Think financial planning is just for the uber wealthy? Think again. You definitely don’t need a two-storey garage or a gold-plated toilet before you need the help of a financial advisor.

Even if your income is decidedly average, a Melbourne financial planner can help you figure out how much you should be saving, what the best plan is for your savings, whether it’s better to put money aside for a house deposit or retirement, and other curly money matters. 

Here are a few tips to help you find the right Melbourne financial advisor for you: 

Ask for a referral

The word of friends and family is often worth its weight in gold in terms of recommending (or avoiding) a certain financial counsellor. It doesn’t mean you have to stick with the one they suggest, but it is a good place to start. 

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Look for an adviser suited to your life stage

Some advisers tend to work largely in the retirement planning area, while others may be more suited to advising on money management for a property purchase. While all financial planners should be adept in all areas, you may be able to find one that has more experience or passion for your current money goals and issues. 

Check their qualifications 

Any life coach can tell you to spend less and save more, but a real financial counsellor can go into a little more detail than that. Search for a professional who has a degree in an appropriate discipline (aside from specific financial planning, this could be accounting, finance, or economics), and/or a diploma in the industry. 

Ask about their experience 

An adviser fresh out of university won’t have the confidence and experience of a long-time industry pro, but on the other hand, a new graduate does come with the latest learning and knowledge in the industry. The right balance may be the perfect Goldilocks option, so ask your potential candidates about their work in the industry to see which best suits your needs. 

Know what and how they charge 

Don’t be afraid to ask about the fee structure for any financial services. Some professionals may simply charge an hourly fee for their financial advice, while others will charge a set price, and others again may work on a percentage basis on how much of your assets they manage for you. Asking around for quotes and information will help to give you a good idea of what to expect for their services, and which of those offer the best value for your money. 

Search the Financial Advisers Register 

The Australian government collects a register of current financial advisers. Once you have a few names in mind from your research, be sure to look them up on the Financial Advisers Register to learn more about their training and qualifications, work history, professional memberships and which products they know best.

Make a start in your search by browsing financial advisers in Melbourne to read reviews, learn about their services, and get in touch for a quote or an initial consultation.