Looking for a Financial Consultant in Melbourne? Here are 5 Key Questions to ask a prospective Financial Consultant
Most Melbourne residents are likely to spend far more time shopping for their automobile than they would choosing a financial consultant. This important decision is not something that should ever be left to chance though. When you are in the process of deciding on a financial consultant, there are a few important questions any Melbourne resident should consider.
Let's take a closer at five key questions that you should ask a potential Melbourne based financial consultant before committing to any such service provider.
- What fees do you charge for your services?
The last thing you want is a company that does not offer you the proper amount of transparency when it comes to the fees that you are going to be paying. Be sure to ask questions about the financial consultant's fees before you commit to them handling any of your business affairs. This keeps you from being left on the hook for fees that you did not expect, especially during the early stages of the process.
- What Are Your Credentials?
In other words, what is their background? Are they going to be the right consultant for you and can they help you with what you are looking for? The best consultants are proud to put all of their credentials on display, while those who are not worthy of your time are going to be far more reticent. Financial consultants have different levels and areas of expertise. You should choose a financial consultant in Melbourne that not only has the right qualifications but also a solid understanding of the investment landscape. These are aspects which should be discussed in further detail with any prospective financial consultant.
- Do you receive commissions?
Every financial consultant is not going to be paid in the same manner. Some advisors will only receive client fees, while others may also receive commissions. Knowing upfront exactly how the advisor is going to be paid is important as you can take that into consideration when seeking out the services of a financial consultant.
- What is your availability and flexibility?
It is only natural to have ongoing questions about the status of your holdings and your portfolio and by having a financial consultant who is readily available to assist you, you improve your ability to have these questions answered in a timely manner. No one ever wants to be left hanging for any reason and this is certainly true of any of your financial matters. Also, you should find out how flexible they are. Are they willing to meet outside standard operating hours and meet clients outside their office?
- What is Your Investment Philosophy?
An experienced and skilled financial consultant firm has no problem with taking you through each and every step of their investment philosophy and how they arrive at specific conclusions regarding their decision-making process. The financial consultant’s investment doctrine and philosophy is what underpins the nature and scope of their services and it is therefore critical to understand. You should consider whether their philosophy is in line with your own philosophy and expectations.
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