Financial planning 101 - Try before you buy

In this series of videos, I’m giving you my top 5 tips when working with financial professionals. My next tip is to try before you buy. Choosing a good financial planner will help you set your retirement goals, and they’ll work with you to help you achieve them. But which one do you choose? The good news is you have options. Most financial advisers don’t charge you for the initial meeting. That means that you can meet with a range of planners before you decide who you want to sign up with. This ability to ‘try before you buy’ allows you to compare different advisers, what their approach to investing is, how they provide their services to you, and their fees. The Moneysmart website gives a list of questions you can ask in that initial meeting. They include things like: • What fees will you pay? • How often do you pay and what do you get in return? • How often will you meet with your planner? And • How will they monitor and manage your investments? You can find the link to their website in the caption below. Once you know what to ask, the next question is: how do I find a financial planner? A great place to start may be planners you already have contact with. Most bank and superannuation funds have associated financial planners you can talk to. You can also look at professional associations for financial planners or ask around. Moneysmart also has a financial adviser register, so you can confirm your adviser is qualified to help you. You can use that initial interview to get a feel for the adviser, their services, and their approach to investing. Once you’ve tried enough to get a good comparison, then you can choose the planner who fits best with you and your service requirements. Check out the caption below for more information, and my next video for another tip.