How to choose a financial adviser in retirement

Seeking advice about your finances doesn’t have to stop when you finish working. Advice can help you understand how to manage your income and understand whether you’re still on track with your bucket list.

Everyone’s financial situation is unique. Advice that may be right for you may not work for someone else. Whether you have some basic questions, or you need a detailed, tailored plan, it’s important to get advice that’s based on your personal circumstances.


5 tips to choosing a financial adviser in retirement

Here are some of the things you may want to consider when choosing a financial adviser in retirement.

1. Know when to ask for financial help and advice

Adjusting to retirement can be a big change to your lifestyle and how you manage your finances, so it’s a good time to seek financial advice to keep you on the right path. If you sought financial advice before you retired, the support you need now is likely to be different to when you were working.

Whether you’ve been through a life-changing event or you need to check your finances, it’s never too late to get financial advice to make the most of your retirement.

2. Understand an adviser’s qualifications, reputation and fees

A professional adviser should be up to date with the latest changes in financial products and legislation. To make sure you find a knowledgeable financial adviser, you should:

  • Ask the adviser about their qualifications and experience.
  • Find out the areas of advice they specialise in and what sort of advice they’re able to offer you. For example, only certain financial advisers can advise you about winding up a self-managed super fund (SMSF) or share trading.
  • Consider your own personal preferences. Would you rather speak with an adviser over the phone, face-to-face or in a language other than English? Would you prefer to talk with someone of a specific gender or age?
  • Ask how their service works. For instance, whether they offer one-off advice or ongoing support.
  • Request an outline of their fees and if they’ll provide a quote for the advice before completing any work. It’s also a good idea to ask how they’re paid – whether they’re salary-based, fee-for-service, or if it’s incentive-based with bonuses or commissions.
  • Read the Financial Services Guide provided by your adviser. This explains the services offered, how fees work and how the adviser handles complaints.

You can also check an adviser’s qualifications, training and experience on the Moneysmart financial advisers register.

3. Find the right financial adviser for you

If you’ve used a financial adviser before, you’ll know that it’s like any relationship – trust is key. You want to be comfortable with the person you’re meeting and be confident in the future they’re helping you plan for.

Asking family or friends for a referral can be a good starting point. Or you could attend an education session hosted by a financial adviser. This can be a great way to see how someone presents themselves before you make an appointment. You may also be able to find a financial adviser through your super fund.

EXPLORE YOUR ADVICE OPTIONS

4. Prepare before your first meeting

First, make sure you have an idea of what you want to achieve in the meeting and highlight what’s important to you.

Next, think about some specific topics or issues. You may want advice on managing your assets, like shares, savings or property. A common question is about downsizing and how to do it tax effectively. Perhaps you want more information about Centrelink entitlements or estate planning.

Whatever it is that you need to know, it’s helpful to prepare questions before the meeting.

Your pre-appointment checklist

For your first meeting with an adviser, make sure you have your important personal financial details with you, including your:

  • Budget – an estimate of your monthly spend on mortgage or rent, bills, expenses and debt.
  • Income – including any money from investments, Centrelink payments or overseas pensions.
  • Assets – including property, savings and investments.
  • Insurance – details of any life, disability or income protection insurance.
5. Work with your adviser to make sure you’re getting the right advice

Once you’ve found a financial adviser you trust and want to work with, it can take a few sessions to prepare your plan and put it into action.

Your first meeting with an adviser is a chance to get to know each other. You’ll find out more about how they work with you and the type of advice they provide. It’s also an opportunity for you to share your personal circumstances and financial concerns.

After that, your adviser will prepare a financial plan, make recommendations and answer any questions you have.

Once you’re happy with the plan, your adviser will work with you to put the advice into action. Remember, once your plan is in place, it’s a good idea to review it regularly with your adviser and let them know if your circumstances change.

LEARN MORE: WHAT TO EXPECT FROM A FINANCIAL ADVISER

 

Get started today

AustralianSuper makes it easy to find and work with a qualified financial adviser. You can meet with an adviser over the phone, face to face, or via secure video link from the comfort of your own home.

You can also take comfort in the fact that we don’t pay AustralianSuper financial advisers incentives, bonuses or commissions.

If you’re ready to start working on your retirement plans with a financial adviser, we’re ready to help you find one.

 

FIND A FINANCIAL ADVISER NOW

Personal financial advice is provided under the Australian Financial Services licence held by a third party and not by AustralianSuper Pty Ltd and is not the responsibility of AustralianSuper. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account can be deducted from your AustralianSuper account subject to eligibility.
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