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What to do When Your Bank Gives You the Boot

The recent commission into banking in Australia has resulted in a gap for many customers who were receiving financial advice from their banks.

A Royal Commission spent 12 months investigating some of Australia’s biggest banking institutions.

One of the fallouts was the repayment of fees to thousands of customers who were charged for financial services they never received.

But the other fallout is the fact there are now customers who are without a financial adviser as banks will no longer be providing financial advice.

FINDING A FINANCIAL ADVISER

If you’re one of those people who find themself without a financial adviser due to this change, or you’ve never used a financial adviser, there are good reasons to find one now.

A good financial adviser will work with you, getting to know you, your current situation, and your financial goals. Then they will work with you to build a plan to achieve those goals.

And if you’re wondering how to find a financial adviser, there are sources of information that can provide help. For instance, the Australian Securities and Investments Commission (ASIC) has resources intended to help Australians take control of their money with free tools, tips and guidance. Their website, Moneysmart, includes great background material to get you started.

There’s also a Financial Advisers Register, which will help ensure you’re choosing a qualified financial adviser. The register can provide information on where a financial adviser has worked, their qualifications and training, what products they can advise on, and any memberships in professional bodies.

WHY YOU SHOULD USE A FINANCIAL ADVISER

If you’re still wondering why you should use a financial adviser, there are also resources that will help you answer that question.

Working with you to build a plan to save money for the future is one of the key reasons to use a financial adviser.

But there’s more.

A quality financial adviser will go beyond that to help you with a plan to rid yourself of debt. An adviser can give you tax tips, advice on insurance, and provide information on planning for retirement. Decisions about your superannuation, including a self-managed superannuation fund, can also be supported by your financial adviser. In fact, an adviser may have tips that you haven’t even considered!

In short, a financial adviser will look at your entire financial picture, and work with you to build a comprehensive plan based on your current state and your future plans.

CHOOSING A FINANCIAL ADVISER

Once you have narrowed your choices and discovered how to find a financial adviser, it’s time to look at those options and move forward.

To do that, it’s good to have some questions ready to ask a financial adviser. Knowing what you’re looking for before meeting with an adviser will help you determine who best to choose.

For instance, you should first ask whether you want general advice, in which case you may be able to do research on your own. However, if you want personal advice, specific to your circumstances, a certified adviser will be a benefit to you and your family.

Then, there are 6 things you should expect from your financial adviser, including the fact they must be certified; they should explain how they work; they should spend time getting to know you; and, they need to provide a plan and discuss it with you.

If you’re ready to discuss your entire financial picture, contact the advisers at Financial Framework and book a time to meet.