How to Choose Financial Advisors in Perth? In order to secure financial future, you must choose good financial advisors in Perth. However, in your endeavour to find the right Perth financial planner you must be aware of a number of important facts. While hiring a financial planner or advisor find out how you will be compensating them for their services, by going for a certain policy or paying them a certain amount of fees. SFR planners believes assets based fees are really no different to commissions. Also time based fees can inhibit thorough investigation and therefore understanding! Generally flat fees allow better communication and predictability which create the foundation of better financial outcomes. Fiduciary Duty There are a number of financial advisors in Perth who provide financial advisory services in order to sell their services or products on commission. In fact some media have suggested 80% of advisers are owned or associated with product manufacturers! Decide in advance whether you’ll like to take advice from such a financial planner or not. If required, you can ask your financial planner to sign a document called fiduciary duty, where they commit to put your interests ahead of theirs. Fees Before signing on the dotted line, you must carefully read the text. Financial advisors in Perth are also available on fee-only basis, but you must find out beforehand how fees are established, so as to avoid any hassles with your financial planner in future. Those who work on commission basis may provide biased advice. Don't assume if you are dealing with an accountant that you will get proper advice. Remember the most significant proportion of tax effective commission based products were 'sold' by accountants! It's usually always safer to deal with an adviser who works under an Australian Financial Services License because there is a much better chance of compensation if the advice is inappropriate! You must beware of unlicensed advisers regardless of whether they charge fees or commissions. Financial Advisors with Ulterior Motives Experts providing financial planning in Perth often create a general financial plan. Avoid those planners who try to sell products or services for which they get a heavy commission. In such cases, they are more interested to see to their own interests than your interests. A professional Perth financial planner will charge you a flat fee not an asset based fee or commission. References Before hiring financial advisors in Perth, you must ask them to provide references. A good financial advisor who doesn’t have blemishes on his/her career will be able to provide you with a number of references, who can give you an unbiased opinion about the work you can expect from the financial advisor in question. Short listing Financial Advisors You must also do good amount of research in order to do get good financial planning in Perth. Understanding the background of financial planners is essential to make sure you’ll get good advice from them. Make a list of financial advisors you want to check out. Then create a list of questions that you’ll ask them in order to shortlist the ones that seem to be suitable.
Scope of Advice This is also an indicator of the professional status of the advice firm. Product floggers tend to have product based solution and they can't consider many options. Advice based firms will consider more variables. Direct and managed Investments, debt, property, tax protection etc etc... You can record answers of each financial advisor you interview and listen to them later on to analyse and judge them. You must write down all the questions before going for the interview, so that you do not miss out on any of them. Consult with professional Perth Financial advisors for financial planning and investment in Perth. SFR advisory(http://www.sfradvisory.com.au/) offers professional services in financial planning Perth with expert financial advice for financial planning, taxation, property & mortgages.