The first meeting with a financial adviser is typically free. They will ask questions to understand your needs and see what they might need to do to help you. They should also tell you how much their advice will cost you and how they get paid.
Advisers offer two types of advice. The first type is limited to one aspect of your financial needs. This advice is called limited or scaled advice. The second type of advice is called comprehensive, holistic or full advice and considers your overall financial situation and goals.
But not all financial advisers are the same. This means that their strategies and advice can vary greatly.
What questions should I ask them?
One thing you should ask is what products they are qualified to provide advice for. Some advisers are restricted to products on an ‘approved product list’, which means their recommendations can only be made from a limited range of financial products.
This may mean the advice you receive potentially excludes better options in the market. It may also mean they cannot provide advice on your current super fund or investments.
A first meeting may not cost you, but making the wrong choice of financial adviser can. Be sure to check them out thoroughly before you commit.
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General advice disclaimer
This is general information only and does not take into account your personal objectives, financial situation or needs. You should assess whether the information is appropriate for you having regard to your objectives, financial situation and needs and consider obtaining independent professional advice before making an investment decision. If information relates to a specific financial product you should obtain a copy of the product disclosure statement for that product and consider that statement before make a decision whether to acquire the product.