Finding the right financial planner can be a challenging process, but it is important to take the time to do your research and ask the right questions to find someone who a good fit for your needs is.

There are a few reasons why it can be hard to find the right financial planner:

• There are many financial planners to choose from: With so many financial planners out there, it can be difficult to know where to start and how to narrow down your options.

• It can be hard to know what to look for: There are different types of financial planners that use different professional titles such as financial planner, financial adviser, wealth manager, wealth planner, lifestyle planner or even financial life planner! Most firms also have different services, target clients, processes and fees which can make it hard to know what to look for.

• There may be a lack of transparency around fees: Some financial planners may not be forthcoming about how they are compensated – fixed, percentage and hourly fees are some ways planners charge for their services.  

• Different financial planners have different specialties: Financial planners can have different areas of focus, such as retirement planning, investment management, or estate planning. It can be challenging to find a financial planner who has expertise in the areas that are most relevant to your needs.

• Trust is important: Choosing a financial planner is a big decision and it is important to find someone you trust. It can be hard to know if you can trust a financial planner, especially if you are not familiar with the financial industry.

• It can be hard to determine if a financial planner is a good fit: It is important to find a financial planner who is a good fit for your personality and communication style.

We understand that as a specialised financial planning firm we can’t work with everyone, but we do realise the immense value that an experienced and qualified financial planner can add to your personal situation.

However, with so many financial planners out there, it can be difficult to know where to start and how to narrow down your options. Financial planning firms also vary in terms of services, target clients, processes and with little transparency around fees this makes it even harder to know what to look for!

We have created two documents to help you ask some of the most important questions when speaking to prospective financial planners. These documents are titled ‘Questions to ask a prospective financial planner’ and ‘The financial planner scorecard’.