Time to read : 5 Minutes
Growing up, we didn’t talk about money at the dinner table. In my world, conversations about finances and investing were for ‘grown-ups’ – people with grey hair, big salaries and even bigger super balances. But, times have changed and the financial advice world has come a long way.
Financial advisers aren’t just for the wealthy anymore. They’ve become coaches and guides for everyday Aussies. A financial adviser can guide you every step of the way, whether you’re:
figuring out your budget
juggling mortgages
navigating a divorce
planning for retirement
seeking other specialised financial advice.
A good adviser can be the difference between sleepless nights and financial confidence, so let’s unpack how to find one you can actually trust.
How can financial advisers help you?
Think of a financial adviser like a personal trainer for your money but instead of building muscle, they’re helping build wealth, resilience and confidence. I used to think budgeting was cutting back on coffees, but advisers help you see the bigger picture, where your money’s going and how small tweaks create lasting change.
Here’s a breakdown of the services financial advisers can assist you with:
Budgeting: creating realistic spending and saving plans – not punishment diets.
Investing and wealth creation: helping you maximise financial returns, manage risk and prevent panic-selling during volatile periods.
Super: making sure your retirement savings are working as hard as you are.
Insurance: assessing your life stage and working out the most suitable policies such as life, income protection etc.
Tax planning: looking at smarter ways to minimise taxation on investments, super and retirement income.
Retirement planning: turning that 'one day' dream into a mapped-out plan, with timelines.
Estate planning: assisting you with wills, trusts and strategies so your assets are passed onto beneficiaries seamlessly.
Important: a financial adviser can only provide advice within their licensed authority or expertise. They can’t offer tax return services (refer to an accountant) or give legal advice for example drafting wills or trust (refer to a lawyer).
Should I bother using a financial adviser, or can I do it myself?
As much as we’d all love to Google our way through decisions… or turn to AI, an adviser can be the difference between building IKEA furniture with instructions and struggling without. Sure, you might eventually figure it out, but it’ll probably wobble, and you’ll end up with leftover screws.
Licensed financial advisers are accredited to protect consumers and safeguard trust and they must comply with education, ethics, and disclosure standards which means operating with integrity, client care, and professional responsibility.
Yes – you can DIY money management – but, a good adviser brings three big benefits:
1. Clarity: translating financial jargon into simple everyday language.
2. Strategy: taking a helicopter view of your finances to spot opportunities or risks.
3. Accountability: like a coach, they keep you on track so goals don’t gather dust.
While money stress can grip us all at any time, a financial adviser is trained to bring a non-emotional, professional viewpoint and conduct. If not, they’re at risk of losing their accreditation.
This accountability is what sets professional advice apart and gives you confidence that the guidance you receive is objective, carefully considered, and legally bound to serve your interests – not the adviser’s.
When is it the best time to seek out advice?
Most people don’t hire a financial adviser because they suddenly feel like it. Something usually sparks the decision. I’ve seen friends reach out to advisers after a parent dies for example and they are wondering what to do with an inheritance, or during other big life events.
Life changes can look different for everyone but some triggers maybe:
A sudden windfall: inheritance, bonus, property sale.
Major family changes: marriage, divorce, starting a family.
Career shifts: promotions, redundancy, launching a business.
Planning ahead: realising retirement isn’t as far away as you thought.
Life has a way of throwing curveballs or opportunities, and an adviser is often the person who helps you catch them without dropping the ball.
💡Did you know financial advisers are required to do Continuing Professional Development (CPD)? This means that they’re up-to-date with compliance and know how to correctly handle your finances – whatever life throws at you.
How do you find a financial adviser you can actually trust?
Here’s the million-dollar question: how do you know who to trust?
Like with all professional relationships there’s a lot to consider, but one of the best places to start when it comes to financial advice is the government’s Financial Advisers Register.
If someone isn’t listed there, they’re not licensed. And when it comes to managing money, qualifications matter.
But beyond the credibility and certificates, I’ve found it’s about the conversation. The right adviser should make you feel comfortable, not stupid. If they don’t take time to understand you, drown you in jargon, are focused on selling financial products or talk down to you, that’s a red flag.
I often think of it like dating, you need to feel listened to, respected, and confident they have your best interests at heart. A likely match occurs when you feel understood. On top of the qualifications, it’s more than just having a glossy website, it’s meeting the professional, asking the right questions and going with your gut feeling.
Here’s a checklist of questions to ask potential financial advisers as suggested by Top 10 Financial Planner:
1. What areas can you provide advice?
2. What is your main type of client?
3. What are your qualifications?
4. What initial and ongoing services do you provide?
5+. Follow-on questions that arise from the previous four to give you a better sense of whether you and your prospective financial adviser are a good match.
The answers to these questions are crucial for working out if their style, approach and values align with yours. Hopefully this will be the start of building a trusted, long-term relationship.
Now for the other big question… what about the fees?
Yes, financial advisers cost money, but increasingly there are more options providing choice and independence.
These include online investing platforms offering tiers of financial adviser support, comparison sites highlighting price differences, and entry-level free, or low-cost, educational resources from qualified financial advisers.
These options give people the ability to compare services easily and access tailored guidance. Fees can include:
Upfront fees for creating a plan.
Ongoing fees for regular reviews.
Commissions, mostly on insurance products.
According to the Financial Advice Association Australia (FAAA), the average annual adviser fee is $4,744, but the cost of financial planning boils down to the complexity of your financial situation and plan.
When considering any cost the next question is often, “Is it worth it?” While that depends on your situation, a FAAA report found clients that received advice reported significantly higher financial wellbeing than those going it alone. In other words, the peace of mind and confidence can outweigh the upfront cost.
Bottom line
Financial advisers aren’t just for the wealthy or the retired. They’re for anyone who wants to take control of their money, avoid costly mistakes and plan for the future.
I used to think advisers were out of reach, expensive, intimidating and irrelevant. Now I see them differently – they’re more like a GPS for your finances. You could try and navigate life’s money map without one, but why risk getting lost and stressed when you can have an expert guiding you?
In short, while they aren’t cheap, deciding not to use one could be a false economy long term when you consider what might be at stake.
If you’re unsure where to start, check the ASIC register, ask questions, and trust your instincts. The right adviser should leave you feeling empowered, not overwhelmed.
Go deeper:
Aussies getting financial advice from social media struggle with budgeting
Should you worry about your super when stock markets are rocky?
Financial disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
