4 Fatal Mistakes People Make When Choosing A Financial Planning Company!

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1. Choosing a Financial Advisor that doesn’t invest in the investments they recommend to you

You are going to a Financial Planner to help take your life to the next level through your finances, why would you take advice off someone who doesn’t take their own? Whatever investment strategy you are looking at taking to build wealth make sure you ask your Financial Advisor if they do it too. If you are looking to invest in property or shares, look for a Financial Planner that has investments in these areas. That’s why at Profolio we practice what we preach and  each Advisor is on their way to achieving Financial Freedom through investing through shares and property, take advice from those that do, not those that say!

2. Not checking the Financial Planners credentials

Not all Financial Advisors are the same and the level of qualification and expertise is vastly different across the industry. There is a few things you should be looking for qualifications wise to ensure you have an Advisor that ‘knows their stuff.’ The highest level of qualifications and the benchmark of what you should look for in your advisor is a Masters level qualification, or a Fellow Chartered Financial Practitioner (FChFP), or a Certified Financial Planner (CFP). If your advisor doesn’t have this, they might not be in the best position to offer you quality advice. Another question to ask your advisor is whether they are part of an industry body such as the Association of Financial Advisors (AFA) or the Financial Planners Association (FPA). Here at Profolio we are part of the AFA, which means we are proud to adhere to their code of conduct and high levels of professionalism. Once you’ve covered off all of this it is a great idea to ask the Advisors achievements, you want an advisor that excels because you know they’ll put your needs first to make you a success. At Profolio we are lucky enough to have Sarah Rogers who won AMP Financial Planner of the Year 2014.

3. Not getting a Holistic Planner with specialist knowledge

Some people go to a Financial Planner expecting a Holistic service covering off all areas of their finances, such as budgeting, investment, wealth accumulation, planning for retirement, passing assets on in your death, insurance, superannuation, and many more. When they meet with their advisor the only thing the advisor speaks to them about is insurance and superannuation. Is this holistic and meeting all of your needs? No! If you go to an advisor that does this, run the other way. To put a true plan in place for your finances it needs to cover all areas of your finances and match with your lifestyle and needs. At Profolio we offer a full Holistic experience meeting all of your financial needs, our advisors even take it one step further by offering Holistic advice but specialising in key areas such as Property Investment or Retirement needs. This means you get a higher level of service and knowledge in areas that are important to you.

4. A local service and a Planner that will be with you for life

What’s the point in spending hours working with an advisor, putting a Financial Plan in place for the future to help you achieve your goals, if the next year when you set your appointment to review how far you have come they have gone? Then you have to start the whole process again with a new advisor which might set you back years from your goals! Look for an advisor that has a vested interest in the company or a local advisor that you know will stick around for the financial ride with you. At Profolio, we tell our clients once they are our client, they have us for a lifetime, this is because we are our clients champions and walk beside them on their journey to financial freedom. Whether our clients are local to Albury/Wodonga region or afar we offer great services to keep in touch and keep them updated through regular reporting, phone calls, Skype, and email correspondence.


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