to your risk.

For example, if you’re diagnosed with diabetes or even choose to start base jumping two days after you take out your policy, you’re guaranteed to have the same cover, for the same price. In fact, you don’t even have to tell us about these changes.

An added benefit of this is that when we make improvements to policy terms that benefit you, we will automatically include them in your existing policy – at no extra cost.

There’s more…

If your occupation becomes riskier, you don’t have to tell us. But if you do, we won’t increase premiums, insure you for less, or change your benefits*. However, if your occupation becomes less risky, make sure you tell us as your premiums could be reduced.

The movement here is completely in your favour.

And more…

Look into future insurability, where you can increase your cover without any medicals:

  • once every 12 months if one of many designated trigger events occurs (e.g. you get married); or
  • every 3 years if no other future insurability increases have occurred.
The bottom line is, once we take you on, we take on the risk. So no matter how your behaviours change, you’re guaranteed the terms of your policy from the day you took it out. And, in some instances, you can improve your benefits, or reduce your premium, without additional risks or costs.

*For Business TPD policy, a change of occupation can alter terms of cover. Should you change occupation, you will need to notify OnePath Life. Please refer to the OnePath Product Disclosure Statement and Policy Terms for details.

OneCare is issued by OnePath Life Limited (OnePath Life) ABN 33 009657 176, AFSL 238341. OneCare Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346. OnePath Life is not a related body corporate of OnePath Custodians. We recommend that you read the OneCare Product Disclosure Statement and Policy Terms available at www.onepath.com.au or by calling 133 667 before deciding whether to acquire, or to continue to hold the product.

What good financial advice looks like

Good financial advice can give you confidence you’re making the most of your current financial situation, while protecting what’s important to you. But what does ‘good financial advice’ actually look like?

Advisers may differ in their approach to working with you, but the advice you receive should always be:

  • highly specific to you, based on a thorough assessment of your current situation and goals
  • clear and easy to understand, so you know exactly what you’re getting and how it will cost
  • reviewed regularly to make sure it keeps up with you as your circumstances change.
Of course, the first step to getting good financial advice is finding the right adviser for you.

Tips to finding the right adviser

Ask around

Some of your friends or colleagues may be able to recommend a financial adviser they know or trust. This recommendation is particularly powerful if they’ve been through the advice process themselves, as it gives you a good idea of what that adviser is like to work with.

Read about their business

Some advisers may specialise in certain aspects of financial planning that may or may not be relevant to you. For example, you probably don’t want to see an SMSF or retirement specialist if you’re 30 years old and don’t have much super. Try to find an adviser who specialises in something you care about or has a lot of clients that are similar to you. Their website will generally tell you what you need to know.

Check their credentials

While education standards are becoming more standardised across the industry (read ASIC's financial adviser reforms) adviser qualifications can vary. Ideally you want an adviser who holds an advanced diploma or degree qualification in finance, economics, accounting or financial planning. You’ll be able to see an adviser’s credentials in their Financial Services Guide. You can also check what professional bodies the advisers belongs to on ASIC’s financial advisers register.

Meet them in person

You’re going to be working closely with your adviser for a number of years, so it’s important you have a good relationship based on open communication and trust. While a lot of the advice process can be done online or over the phone, a face-to-face meeting is a good way to build rapport and make sure you’re comfortable with the adviser you choose. Here are some tips on how to prepare for the first meeting.

Be open about your goals

It’s not in everyone’s nature to talk openly with other people about their finances. But that’s an essential part of making the most of an adviser relationship, as they need to know exactly where you stand and what you’re hoping to achieve. This can also help the adviser decide if you’re the type of client they want to work with.

Go with your gut

It’s always good to trust your instincts when it comes to choosing the right adviser. If you’re feeling uncertain or uncomfortable about their approach, they’re probably not the right adviser for you.

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How to find the right financial adviser