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The do’s and don’t’s of engaging a Financial Planner


Let’s be honest, not everyone is a financial whizz.

You might have been going it alone for a while now, attempting to make good financial decisions and maybe even dabbling in investments. But you’re starting to realise to take your financial situation to the next level you might need some extra skill, time, and experience.

Engaging a financial planner sounds pretty simple, right? You just make an appointment. Get some advice and… cha ching!

Sadly, it’s not quite that easy. But with these simple tips you’ll be well on your way to getting the most out of your financial planner! In this video, Peter Sizeland, Head of Credit at Finnia, explains the do’s and don’t’s of engaging a financial planner.

Don’t delegate all money duties to a financial planner

It’s common to make the mistake of seeing a financial planner as a ‘money manager’.

You need to be specific about what kind of financial help you are after to engage the right service. For example, a personal banker can help with your day-to-day finances but you might not want them managing your self-managed super fund.

Make sure you fully understand what your financial planner can offer.

Understand how a financial planner is trained and what their agenda is

Many financial planners will have a mindset of: what does my client stand to lose? But what we need to start asking is: what does my client stand to win?

Financial planners will categorise their clients based on what they estimate their risk profile to be. They are trained to minimise risk, to preserve rather than to compound.

So you need to be clear: Are you seeking financial help because you’re looking to grow your wealth? Or protect your assets? Or both? It’s important you understand your own risk appetite and make sure your financial planner is on the same page.

Financial planners are much better at playing defense, rather than at growing capital at scale.

Be absolutely clear about your goals – you are unlikely to get tangible answers from a financial planner

To get the most out of the financial services sector you need to have a very clear goal of what you want to achieve. About 85-90% of people who meet with a financial planner don’t have a clear figure in mind of what they want to aim for.

Financial planners take mitigating risk very seriously, so if you don’t have a specific goal, they will play it safe and focus on simply protecting what you have.

Go to a financial planner with defined needs – Do you need to create wealth, play defence or something else?

Before even engaging a financial planner you need to have a think about what’s important to you. Is it making investments that generate immediate income, or capital growth, or both? Or are you primarily seeking to protect your assets and minimise risk?

If you don’t know, then make sure you ask direct questions about what is best for you.

Financial planners try to find out what their customer’s financial needs are but they don’t always get the right idea. The clearer you are on your own needs, the better understanding they will have.

At Finnia, we’d love to share our combined 50 years of experience with you. Professional guidance to hit your financial goals with property investing. Book a discovery call now.

Disclaimer: The information provided in this blog and video is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives and personal financial situation. All loan products are subject to lender criteria and approval. Fees, terms and conditions apply.

The average Australian earns $2.07 million over their working life, yet 80% will still find themselves broke after decades in the workforce.

You don’t have to be average. Use property as a tool to get you financially sorted for life!

We look forward to journeying with you on your way to lifestyle choices and wealth.