Being an expert in money matters is not everyone’s cup of tea. This is exactly why you need someone to take care of your finances. With every person having a range of financial needs, there is no one-stop solution for getting financial advice. However, following a few steps, you can find the best financial advisor in Sydney.
Getting started with a financial advisor can be daunting, so the first step in your journey needs to be reassuring yourself that a professional can do more for you. No matter how much people tell you that finance is easy enough to get the hang of, allow the qualified folks from Wollongong and Macquarie to take on this task.
Tips to Find a Financial Advisor
Know What You Want
When you need medical help, it helps to know what kind of doctor you need to meet. You would never approach a rheumatologist for something a general practitioner could help with. The same goes for finance as well. Map out the areas that you need help with. It can be anything from making monthly budgets to creating trust or investing in the market. Once you know the areas you need to pay attention to, you can easily narrow down the options. This way, you can get someone excellent at estate planning for that job or someone skilled at financial planning. With more complex financial services that you need, you can hire someone with a better skill set.
Check the Credentials
You are hiring someone to handle your finances. It is only right if you check that they have the qualifications for it. Before you pick someone as your financial advisor, make sure they are deemed reliable by the competent authorities in Sydney. ASIC is a body responsible for enforcing and regulating companies in the country and ensuring that professionals comply with the set guidelines.
Understand Who You are Hiring
A financial advisor is only one way to describe the job. Professionals use many other terms to describe seemingly similar roles. For instance, you will also come across investment advisors, brokers, certified financial planners, financial coaches, portfolio managers and more when researching. You need to carefully determine whose services you need and whose practices are trustworthy. Just because someone has a formal-sounding title, they might not be the right one for your needs.
Regardless, carefully browse for someone offering the same what you are looking for. Check around for reviews and recommendations, and ensure you get their qualifications. Always work with a fee-only, licensed, registered fiduciary to be extra safe.
Skim the Fee Structure
Unlike every other kind of advice, professional financial advice is not free. Any fiduciary worth their salt offers their service for a charge. If you find someone doling out advice for free, they might be working on third-party commissions. Sit with your potential financial advisor and discuss fees in detail so there is no confusion in the future.
Choose Clarity
You will find many qualified finance professionals around Circular Quay and Bennelong Point, but the best financial advisor in Sydney is someone who can explain everything to you. You need to understand the ins and outs of the transactions undertaken and plans made, so always choose someone ready to explain things and keep you on track.
Final Thoughts
Finance is a scary discipline for the common person to venture into. The threat posed by taking care of financial matters without enough knowledge is not a joke. Thus, find a qualified professional who can guide you through the process.
