There are many questions that may pop into your head when you think about whether or not to seek professional advice. One major barrier to seeking financial advice may be that you don’t know if the advice is going to be appropriate for you. You may also wonder if the advice is something you need a professional for, or if you can figure out on your own.
Appropriate financial advice can be life changing because you are tapping into the mind, and technical expertise, of a qualified and trained professional whose job it is to know the ins and outs of financial services, and stay on top of regulatory change. Financial advisers are required to complete a minimum of 40 hours of Continuing Professional Development each year to remain qualified and compliant – ongoing learning and development is a huge part of a Financial Advisers’ value to their clients. Many Financial Advisers do not work alone, but as part of a team with experts in research, investments, insurance and the technical landscape. A broader and qualified team may contribute to a more well-rounded and holistically considered financial plan for each individual client.
Look at the published research
In 2020, CoreData conducted a survey1 for IOOF with a sample size of 11,615 advised clients and 1,000 unadvised individuals across Australia. The research showed overwhelmingly that financial advice made a positive impact on the advised clients.
The research showed that:
- 84% of advised clients agree the value of advice outweighs the costs
- 91% agreed receiving advice helped them to achieve their financial goals
- 82% believe advice helps inspire them to work towards and reach their goals.
Do your own research
There are reliable websites you can use to research the qualifications and specialist areas of a Financial Adviser. These include:
- The Government’s MoneySmart website has an article on choosing a Financial Adviser: https://moneysmart.gov.au/financial-advice/choosing-a-financial-adviser
- You can check the ASIC register for registered Financial Advisers: https://moneysmart.gov.au/financial-advice/financial-advisers-register
Don’t let uncertainty hold you back
If you are unsure about the true value of advice but you want to explore whether it might help you reach – or exceed – your financial goals, you should have a conversation with a Financial Adviser about getting a plan in place. Booking an initial meeting is usually at no cost to you, and it provides an opportunity to meet face-to-face, or via a video chat, to discuss the process.
If you are close to taking the plunge, but something is still holding you back, ask your Financial Adviser if they can refer you to one of their existing clients who can talk about the impact it has had on their life and what they have found most beneficial when working with a Financial Adviser.
Talk to us
We have capacity to take on new clients and welcome the opportunity to meet with you.
If you would like to know more, feel that you or anyone you know requires advice, or would simply like a review of your financial situation, please visit our contact page call our office today to arrange an appointment on (07) 5574 0667.
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Note: This communication (including taxation) is general advice only and does not consider your personal circumstances. You should consider whether the information is appropriate to your individual needs, and not act on any information without obtaining professional financial advice specific to your circumstances. This communication including any attachments is intended solely for the use of the individual to whom it is addressed. Any unauthorised use, dissemination, forwarding, printing, or copying of this communication including any attachments is prohibited. It is your responsibility to scan this communication including any file attachment for viruses and other defects. To the extent permitted by law, we will not be liable for any loss or damage arising in any way from this communication including file attachments.
The information has been given in good faith and has been prepared based on information that is believed to be accurate and reliable at the time of publication. The information is general in nature and does not take into account your particular financial needs, circumstances and objectives.