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How to choose a Financial Advisor and what questions to ask

9 December 2025
by BG Private
5-minute read

Choosing the right Financial Advisor is one of the most important decisions you can make for your financial future. A quality Advisor can help you build wealth, plan for retirement, manage investments, protect your family, and make informed decisions with confidence.

But with so many Advisors offering different services, qualifications, and fee structures, knowing how to choose the right one—and what to ask to help you make an informed choice—can feel overwhelming.

This article explains what to look for in a Financial Advisor and how to assess whether they’re the right fit for you before you commit.

What does a Financial Advisor do?

A Financial Advisor (sometimes called a Financial Planner) helps individuals make informed decisions about their money.

Their role may include:

Retirement planning
Investment advice
Superannuation and SMSF strategies
Cashflow and budgeting
Tax-effective strategies
Insurance and risk management
Aged Care advice
Estate planning guidance

Advisors can be independent, aligned with a financial institution, or specialists in areas like SMSFs, insurance or aged care. The right type depends on your needs and what level of guidance you’re seeking.

How to choose a Financial Advisor

1. Check their qualifications and licensing

In Australia, Financial Advisors must be registered with ASIC and appear on the Financial Advisors Register.

Look for:

Approved qualifications
Current registration and authorisations
No disciplinary actions or bans
Membership of professional bodies (e.g. FAAA)
Higher-level designations like CFP® or FChFP which indicate advanced training and professional commitment

2. Understand their advice scope

Not all Advisors offer the same services. Some may focus on:

Investments
Retirement planning
SMSF strategies
Insurance
Complex wealth structures
High-net-worth individuals
Aged Care

Choose an Advisor whose speciality aligns with your needs, whether that’s long-term wealth building, transitioning into retirement, or protecting assets.

3. Ask about their fee structure

Transparency on fees is essential. Advisors may charge:

Flat fees (annual or project-based)
Hourly rates
Percentage of assets under management
A combination of the above

Understand exactly:

What services are included
How often fees are charged
Whether there are additional costs (investment fees, platform fees, insurance commissions)

4. Look for a fiduciary or best-interest approach

A trustworthy Advisor prioritises your best interests, not product commissions or sales targets.

Consider:

Do they have conflicts of interest?
Are they product-aligned with a bank or institution?
Do they provide independent advice?

An Advisor who operates under a best-interest duty will recommend strategies suited to your goals—not theirs.

5. Assess communication and personal fit

Your Advisor should be someone you trust and feel comfortable discussing your financial life with.

Look for:

Clear, jargon-free communication
Proactive updates
Willingness to educate
Responsiveness
Ability to explain risks and options
Someone you gel with

Questions to ask before choosing a financial advisor

Here are the most important questions to raise in an initial meeting:

1. What qualifications and licenses do you hold?

Ensures they’re properly authorised and trained.

2. What areas of advice do you specialise in?

Helps confirm their expertise aligns with your needs.

3. How do you charge for your services?

Clarifies costs and avoids future surprises.

4. Are you independent or institutionally aligned?

Indicates whether product conflicts may exist.

5. What does your typical client look like?

Shows whether they regularly work with people in your situation.

6. What is your investment philosophy?

Helps you understand how they approach risk, markets, and long-term strategy.

7. How often will we meet or review my situation?

Sets expectations for service and communication.

8. Can you provide case studies, references or testimonials?

Offers insight into client satisfaction and reputation.

9. What ongoing services are included in your fee?

Ensures you know what you’ll receive throughout the year.

10. How will you personalise advice to my goals?

Confirms that they tailor strategies rather than offering one-size-fits-all solutions.

11. Do you have a broader team?

Confirms whether other experts will be available to work on your situation.

Signs you’ve found the right advisor

A good Financial Advisor will:

Listen carefully to your needs
Ask thoughtful questions about your goals
Tailor their recommendations to your unique situation and objectives
Explain strategies clearly
Act transparently and ethically
Provide a written plan tailored to your needs
Help you feel more confident and in control of your finances

The bottom line

Choosing the right Financial Advisor can make a profound difference to your financial future. By checking their qualifications, understanding their services and fees, and asking the right questions, you can find an Advisor who supports your goals and provides guidance you can trust. The goal isn’t just to find any Advisor—it’s to find the right Advisor for you.

Contact us

Ready to find the right financial advisor? Please call +61 3 9810 0700 or email