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5 Questions To Ask Before Deciding On a Financial Planner

5 Questions To Ask Before Deciding On a Financial Planner

Working with a financial planner is a big decision. You want to ensure that the person and company you are working with have your best interests at heart and will offer you the best advice for your individual situation. There are many different providers within the industry so it can be difficult to decide who to trust your financial future with. Before making the final decision ask them the following five questions.

Question One – What’s their experience?

The financial planning industry is complex. There are many different strategies and structures that can be used, along with tax legislation, the financial markets and superannuation. It can take time within the industry to learn the ropes and understand how to provide the best solution for individual clients. Ask about their experience within the industry and the history of the company’s management team.

Question Two – What areas do they specialise in?

Many financial planning companies have a laundry list of services. This doesn’t guarantee that they can do it all successfully.  If you are going in for heart surgery you wouldn’t have a GP perform the surgery, you want a specialist. For this reason Ricarmo Financial Group specialise in Superannuation. Our flagship service – Managed Superannuation – is changing the superannuation industry as it offers superior advantages over the traditional retail super funds.

Question Three – Is your financial planner licensed and qualified?

Your financial planner should be licensed by the Australian Securities and Investment Commission (ASIC).  Ricarmo Pty Ltd trading as Ricarmo Financial Group is a corporate authorised representative (CAR  1241088) of Olive Financial Markets Pty Ltd which holds an Australian Financial Services License (AFSL 390906).

Your financial planner should also be qualified. They should have a formal qualification such as a diploma or university degree. They can also upgrade their qualification and be registered as a Certified Financial Planner via the Financial Planning Association of Australia.

If you are looking for tax advice as well, it’s worth looking for a financial planner that either has an accountant qualification or background.

Question Four – What are the costs?

By law, financial planners are required to be clear and upfront with how they charge for their services. They need to let you know if they work on a fee for service model or receive commission for products/services they recommend. Remember the best advisers are unlikely to be the cheapest. It’s your financial future so you don’t want the cut price model.

Question Five – Are you independent?

Traditionally financial planners were only able to recommend the products and services from the companies they are employed by or affiliated with. This is limiting your investment capabilities as you can’t select the best products available on the market. Ricarmo Financial group are an independent company who isn’t affiliate with any one company, allowing us to package the perfect superannuation solution for you and your retirement.

Selecting the right financial planner will have a positive impact on your financial future. Take the time to ask these question to ensure you are comfortable investing your money with them.

Ricarmo Financial Group specialise in Superannuation and our superannuation specialists can recommend the best solutions for you. Contact us today.