Q: What’s the best way to find a truly independent financial adviser, with no ties to any financial product provider? And is this the sensible thing to do, given what’s come out of the banking royal commission?
This has always been a great question to ask, even before the revelations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. In my opinion advisers who are not aligned with banks or other large financial institutions are more likely to give unbiased advice. There are still great advisers with these institutions but the culture and remuneration practices mean advice is not always in the best interests of clients. The ideal adviser is independent, experienced, qualified and well regarded. There are a number of things to look for:
Your relationship with your financial adviser is vital. I was a financial adviser for more than 30 years until I retired but I still use an adviser. It is important to trust the management of your wealth to a financial advisor who is reliable, honest and has your best interests at heart.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial situation, objectives or needs. That means it’s not financial product advice and shouldn’t be relied upon as if it is. Before making a financial decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services advice.