The term financial adviser or financial planner has been around for a long while.
When I left school though, I’d never heard of a Financial Adviser and certainly didn’t know it was a career path, or that it was the one I would take.
I knew about Life Insurance Agents or Brokers, Accountants, Economists and not much else. So if you’re like I was, and not really sure what a planner did, allow me to enlighten you…
Advisers are Authorised Representatives of an organisation that is licensed by ASIC (the Australian Securities and Investment Commission.) Some choose to hold their own license, some are through non-aligned companies and others are through big corporates that you may recognise such as AMP, MLC (NAB) or ANZ.
The upshot is, you need to be licensed to give advice and that’s a role we take pretty seriously. People pay us for what we know, meaning we’re in a very trusted position and one that we don’t take for granted.
When you initially meet or research an Adviser, chances are you’ll be provided with their Financial Services Guide and Adviser Profile. This outlines what your Adviser is allowed to provide advice on. Some are very limited and choose to specialise in a particular niche, such as Insurance or Self-Managed Super Funds (SMSF.) Others are educated in many areas and are called ‘generalists.’ Additional accreditation may be achieved in areas such as Aged Care and SMSFs.
Most covered areas include investments, finances, budgeting, insurance, superannuation, retirement and pre-retirement planning, estate planning, risk management, business risk mitigation and taxation. Advisers are usually only too happy to let you know the areas that they’re qualified in and can offer advice on.
Chances are, seeing an adviser can add value to your personal financial situation, so why not consider a meeting with a planner real soon! Most offer their initial consultation at their own time and expense, so what have you got to lose?