Choosing a financial adviser is a high-stakes decision, and the right questions make it easier. These 7 questions to ask a financial adviser cover credentials, fees, approach and how they'll work with your accountant. Take them to your first meeting.
Key takeaways
- 7 questions cover credentials, specialisation, fees, risk, tailoring, reviews and how your adviser handles change.
- Ask about all 3 fee layers in writing: advice fees, platform costs and fund costs.
- Morgans has 500+ advisers across 56 locations and 240,000+ client accounts, built over 40+ years.
- Watch for 4 red flags: vague fees, template advice, confusing jargon and unclear review plans.
Why does asking the right questions matter?
Most people feel a bit lost when they first look for wealth advice. You might worry about hidden fees or whether an adviser understands your business. Asking everyone the same questions gives you a fair way to compare, and it signals that you expect clear, written answers.
Know what makes a good financial adviser
A good financial adviser is transparent about who they are and how they're paid. They also match their experience to your situation. Look for someone who:
- Is licensed and easy to verify.
- Is upfront about costs before you ask.
- Works regularly with clients like you.
- Explains their process without jargon.
- Coordinates with your accountant and solicitor.
Ask these 7 questions
- What are your qualifications, and who regulates you? Check the adviser on the ASIC Financial Advisers Register. Hesitation to share this is a red flag.
- What do you specialise in, and who's your typical client? If you run a business or hold trusts and an SMSF, listen for succession planning and structure experience.
- How do you get paid, and what will I pay? Ask for a written breakdown of advice, platform and fund costs. Hidden commissions can erode returns over time, so you want an adviser whose incentives line up with yours.
- What's your investment philosophy and approach to risk? Markets are volatile, and a clear philosophy helps you avoid emotional decisions in a downturn. A good answer covers diversification, asset allocation and how they test your capacity for loss.
- How will you tailor advice to my goals and life stage? Your plan shouldn't be a template, and they should ask about your family and long-term vision.
- How often will we review the plan and communicate? Look for a proactive review rhythm, not updates you have to chase.
- What happens if my situation or the market changes? For example, selling a business or facing a new tax rule. They should have a clear process for updating your strategy.
Prepare for how to speak to a financial adviser
Your first meeting is a two-way conversation. The adviser will ask about your goals and comfort with risk, and you're entitled to ask plenty back. It helps to bring:
- Recent super, SMSF and investment statements.
- Trust deeds and your latest tax return, if relevant.
- A short list of goals and worries.
- Their Financial Services Guide, if you haven't received it.
What does a good answer sound like? Concrete, specific and free of jargon. If you leave a meeting knowing what you'd pay and what you'd get, the adviser has done their job.
Spot the red flags
Trust your instincts if a meeting doesn't feel like a partnership. Warning signs include:
- Vague fees: no clear, written explanation of what you'll pay.
- Template advice: a generic plan that ignores your business or family.
- Confusing jargon: they can't explain their process simply.
- Poor communication: no clear expectations for reviews and updates.
Compare advisers side by side
If you're meeting more than one adviser, keep the comparison fair:
- Ask each the same 7 questions and note the answers.
- Request fee estimates in writing from each.
- Check every name on the ASIC register.
- Notice who asks about your goals before they talk about products.
- Trust your sense of whether they respect your time.
Recognise the right fit
The right adviser takes the technical load off you. You spend less time tracking markets and more on your family or business, and your wealth feels like a source of security rather than worry.
Morgans is Australia's largest full-service retail stockbroking and wealth management firm. Our financial planning service brings your goals into one strategy, and our retirement and estate planning service covers succession. If you hold a self-managed fund, see how our SMSF service works.
Comparing options? Read more about wealth management vs private banking vs family office, and what financial advisers actually do day to day.
Ready to put your questions to someone? Start a conversation with a Morgans adviser and see whether we're a good fit for your situation.
Frequently asked questions
Is it worth paying for a financial adviser in Australia?
It can be, particularly for strategy, tax, super, retirement or complex assets. The value usually comes from better decisions and avoided mistakes, not only investment returns.
How do I choose the right financial adviser?
Check licence status, qualifications, fee structure and experience with clients like you. Then ask each adviser the same questions about their services, fees and approach, and compare their answers.
What fees do financial advisers charge in Australia?
Common models include a flat advice fee, an ongoing service fee, or fees linked to platforms and products. Get all 3 fee layers in writing before you commit.
How can I check if a financial adviser is licensed?
Search the ASIC Financial Advisers Register, which shows where they work, their qualifications and what they can advise on. Do it before your first meeting.
What's the difference between a financial planner and a financial adviser?
In Australia the terms are often used interchangeably, and what matters is the services on offer. Confirm the adviser covers the advice you need, such as investing, super or retirement.
