Business

How do I find a good adviser?

Noel Whittaker
Noel Whittaker

RECENTLY ASIC released the results of its latest shadow shopping research project, which found that 61 per cent of the examples were adequate and 39 per cent were poor.

It is interesting that 86 pet cent of the participants rated the quality of the advice as "good",  and 81 per cent said they would "trust it - a lot". 

As ASIC Commissioner Peter Kell pointed out "a key finding…is that it is difficult for consumers to objectively judge the financial advice they receive, and they do not know where or how to shop around to find the best advisers".

He is spot on. One of the main reasons for this problem is that people tend not to seek financial advice until they are ready to retire. 

As I have stressed repeatedly there are good reasons to start a relationship with an adviser at an early an age as possible.  It not only enables you to put quality assets working for you when you are young to maximise the power of compounding, it also gives you valuable experience in the way the various asset classes work.  And, of course, if the adviser is not right for you, you will find out sooner.

This leaves us with the age old question "how do I find a good adviser?" and the answer is that it is really no different from finding a doctor, dentist or motor mechanic.  Recommendations from friends, and reputation in the industry, are good ways to start and I also suggest you choose someone who is a member of the appropriate professional organisation. In our industry the main body is the Financial Planning Association of Australia (FPA).

The financial service industry is a dynamic one and products, markets and regulations are changing continually.  This is why it's important to have a follow-up meeting at least once a year to ensure you are on track to reach your goals, and to make changes where appropriate.

Naturally doing this will not guarantee financial success, but it will certainly give you an edge over the majority of Australians who don't get around to seeking financial advice until they are close to retirement.

Noel Whittaker is a co-founder of Whittaker Macnaught Pty Ltd.  His advice is general in nature and readers should seek their own professional advice before making any financial decisions.  His email is noelwhit@gmail.com.

Topics:  noel whittaker


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Daylight saving: 'Draw a line from Goondiwindi to Rocky'

Sunset in maryborough, Queensland. - User Contributed

Just draw a line from Goondiwindi to Rockhampton

Buses run for free on New Year's Eve

Public transport on the Sunshine Coast will be free from 8.45pm on New Year's Eve.

More than 20 extra buses being put on to cope with demand

Local Partners

Inside the fire zone: Coolum blaze devastation

GRAPHIC IMAGE WARNING: Shocking images are starting to emerge of the devastation caused by the Coolum bushfire.

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

The surprising problem police face at Woodford Folk Festival

STREET SCENE: Woodford Folk Festival 2016.

The biggest issue for police at Woodfordia is not what you'd expect

Louis Tomlinson celebrated his son's first birthday

Louis Tomlinson and Briana Jungwirth celebrate son's first birthday

Kylie Minogue will take husband's name

Kylie Minogue will take her fiancé Joshua Sasse's surname

Nicole reveals her biggest parenting challenges

Actress Nicole Kidman.

Nicole Kidman says her kids are ‘deeply attuned' to her moods.

Suicide Squad director reveals his regrets about the film

Margot Robbie in a scene from the movie Suicide Squad.

DIRECTOR of superhero flick on what he’d change about ‘flawed’ film.

Meet the new Marco on MasterChef Australia: Yotam Ottolenghi

Israeli-born, London-based chef Yotam Ottolenghi will be a guest chef for a week on the 2017 season of MasterChef Australia.

AFTER Marco’s defection to Seven, MasterChef signs a true food hero.

Big Bang spin-off to be about kid Sheldon

Jim Parsons in a scene from the TV series The Big Bang Theory.

Actor Jim Parsons has dished on an upcoming Big Bang Theory spin-off

Stockland's $150m pitch: Build it and they will come

Gladstone Marina. The Gladstone Regional Council offers a range of exciting job opportunities. Photo Contributed: Murray Ware.

Here's why we need to see Stockland upgrade start soon.

By the water's edge

Secure your seachange

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Ready to SELL your property?

Post Your Ad Here!