Get the most out of your financial planner: 10 questions to ask

Are you tied to any financial institution? Do ask your financial planner if they are receiving any form of commission from other businesses to ensure that your best interest is prioritized and you will be aware of other conflicting influences. When hiring a financial planner, always follow the money trail.

Can you explain your fee structure? For financial planners, less doesn’t mean the best. Some financial planners cost more than others as they specialize and are licensed in certain areas. Always check if the fees are justifiable, and understand why.

What are your affiliations? Is your financial planner a member of a financial body? It is important that you ask who they are affiliated with, as it may be of benefit to you in the future. Investigate the legitimacy of the affiliation for your own peace of mind.

Are you licensed? There are several forms of financial licenses available, so it is very important that you check what type of advice your financial planner is licensed to provide.

How far down the line can you support? Explain your goals and verify if your financial planner can guide you all the way through or whether you’ll have to be passed on to someone else.

What is your specialization? Property advisers specialize in a vast array of dwellings, so it is imperative that you ask what type of property they specialize in. Ensure that the property type is aligned with your investment goals.

Do you have professional indemnity insurance? This gives you protection in case something goes wrong, most especially for buyers’ agents. The coverage and rules of this insurance type varies between states and territories.

Is there a way to file a complaint or feedback? Not only does this promote an open line of communication between you and your planner, but this also provides you an appropriate venue to air out your concerns, especially if you’re not happy with the service provided.

What areas are your strongest suits? Allow your financial planner the chance to provide you an account of their strengths and weaknesses.

Read more about this on the Property Observer website.

Author: Dorian Traill

Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

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