Five tips for choosing a financial advisor with New Zealand’s leading accounting experts Tutbury & Associates Limited.

If you need to advice relating to investments like KiwiSaver, managed funds, shares or bonds then look for an Authorised Financial Adviser (AFA). If you want advice on very simple investments such as bank term deposits a Registered Financial Adviser (RFA) is a great place to start. If you are looking for advice on products provided by a company such as a bank, then seek out a Qualifying Financial Entity (QFE) adviser.

Once you know what type of advisor you need, your next step to take is to make a list of what you want to get out of having a financial planner. “Think about where you are at with life, how much money you have, and what you’re trying to achieve,” advises Kelly.

Once you have got a shortlist of potential financial advisors, you can further narrow down the list by checking out their qualifications. Most authorised financial advisers (AFAs) have the National Certificate in Financial Services (Financial Advice), which is also known as the New Zealand Certificate in Financial Services. “Good financial advisors are also required to take on constant development to sustain their professional capability, and to gain new knowledge and skills,” comments Kelly.

Another thing to do is look at their work history. Have the handle situations similar to yours? Ask for testimonials and reviews from former clients. “You can even ask to see examples of their portfolio reports,” adds Kelly. This will give you a good idea whether they can handle your financial situation.

When hiring a financial professional, make sure you do some background checks before hiring anyone to make a plan for your money. Not sure who to choose? If an adviser is not on the Financial Service Providers register when they should be, you need to be careful about taking their advice.