Bountiful Wealth

Choosing the right financial planner is a critical step towards achieving your financial goals, especially as you approach retirement. This guide will provide you with the essential information you need to make an informed decision, whether you're looking to build wealth, seek financial advice, or plan for retirement.

Why Choosing the Right Financial Planner Matters

As you approach retirement, your financial decisions become increasingly important. The right financial planner can help you navigate complex financial landscapes, make informed decisions, and secure a comfortable retirement.

What to Look for in a Financial Planner

When selecting a financial planner, consider the following key factors to ensure you find the best fit for your needs:

1. Experience and Expertise

Experience matters when it comes to financial planning. Look for a planner with a proven track record of helping clients achieve their financial goals.

2. Qualifications and Credentials

Ensure that the financial planner you choose has the necessary qualifications and credentials. This indicates that the planner has undergone rigorous training. Another consideration is Membership with the Financial Advice Association Australia (FAAA), which brings adherence to higher ethical standards.

3. Fee Structure

Understanding how a financial planner is compensated is crucial. Planners may charge fees based on assets under management, hourly rates, or a flat fee. Ensure that the fee structure aligns with your budget and financial goals.

4. Service Team

While a plan is essential so is the implementation and ongoing monitoring of this plan. The size of the support team is a critical aspect to consider when choosing a planner.

5. Personalised Financial Planning

Every individual's financial situation is unique. A good financial planner will take the time to understand your specific needs and tailor their advice accordingly.

How to Choose the Right Financial Planner

Choosing the right financial planner involves careful consideration and asking the right questions. Here are some steps to help you make an informed decision:

Step 1: Define Your Financial Goals

Before you start your search, clearly define your financial goals. Are you focused on building wealth, planning for retirement, or seeking comprehensive financial advice? Understanding your objectives will help you find a planner who specialises in your areas of interest.

Step 2: Research Potential Planners

Start by researching potential financial planners in your area. Look for reviews, testimonials, and case studies to gauge their reputation and success in helping clients achieve their goals.

Step 3: Schedule Initial Consultations

Narrow down your list of potential planners and schedule initial consultations. This is an opportunity to ask questions, assess their expertise, and determine if they are a good fit for your needs.

Step 4: Ask the Right Questions

During your consultations, ask the following questions to gain insight into the planner's approach and capabilities:

What are your qualifications and credentials?
How many years of experience do you have in financial planning and retirement planning?
What is your fee structure, and how do you get compensated?
Do you operate under a fiduciary duty?
How will you create a personalised financial plan for me?
Can you provide references or testimonials from other clients?

Step 5: Evaluate Compatibility

Choosing a financial planner is not just about their expertise; it's also about finding someone you trust and feel comfortable working with. Evaluate their communication style, responsiveness, and willingness to listen to your concerns.

Things to Ask My Financial Planner

Are you start your financial planning journey, here are some additional questions to ask your planner to ensure you're on the right track:

How can I maximise my retirement savings?
What strategies do you recommend for building wealth?
How often will we review my financial plan?
What adjustments should I make to my current investment portfolio?
How do you stay updated on changes in financial regulations and market trends?

Choosing the right financial planner is a crucial step towards achieving your financial goals and securing a comfortable retirement. By considering qualifications, experience, fee structure, fiduciary duty, and personalised planning, you can make an informed decision. Taking the time to find the right financial planner will help you build wealth and achieve financial success.

The information contained in this article has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned in this article, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

Published on: July 10, 2024

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As you would probably realise my wife and I find money discussions quite stressful. Both of us found yesterday and our last discussion not only extremely helpful but comfortable and definitely built trust and confidence. We are very happy with the professionalism and service.

Peter Cox

Bountiful wealth has been looking after our pension fund for a number of years now. They provide an efficient and personal service which cannot be faulted, including home visits on a regular basis to keep us up to date with what is going on. We are confident that the advice Michael gives us is the best available.

Mike and Irene

I have been a client of Michael Kerr and Bountiful Wealth for over 4 years. During this time, Michael along with his very capable staff, have provided me with excellent information and service. Efficient and user-friendly details of my investments have enabled me to understand to the best of my ability and agree to the best outcomes in the marketplace. Friendly persons in the Office always answer my queries or get back to me. I would have no hesitation in recommending Michael Kerr of Bountiful Wealth as your Financial Advisor.

Denise Thorley

Bountiful Wealth was brilliant, Michael Kerr and the team sorted out my investments, insurance and fixed up my super and has built a plan for our retirement and our children. Has been a pleasure to have them manage our financial future.

Jared Ardern

Michael and the team at Bountiful Wealth have allowed my wife and myself to achieve financial security heading into retirement in a few years I’d strongly recommend their professional wealth building strategies to anyone one wanting to plan for a better lifestyle and security in later life, don’t wait start now your creation with them.

Terry Whalley

I have known Michael for a couple of decades and have found the team at Bountiful Wealth, knowledgeable, approachable, and great value for money.
Let's face it, you get what you pay for, and NO ONE can afford to get their choice of Financial Advisor wrong.

Mark White

I have been with my financial advisers since arriving in Australia in 2003 and had long and fruitful relationships with the 3 financial managers that I have had. Michael and his team are friendly, methodical, and efficient. The advice that is offered is tailored to your specific needs. In my time I have had to transfer multiple overseas pension funds to Australia, manage the sale and reinvestment of rental properties and transfer to retirement for both my wife and I due to ill health. The majority of this has happened in the last 4 years or so with Michael guiding us along the way. If you want someone with YOUR wealth as their main concern, I recommend Bountiful Wealth.

Russ Noonan

Mark has always contacted me personally whenever it is required or as a check-up. This is usually done over the phone with a follow up message by email. When I have contacted the office with a query he has always called back with the advice for the problem. When going over the information in his office, the information was well presented on the large screen in front of us. This made it easy to see what was being discussed and how it impacts on me. So far this has been very helpful in all aspects of the portfolio/superannuation. Mark is always very polite and calm when dealing with me.

Steve

With the help of a large screen, Mark made it easier for us to understand how he was going to make our investment grow.

Tony & Bev

I have Mark Smith from Bountiful Wealth as my financial advisor, and I am extremely satisfied with the services that Mark and the team provide. I would recommend Bountiful Wealth.

Narelle

Have found Mark most helpful and professional in managing my finances over the years.

Rodney

Michael and the team are very helpful and knowledgeable. Their experience as a team is evident by the speed at which they resolve any issues that arise. I would not hesitate on recommending the Bountiful Wealth team.

Kellie

Mark was recommended to me by a friend, and I found Mark very approachable & professional. Mark listened to me, answered my questions, provided financial advice and a plan for my future.

Melissa Griffiths