Consumer advice

In this section you will find a collection of tools and advice to help you select the right Financial Planner for your needs.  The three areas covered are:

• Questions to ask when choosing a Financial Planner
• Your rights as a Financial Planning client
• Paying for Financial Planning, methods and options. 

Questions to ask when choosing a Financial Planner

To help you get the most out of using a Financial Planner we have produced some brochures identifying what you should look for and your rights as a client. 

Whatever your reason for getting help from a Financial Planner, you have to make sure you find the ones that's right for you.  With out interview checklist you can eliminate your worries and find the planner that will meet your needs.

To download the brochure: 10 questions to ask when choosing a Financial planner click here 

Your rights as a Financial Planning client

If you have decided to work with a Financial Planner it's important to understand your rights as a client.  Our quick, easy-to-use guide identifies your entitlements as a client.

To download the brochure: Your rights as a Financial Planning client click here 

Paying for Financial Planning, methods and options

Financial Planners will undertake a full review of your financial situation to understand the complexity of your needs and to help you to establish your lifestyle objectives.   The outcome of this “fact finding” process will determine the level of involvement required by the planner, and also will indicate the most appropriate solutions to suit you and your situation. If you decide that you need the services of a Financial Planner, one of the important aspects that need to be discussed at outset is the basis on which that planner will be paid.   

 Payment methods

 There are essentially two methods of payment for Financial Planning services:

• Fees
• Fees and Commission

Payment for Financial Planning services will be discussed with you and agreed up front. If you have found a Financial Planner using our “Search for a CFP professional” function, the payment option details can be found under the ‘Typical clients and charges’ section of their profile.

Fees and Commission

In some instances you may be  prefer the option of paying by an agreed fixed or hourly fee for the work carried out,   In others, you may prefer that the adviser or planner is paid by means of a commission payment which is generated as a result of their recommendation to you to buy a particular financial product.

Alternatively fees can be offset by such “commission" payments. In these instances, any commission due to the adviser or planner for products bought will be used either to reduce or cover the fee quoted.

Fees

Most Financial Planners tend to work on a fee basis.   The production of a personal Financial Plan is the first step this will normally involve a one-off cost, usually charged as a fee, the extent of which is based upon the complexity of the work to be carried out. After this, to cover the additional work necessary to carry out the requirements of the financial plan, the planner will most commonly be remunerated using fees in one of the following ways:

• Hourly rates
• % of money invested
• Quoted on a project basis

Whichever option you agree with your planner, it is most important that it is decided and agreed at an early stage in the proceedings so that both you and your planner know exactly how the charges will be made for the very important services that they will be providing.

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