about a product, it’s about an outcome,” he said.
Mr Bruining said it was crucial that an adviser was not a jack-of-all-trades but specialised in retirement income and knew Centrelink backwards.
“For most of us that will be the bedrock of our retirement income,” he said.
Payment for the advice can be by an annual retainer or a fee for service or a percentage of assets managed.
WA seniors surveyed paid their advisers by these methods in roughly even proportions.
The good news is that more than 70 per cent believed they received good value for the fees they paid.
MoneySmart provides criteria for judging your first meeting with an adviser before you commit to the relationship.
The adviser should have asked about your circumstances and goals, explained the scope of the advice you will receive for what you are willing to pay, and have been happy to go over complicated financial concepts until you understand them.
You should leave the meeting with confidence that the adviser understands your needs and be clear about the service you will receive and how much it will cost. Also, don’t be influenced by how confident, approachable or friendly an adviser is.
The final tip from MoneySmart may be the most important: be realistic.
The act of going to an adviser will not, by itself, make you wealthy.
They are they to help you clarify your goals, plan to achieve them and help you turn that plan into action.