How do you know if you have the right Financial Planner?

Posted by Paul Ryan • 15 October 2014 • Tags:

The recent storm surrounding Financial Advisers has raised a number of questions about the quality of the financial advisers, the quality of their advice and the qualifications they require to be able to give financial advice.

It is these questions that has led to the Federal Government to make overtures about bring greater transparency and regulations to the industry so that the general public could make more informed decisions when choosing a financial adviser to help secure their future.

The recent drama surrounding the Commonwealth Bank and Macquarie Bank has highlighted the gaps in the system and reopened many wounds for investors who have lost significant amounts of money due to poor advice.

Let’s not put all financial advisers into the same bucket, so to speak. There are many tremendous and sophisticated financial advisers doing some great things for their clients however there are some individuals and organisations that may have slipped through the gaps and aren’t as competent.

Wouldn’t it be great if you could access a central register that included the qualifications each financial adviser, their level of experience, how they perform and a rating system from their existing clients.

Adviser RatingsYesterday’s launch of the independent Adviser Ratings service has been described as a game changer for the financial planning sector and consumers.

The website is Australia’s first transparent and independent service to help consumers find, rate and review qualified financial advisers. They have 16,000 advisers listed on the website so that we can find, rate and watch an adviser. The FAQS on the site could make for interesting reading for consumers and financial advisers.

It will be interesting to see how financial advisers accept this scrutiny. It is a great win for consumers because we can now have a resource available to us to make more informed decisions about choosing the right financial adviser.

Here is a short video we have downloaded from youtube explaining Adviser Ratings