When it comes to managing your wealth, making informed financial decisions to enable you to achieve your goals and aspirations is paramount. For successful families, the stakes can be even higher. The intricate nature of wealth management necessitates and is benefited from the expertise of an adviser who can guide you through the maze of investment opportunities, retirement, estate planning, and more.
Armed with the knowledge of what to look out for when choosing a financial adviser, you can make informed decisions and safeguard your financial future.
Look for a fiduciary
Secure total confidence by having someone who is a certified fiduciary.
A fiduciary will work in your best interest. Through ongoing training and certification, they are legally obliged to prioritise your financial goals and objectives. This means they are bound to provide transparent and objective advice that focuses on meeting your long-term goals. When your financial plan is centred around you, based on evidence-based research, the result is unbiased advice and peace of mind that comes with a truly holistic approach.
The Centre of Fiduciary Excellence (CEFEX) is one resource to assist you in finding certified fiduciaries.
Expertise and specialisation
Successful families with complex wealth structures require advisers with extensive expertise and knowledge.
Narrow down your choices by looking for advisers who specialise in serving clients like yourself and have a strong track record of success. Consider their professional qualifications, certifications, and licenses, such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA). Additionally, if you have children, consider a professional who has experience in managing wealth across multiple generations.
Assurance that your loved ones will be looked after well into the future is priceless.
It’s all about you
What’s most important to you should be at the heart of every conversation with your adviser.
Look for someone who will listen and craft a bespoke approach to your wealth management. Your adviser should understand your unique financial objectives, risk tolerance, and personal circumstances, creating a customised plan tailored to your specific needs. Over time, many advisers will become confidants, intimately understanding you and your family beyond the transactional.
Supporting you to live your best life will be a driving motivator for sincere advisers and will be reflected as they accommodate your evolving goals.
Reputation and references
It goes without saying that a strong reputation is crucial when selecting a financial adviser.
Seek recommendations from trusted sources such as friends, family, or other professionals in your network. We recommend everyone conduct thorough due diligence by researching potential advisers online, reviewing their website, and examining their credentials. Check for any disciplinary actions or complaints filed against them with regulatory bodies like the Australian Securities and Investments Commission (ASIC) for extra assurance.
Communication and accessibility
Effective communication and accessibility are vital for a positive relationship with your financial adviser.
Your adviser should make time to listen to your concerns, explain financial concepts in an understandable manner, and keep you informed about progress. Take it as a green light if your adviser is contactable, flexible, and happy to answer your questions – however big or small.
Fostering trust is essential for all adviser/client relationships and that can only be achieved via clear and transparent communication.
Financial advisers exist to offer support, guidance, and expertise, but only you will know what is right for your family. If relinquishing total responsibility and taking a passenger seat sounds appealing, it may be time to explore your wealth management options. Capital Partners is proud to be the only West Australian CEFEX-certified firm. If support from a team built on values and principles appeals to you, there’s room for you in our community.
