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They take the time to understand each client’s unique goals, values and concerns, providing tailored advice that supports long-term wellbeing. Exceptional advisers communicate clearly, making complex financial matters easy to understand.
They stay up to date with Australian regulations and they always act in the client’s best interests with honesty, transparency and integrity. Great advisers further build lasting relationships based on trust, empathy and genuine care.
Red flags include an adviser with poor communication. If the adviser struggles to explain strategies clearly or avoids answering your questions, it may signal a lack of expertise or transparency.
Similarly, if you feel rushed, pressured or pushed into decisions before you’re ready, this can be a sign they’re more focused on sales than your financial wellbeing.
Another concern is feeling not being listened to. Quality advice should be tailored to your personal goals and circumstances. If the adviser gives generic recommendations or seems disengaged, they may not fully understand or care about your needs.
Also beware of advisers who guarantee higher returns or make bold promises, good advisers focus on realistic outcomes and risk management. Always ensure their fees are clear and transparent and ask how they’re paid.
When an adviser fails to properly understand your personal goals, risk tolerance or financial situation, you may be placed in inappropriate investment strategies or unsuitable financial products.
This can result in poor performance, unnecessary risk exposure or limited access to your own funds when you need them most. You might also end up under-insured or over-insured, with policies that either don’t provide adequate protection or include unnecessary features or amounts that increase your costs.
Inadequate insurance can leave you or your family financially vulnerable in the event of illness, injury or death. Even more concerning, an unqualified or unethical adviser may charge excessive fees, hide commissions or fail to act in your best interest, putting their own profits ahead of your financial security.
Ultimately, the wrong adviser can cost you far more than just money, it can create stress, delays and uncertainty about your future. Choosing a competent, ethical and client-focused adviser is essential.
The foundation of every successful financial advice relationship is built on trust and understanding. To provide meaningful guidance, an adviser needs a deep understanding of your personal circumstances, values and aspirations.
That kind of insight only comes from a relationship built on trust, open communication and genuine care. When trust exists, clients feel comfortable sharing their full financial picture, including fears, past mistakes and long-term hopes.
This allows the adviser to recommend strategies that are truly aligned with the client’s goals, risk tolerance and life stage.
A strong relationship also enables better decision making over time. As circumstances change, whether it’s career shifts, family changes, market movements or retirement planning, a trusted adviser becomes a consistent, reliable partner.
They’re there not just for advice, but for reassurance, education and long-term guidance.
Steven Cove is the director of Pacific Wealth Partners.