A good financial planner can change your life. A bad one can ruin it. Here's how to tell the difference and find the right one for you.
If your finances are straightforward — steady job, HECS debt, saving for a house — you might not need a planner yet. Read some good books first. But if you're dealing with an inheritance, business ownership, SMSF, or complex tax, a planner pays for themselves many times over.
Read This First →Every financial adviser in Australia must be on ASIC's Financial Advisers Register (moneysmart.gov.au). Search by name or company. Check their qualifications, experience, and any disciplinary history. If they're not registered, walk away immediately.
Fee-only planners charge you directly (flat fee or hourly). Commission-based planners earn from the products they recommend. Fee-only is generally better aligned with your interests. Always ask "how do you get paid?" in the first meeting.
Initial comprehensive plan: $2,000-5,000. Ongoing advice: $2,000-6,000/year. Hourly consultation: $250-450/hour. It's not cheap, but a good planner should save or earn you multiples of their fee. Ask for a fixed quote upfront.
Your planner must provide a written SOA before implementing any recommendations. It details your situation, their analysis, and specific recommendations. Read it carefully. You're not obligated to follow it. Get a second opinion if unsure.
"What are your qualifications?" (Must hold a degree). "How do you charge?" "Can I see a sample SOA?" "What's your investment philosophy?" "How many clients do you have?" "Will I deal with you or a junior?" "Can I speak to a current client?"
Scott Pape's bestseller is the best starting point for Australian financial literacy. Even if you hire a planner, read this first. You'll ask better questions and understand the advice you receive.
Buy on Amazon →Morgan Housel's masterpiece on how humans think about money. Understanding your own biases is half the battle. This book changes how you make financial decisions — better than any spreadsheet.
Buy on Amazon →Lacey Filipich's practical guide tailored for Australians. Tax, super, property, shares — all covered in plain English. A great complement to Barefoot Investor with more detail on each topic.
Buy on Amazon →