How to find a financial planner who suits you

• 24 per cent use financial comparison websites.

Financial advisers in Australia must be licensed by the Australian Securities and Investments Commission or be an authorised representative of an Australian

Financial

Services

Licensee.

Before using an adviser, people should check the ASIC register to ensure the person is registered.

The Financial Planning Association of Australia’s chief executive officer, Dante De Gori, admitted planners’ reputations had taken a hit.

“You can find a planner by referrals or going on to the FPA website or using our dating app for consumers to find their perfect match for financial planning. It’s called Match My Planner,” he said.

“It’s just certified financial planners that enables you to have a noncommittal conversation and interaction with a human being that could potentially be your planner in a safe environment.”

But cost has remained a barrier for many people seeking professional financial advice. Mr De Gori said the average charge for a statement of advice – a document that sets out the advice given to a consumer by their licensed financial planner or adviser – was about $2500.

Finder.com.au’s spokeswoman, Bessie Hassan, said it was important when seeking financial advice – whether professionally or from family or friends – to ensure it was from someone trustworthy.

“However, keep in mind that both your personal financial situation as well as the current economic climate are likely vastly different to what they may have experienced, so proceed with caution,” she said.

A recent ASIC report into financial advice found the biggest barriers to getting advice were the cost (35 per cent), a person’s financial circumstances being too limited (29 per cent), self-managing finances (26 per cent) and not trusting financial advisers (19 per cent).