What do you do when your financial adviser taps out?
Chris Brown
???? Helping Australians over 50 to Finish Strong ? Director/ Senior Financial Adviser ? 20 years Industry Experience ? Financial Planner AFP? ? Top 'Platinum' Rating by clients on Adviser Ratings site ? 12K LI Followers
In recent years a perfect storm of events has drastically reduced the number of licensed financial advisers in Australia. Tougher education standards, rising business costs, increasing regulation, an aging average financial adviser age- have all occurred at the same time as a major pandemic and its own set of unique health and financial challenges. The biggest employers being major banking institutions also walked away from financial advice leaving a large vacuum. This lead many advisers to retire early, sell their business or change careers.
Large numbers of Australians who previously had a financial adviser are being left without advice, and one group in particular that is suffering are those over 50 and those approaching retirement or are already retired.
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So what should you do if your financial adviser taps out and leaves the profession?
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1.?????? Get new advice
Quality financial advice improves financial wellbeing and changes lives. Don’t leave yourself without it. You wouldn’t manage your own healthcare without seeking medical professional advice- so don’t leave your all-important finances at risk without the right guide.
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2.?????? See if your financial adviser has been replaced
Your previous adviser’s firm/ organisation may have assigned a replacement- in which case you could contact them to arrange a review appointment to see if you are happy to work with this new assigned adviser. If you are- then great, you can continue to partner with the newly assigned adviser. If however there is no replacement adviser or you are not wanting to continue to work with the assigned adviser- you can seek a new financial adviser.
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3.?????? Ask someone you know
You could ask friends or family members for a referral to a financial adviser they know. You could also see if other professionals like your accountant, mortgage broker or lawyer could recommend a financial adviser.
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4.?????? Find an adviser online
?In an age when you can find just about anything online – you can also locate a financial adviser online. Adviser Ratings is an example of an independent site which offers the ability to choose a financial adviser that suits your needs:
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5.?????? Ask a superannuation fund
?See if a superannuation fund can point you towards a financial adviser. An example of a major superannuation fund offering a find an adviser online service- is Colonial First State, who recently introduced the ability to search for a licensed adviser in your area (who does not work for the superannuation fund):
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6.?????? Once found- check your new adviser
Ensure you are only looking to work with a qualified, licensed financial adviser who has the proper authorisations. All financial advisers in Australia must be licensed and will appear on the ASIC Financial adviser register. Check a financial adviser is licensed on the ASIC MoneySmart site:
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7.?????? Engage with your new adviser
?Arrange an initial appointment with your new financial adviser. The financial strategies and products that your previous financial adviser set up for you can be reviewed by your new financial adviser. They can then determine if the current strategies and existing products such as super funds, investments or life insurance products are suitable and should they be retained, modified or replaced- and you can then build a new partnership with your new adviser.
If you are over 50 and your financial adviser has tapped out of the profession – consider the above steps or book a private consultation with us today.
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