Establish your financial goals and priorities before seeking advice. Your life stage, financial situation, and objectives will shape the advice you need. A financial adviser can provide guidance on budgeting, investments, superannuation, retirement planning, estate planning, insurance, and taxation to help you make informed decisions and plan for the future.

Choose between general or personal financial advice based on your needs.

• General financial advice doesn't consider your individual circumstances, objectives, or personal impact.

• Personal financial advice is customised to suit your financial situation and goals, prioritising your best interests. It can include

• Straightforward, single-focus guidance assistance with a specific financial matter, such as determining super contributions or handling inherited shares.

• Complete financial guidance - assistance in creating a comprehensive financial plan to achieve your financial objectives. This encompasses savings, investments, insurance, as well as super and retirement planning.

• Continuous guidance consistent monitoring and assessment of your financial plan and affairs.

Identify your needs, then seek out an adviser who provides the relevant services for you.

You can find a licensed financial adviser through:

• a financial advice professional association
• your super fund
• your lender or financial institution
• recommendations from people you know

Review the Financial Services Guide

Explore the services offered by a financial adviser by reviewing their Financial Services Guide (FSG). You can find it on their website or request a copy directly from them.

The Financial Services Guide outlines:

• Services offered
• Fee structure (refer to financial advice costs)
• Ownership details
• Connections to product providers
• AFS licence number

Robo-advice

Robo-advice is an online automated financial service where you input personal details, investment goals, and risk tolerance for algorithm-generated advice. While it may be cost-effective and convenient, it has limitations, offering only a narrow range of services and lacking the ability to assist with goal-setting, answer questions, or provide advice on complex financial matters.

Financial advisers don't usually charge you for the first meeting. This makes it easy to meet with a few different advisers to compare what they offer.

During your meeting with an adviser, inquire about:

• Inquire about their qualifications, main client base, and specialty areas
• Clarify the fees, including frequency and services covered
• Understand their approach to managing your finances
• Discuss the frequency of your meetings
• Learn about the information you'll receive and its frequency
• Understand their consultation process for decision-making
• Discuss the monitoring and management of your investments
• Inquire about commissions or incentives from financial products and their product selection criteria
• Know who will manage your account in their absence
• Discuss their complaint resolution process
• Understand the terms for terminating your agreement, including any penalties or notice periods.