So, you have made the decision to seek advice. You may have never done so before. How do you seek out an adviser who will be the best fit for your personal situation?

Finding the right professional is something we are all challenged in everyday life, such as a good Mechanic, Doctor, Dentist, Accountant, even your favorite Butcher! The point is, once you have found these specialists, you just keep going back because they are reliable, and you have established trust.

Seeking out your financial adviser who potentially is trusted with your entire retirement plan is no different, so we have established some questions and comments which in our opinion, are important to meet your expectations.

• By 1st January 2026 all practicing advisers are required to hold a Graduate Diploma in Financial Planning or equivalent. This means advisers can practice currently with qualification much lower than this. While many advisers will be working toward this qualification by 2026, some will be planning to exit before or at this time.
  It is important to ask the adviser what their current qualifications are and, if they do not hold the minimum industry education expected in 2026, what are their career plans leading up to this point and beyond. This will tell you if the adviser is planning on exiting the industry.
• At your first appointment, your adviser should be listening to your reasons for seeking advice and identifying initial goals important to you. The adviser’s skill is to assess where they can add value to your situation and potentially place you in a better position. Financial products should not be put forward at this initial meeting. You should feel the adviser has taken an interest in you, provided you with good meaningful general information and the feeling of empowerment when you leave the meeting.
• It is important you understand costs involved associated with your advice as soon as possible. In the early stages, we believe your adviser should at least be able to give you a reasonable guide. This is important as you don’t want to invest your time only to receive a nasty surprise at a later stage the cost is potentially much more than you expected. It is also a legal requirement; your adviser present you with an initial client engagement letter which clearly outlines any fee’s you will pay before you commit to any advice. We believe however, fees should be discussed with you as soon as practical and if this is not the case, you need to ask.
• Your adviser should be qualified in your area of advice but also experienced. Financial strategy advice is a complex area involving multiple legislations which apply to some people but not others based on their personal situation. In our opinion, it is not practical or perhaps even possible for an adviser to be an expert in every area. For example, some advisers provide insurance only strategies, whereas others chose to specialize in Self-Managed Super funds. You need to ask your adviser if they have the necessary skill and experience to confidently provide the advice relevant to you.
• Is the adviser adequately supported? This is a question which usually is not asked which we feel is very important. The financial planning industry is one of the most highly regulated areas in the financial sector. Documentation preparation, product applications, research and implementing your advice are extremely time consuming. It is not possible for your adviser to prepare advice and respond promptly to your needs if they do not have adequate background support. In our opinion, an adviser requires a full-time support person. This provides the adviser sufficient resources to do what they do best, which is giving advice and delivering this when promised. Adequate support allows the adviser to be proactive and respond to your needs promptly.
• If you chose to enter into an ongoing service agreement with the adviser, will you always deal with your adviser or passed to someone else? The point is, you should be aware who will be handling your ongoing relationship before entering into any such agreements. In our opinion, it is important you maintain a working relationship with the adviser who initially gave you the advice.

At HQBFS, we tick all the above and more. Contact us today and get the right advice, the right service and attention you deserve.

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