20 August 2025
Choosing a financial adviser isn’t something to rush. Your role in this process is crucial. Get it wrong, and you could be stuck paying high fees for advice that doesn’t suit your goals. Get it right, and you’ll have someone in your corner who helps you build real financial confidence.
Here are five key questions to ask before committing.
1. What qualifications and experience do you have?
Don’t just assume an adviser is qualified because they sound confident. Look for a Certified Financial Planner (CFP®). It’s the most respected designation in the profession and tells you they’ve completed rigorous training, ethics requirements, and ongoing education , and demonstrates, they hold themselves to a high standards.
Check the Financial Advisers Register at moneysmart.gov.au to confirm they’re currently licensed and don’t have any red flags, such as bans or disqualifications recorded against them. Then, search for financial adviser reviews such as Adviser Ratings which is a good place to see what others have experienced. You want someone registered, experienced, and reviewed by real people.
2. How do you charge, and what’s included and excluded?
There’s no standard way advisers charge, so don’t be afraid to dig into it. Some offer flat fees, some rely on commissions and others charge based on a percentage of your investments. If you’re looking for an adviser that offers a ‘Fee for Service’ ask directly.
Make sure you get a breakdown. What do you pay up front? Are implementation costs bundled into their fees or is it a separate fee? What’s included in ongoing advice? If you’re already with an adviser, ask yourself: What’s the value you’re getting for what you’re paying? Many people don’t question this and simply assume their fees are standard. They’re not.
Financial adviser discussing investment options with a client, reviewing documents and graphs during a consultation.
3. Are you truly independent?
This is a big one. Many advisers claim to offer independent financial advice, but few actually meet the criteria. Roughly 2% of advisers in Australia are fully independent.
True independence means they have no:
Advice firms who are not independent must upfront as this must be disclosed in their Financial Services Guide.
Ask the above and:
If you want confidence that there are no hidden interests driving their recommendations or that they are truly looking after your interests and are not being persuaded by their own interests, then search for an independent adviser.
4. Who will I deal with?
Advisers today are managing more clients than ever, and that affects the relationship. In many practices, you won’t always deal with the same person. You might have associate advisers or admin staff handling most of your contacts.
Ask your adviser how many clients they are looking after and ask them to be honest about it. According to a recent report, the average is around 129 overall, with 97 ongoing clients, but some advisers push well past that. If you value the personal connection, find out who your main contact will be. Financial advice is a relationship business, and that relationship should feel like more than just an Annual Review.
Calculator, coffee cup, and paper diagram showing elements of personal financial planning such as retirement, taxes, insurance, education, estate, and cash flow.
5. What kind of clients do you usually work with?
Most advisers have a sweet spot, and you want to know if you’re a good fit for it. Do they typically work with business owners, pre-retirees, families, or first-time homebuyers? Don’t be afraid to ask.
Final Thoughts
Don’t settle for the first adviser you meet. Interview a few. Ask the hard questions. Pay attention to how they explain things, how they make you feel, and whether they talk more about strategy or products.
Good advice isn’t about chasing returns, it’s about finding someone you trust to guide your financial decisions over time.
