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.

Beach shacks unsalvageable: owner

Beach shack at 1674 David Low Way Coolum Beach,

Owner of beach shacks reveals that he tried to save them

Coast surfing star bewildered by scoring as title hopes fade

NOT HAPPY: Julian Wilson bowed out of the Hurley Pro at Lower Trestles, essentially ending his world title quest.

Coast surfing star bewildered by scoring as world title hopes fade.

Local Partners

'UNREAL': Paddler videos moment whale swims under his board

ZIGGY Alberts will never forget his morning paddle to Old Woman Island nor photographer Jodie Price will ever have better timing.

Residents' protests fail to stop community centre shift

Coolum Community Centre/ old Coolum Cinema/ Coolum School of Arts.

Council officers recommended the centre be moved

Beach shacks unsalvageable: owner

Beach shack at 1674 David Low Way Coolum Beach,

Owner of beach shacks reveals that he tried to save them

Coast surfing star bewildered by scoring as title hopes fade

NOT HAPPY: Julian Wilson bowed out of the Hurley Pro at Lower Trestles, essentially ending his world title quest.

Coast surfing star bewildered by scoring as world title hopes fade.

Festivals are done and the clean-up has begun

NOT FAZED: Maroochy Music and Visual Arts Festival director James Birrell and his clean-up helpers from Party Bins said they had already \"broken the back\" of the clean-up on Sunday afternoon.

Festival organisers are winding down after a huge weekend of fun

Peregian's market gain to open soon

Peregian Village Market is set to be opened by Mayor Tony Wellington on Wednesday.

Peregian's new market force

World's toughest smoking laws could get tougher

New smoking laws came into effect in Queensland from Thursday.

New smoking laws 'world's toughest' but harsher laws could follow

Classic car auction draws buyers from US, Dubai

"He wants everyone to enjoy the cars, the collection got too big'

Marvel's Luke Cage S1E6: Suckas Need Bodyguards review

Rosario Dawson and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E5: Just To Get A Rep review

Mahershala Ali, centre, in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E4: Step In The Arena review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Rob Kardashian admits his first crush was his sister Kim

Rob Kardashian once had a crush on his sister Kim Kardashian West.

Marvel's Luke Cage S1E3: Who's Gonna Take The Weight

Mahershala Ali in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E2: Code of the Streets review

Simone Missick and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

First stages of $25 million housing development underway

New development on Madsen Rd - The Springs.

The blocks of land are much bigger than usual

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.