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Is it worth paying for a financial adviser?

October 2020

Article |  4-minute read

What is a financial adviser, and who are they for?

A financial adviser is a qualified professional who can help you to set your short, medium and long-term financial goals and give expert advice to help you achieve them. People from a range of backgrounds and situations can potentially benefit from a financial adviser’s services. They have in-depth knowledge of all kinds of financial matters from investing and superannuation to insurance and debt.

Everyone has different financial needs depending on their life stage and individual circumstances. In many cases, generic advice you can find yourself isn’t enough - this is where a financial adviser comes in. They’ll assess your situation, get an understanding of your unique financial needs, and create a tailored strategy to suit you and your goals.

To learn more about a financial adviser’s expertise and how they can meet your needs, read our guide to what a financial adviser does.

Why is a financial adviser worth it?

Financial advisers understand how to achieve financial goals

Whether you’re saving for a house deposit, planning for retirement, already have an investment portfolio or are thinking about investing your money, a financial adviser can devise a plan to meet your goals. They’ll suggest effective strategies to reach them as efficiently as possible, and you can re-engage them to review your plan in the future if things change. Common matters for which people seek a financial adviser’s advice include superannuation, investments, tax management, planning for retirement, estate planning and insurance.

Financial advisers have in-depth knowledge of financial products

Financial advisers are experts in financial strategies, tools and  products, and they’ll know which combination of these can support you in achieving your financial objectives. These can include particular types of insurance to suit your circumstances, how to best manage your savings and borrowings, making the most of your super, and tailored investment strategies.

Financial advisers can save you a lot of time and energy

While it's possible to manage your finances on your own, working together with a professional can save you a lot of time, effort and energy, especially if overseeing them yourself leaves you feeling stressed or confused. Plus, they can also help you build your own knowledge about your finances.

Rather than having to stay on top of economic and legislative changes that impact your financial situation, a financial adviser can do the legwork on your behalf. If you’re using a financial adviser’s services to guide your investment strategy, they may also be able to manage your portfolio.

In the long run, you may make your money back

While in most cases it does cost money to use a financial adviser’s services, according to a 2016 study by the US arm of Vanguard Investments you may recover your upfront costs in the long run. This is because financial advice can lead to more efficient money management, including tax effectiveness, savings on interest, faster home-loan repayment, and other strategies that save and look to maximise your money.

The Vanguard Investments study found that financial advisers could add a potential 3% increase in net returns for their clients through a combination of sourcing lower cost investment tools, managing asset allocation, helping clients devise and stick to a financial plan, and other tactics.

What to look for in a financial adviser

When choosing a financial adviser there are a few things to look out for. First, find out about their qualifications. Financial advisers need to have a minimum level of education and be licensed to give advice. To learn more about financial advice qualifications, you can read our financial advice FAQs.

You may also want a financial adviser with plenty of experience, which could equate to time spent advising, their educational background or the breadth of clients they service.

During your first appointment it's important to communicate which financial areas you feel that you need help with. Your financial adviser may also identify other areas of advice that are relevant to your circumstances that you may not have thought about, but should be addressed to ensure that your best interests are being met.

How does payment work with financial advisers?

Generally speaking, financial advisers tend to set their own fees and payment structures. Some financial advisers charge flat fees for different services (known as fee-for-service), while others calculate their fees as a percentage of the value of your portfolio. That means you’d pay more if your portfolio is worth $50,000 and less if it’s worth $10,000. Some financial advisers may also offer you an ongoing service arrangement with them. Under this arrangement they will charge an ongoing advice fee for an agreed service and period of time.

ANZ Financial Advice only offers a fee-for-service payment structure. This gives our customers the flexibility to seek financial advice if and when they need it, and only pay for the services they require. For more information on financial advice fees, read our guide to how much a financial adviser costs.

ANZ's Financial Advisers can work with you to develop a plan as unique as you are to build your wealth. At ANZ, we are committed to helping Australians achieve their life goals and improve their financial wellbeing. Find out more and book an appointment

Take the next step

Request an appointment with an ANZ Financial Adviser

If you meet our eligibility criteria, complete our financial advice form so we can understand your goals and arrange a consultation.

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Learn more about ANZ Financial Advice

Enjoy the lifestyle you want now and in the future. An ANZ Financial Adviser can develop a tailored financial plan to help you get there.

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