Guide on Choosing a Financial Planner in Sydney

Financial planners are invaluable advisors helping you achieve your financial goals and dreams. A financial planner can act as an overseer for you to ensure the different parts of your financial planning are working harmoniously. Moreover, if you are planning to settle down in Sydney with your family, it is of utmost importance to hire a good financial planner in Sydney as early as possible. 

Undoubtedly, Sydney is the best place in the world to live; every year, millions of people come to the city and decide to reside here. But it is essential not to forget that Sydney is also one of the most expensive cities in the world. For an individual, the monthly average living cost in Sydney is about $5000. Therefore, to live your best life in this city, you need a bird’s eye view of your finances.

Proper financial planning is vital for making growth and improving the financial health of an individual or a company. It helps reduce uncertainties regarding changing market trends and determine ways to earn, save and spend money and the amount you need to make. However, finding the right financial advisor for your needs can be daunting. So to help you, here are a few things you need to consider when choosing the right financial planner; continue reading!

Planning credentials

Make sure the planner you choose to work with possesses highly-regarded credentials in financial planning, such as Personal Financial Specialist (PFS) or Certified Financial Planner (CFP). These credentials in Sydney follow very stringent rules; only the professionals who have met the certification requirements of the education and experience in financial planning are awarded these certifications. In addition, they are required to pass the certification examinations and agree to adhere to the practice standards and continuing education requirements. This is important to ensure that you are working with a professional who has acquired the education and the relevant experience necessary to serve you as a financial planner.

Subject matter expert

There are chances that the financial planner you encounter is not a subject matter expert. For example, a financial planner will be experienced in planning and tax analysis. Still, unlike IRS Enrolled Agent (EA) or a Certified Public Account (CPA), they might not necessarily be a subject matter expert regarding tax rules and regulations of Sydney. Similarly, they could be skilled in chalking out an investment plan, but unlike a Chartered Financial Analyst (CFA), they may not have the authority in the subject of investments. However, it is always recommended to look for a financial planner who is also a subject matter expert in areas of personal finance that are important for achieving your financial goals.

Client specification and fee structure

Everybody’s financial needs are not the same; neither all financial planners serve all types of clients in Sydney. Specific financial planners specialise in helping only particular kinds of clients with a specific profile and charge different fees. For example, personal planners are experts in serving only those individuals and families in certain professions or at a particular stage of life with specific financial goals and net worth. It is better to enquire beforehand whether the planner is specialised in serving clients like you or not to ensure that they are a right fit for your situation and financial goals. Plus, don’t forget to understand their fee structure. 

There are approximately 19,000 families in Sydney. According to the statistics, each family is projected to have an average debt of $250,000 which is why people are turning to financial advisor’s services. If you do not want to be debt-ridden and achieve your financial goals, it is advisable to hire a financial planner in Sydney. Hopefully, now you have understood the importance of a financial planner in your life. So hire a financial planner, start planning your finances, and plan your future.

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