We should all be aware by now that, whatever stage of life you’re in, it’s important to get financial advice. Sometimes though, unless you know someone or have a recommendation, it can feel a bit overwhelming about knowing where to start, or who to choose. Today’s guest on the podcast is Financial Advisor, Alison Greenwood.

Choosing Financial Advisor, Alison Greenwood
Alison Greenwood is the Treasuring Mothers finance expert

Last time we spoke to Alison it was about the impact of the Royal Commission on the Financial Services industry where she talked about the importance of doing good research before choosing a financial advisor. Today’s question for Alison is a follow-on: how do you go about choosing a financial advisor that’s right for you?

GUEST: Alison Greenwood
HOST: Jenny Baxter


Choosing a Financial Advisor is brought to you with the assistance of the Community Broadcasting Foundation. It was first broadcast on Hobart’s ultra106five radio.


Show Notes – Choosing a Financial Advisor

  • The way people look for a Financial Advisor is changing because of the Royal Commission. Previously, people choosing a financial advisor would look for someone with many year’s experience. However, the new rules about the qualifications needed to practice as a Financial Advisor have changed this. Many people with those long years of experience are choosing to leave rather than have to get a new qualification. 
  • There won’t be so many advisors with years of experience as there once was. If you only have five or ten years until your retirement, it’s unlikely you’ll want to go back to university and pursue further study.
  • There are plus sides to this, though. Younger advisors who are just entering the industry won’t be charging as much as older professionals. These younger advisors will be equally qualified thanks to the strict new rules, and they’ve still got to sign off on a code of ethics.
  • There will still be a number of professionals who do have many years of experience AND the most recent qualifications, and they’re likely to charge more for their advice because of it.
  • So how do you choose a financial advisor who’s a good fit for you? Alison says word-of-mouth is an excellent method. A good recommendation is worth any amount of research. Check out people’s websites, and use emails to ask some preliminary questions. Some firms offer a free introductory meeting, so you can talk then about the kind of things you need from them, and what types of advice they’re qualified to offer.
  • Everyone needs a financial plan. It’s up to you as to how involved you want a Financial planner to be. Investing in your financial literacy is one of the most important things you can do for your family and your future.

Choosing a Financial Planner

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