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How to Choose a Representative

You should find a financial adviser or mortgage broker with whom you are comfortable, as you will be sharing confidential information. A relationship of trust will need to be developed.

Ask your friends about their experiences with financial advisers and mortgage brokers – be prepared. Write some notes about what you would like from your adviser or broker and what financial goals and aspirations you have for you and your family’s future.

Be prepared to ask the following information:

  1. Do you have a financial services guide (for financial planning) or credit guide (for mortgages)?
  2. What experience do you have and how long have you been a financial adviser and/or mortgage broker?
  3. In what financial areas do you have specialist skills?
  4. What other complementary skills and licenses do you have?
  5. What kind of clients do you regularly deal with?
  6. What are the fees you charge for your services?
  7. Is providing written advice part of your policy?
  8. Will my advice be reviewed regularly and what fee will you charge?
  9. If I have problems with the strategy advice how can you resolve the situation?
  10. Who is your Australian Financial Services Licensee or Australian Credit Licensee?
  11. Do you keep up to date with the latest financial planning strategies?
  12. Is your business or your licensee owned by a bank, insurance company, fund manager or other ‘product manufacturer’, and if so, how are conflicts of interest managed when they arise?

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