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Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Best Financial Advisor Melbourne

Yield Financial Planning Advisor
Pay off mortgage or invest
Wealth Creation Investment planning needs great foresight with a structure that is bespoke for your needs and a portfolio that is in line with your risk profile and considerate of what you are comfortable with.

Finding the best financial advisor in Melbourne for you, depends on your personal needs and the advice you are seeking.

This blog breaks down the characteristics that the best financial advisors in Melbourne should all exhibit and how to research them, so that you find someone that is perfect for you and your personal situation, including:

  • Identifying a financial advisor that is Ethical and aligned with your personal values.
  • Finding a leading finance advisor in the advice area you need, such as retirement advice.
  • Selecting an advisor that is highly personal and bespoke, not a one size fits all solution.
  • Choosing a financial advisor that provides great value for money.
  • Partnering with a well educated financial advisor.

There are approximately 16,000 financial planners in Australia to choose from, and this article will help you identify the best financial adviser Melbourne for you.

The Best Advisors Are Ethical Advisors 

The best financial advisors uphold strict ethical conduct and maintain high standards of professional practice. They adhere to the Financial Planners and Advisers Code of Ethics 2019, and hold relevant education designations that reflect transparency, professionalism and show respect for your values and goals.

One way a financial planning firm can show you they subscribe to the highest ethical standards is to apply to become a Financial Advice Association of Australia (FAAA) Professional Practice. The FAAA has replaced the Financial Planning Association as the main financial planning professional body and applies a rigorous screening process determining which practices it provides the designation too. By the end of 2022 there were 174 practices in Australia that have achieved the professional practice designation. This means they are obliged to maintain a high standard of ethical and professional conduct, demonstrating a service standard you can feel confident in and trust.

Focused on Your Values and What You Are Trying to Achieve 

The best financial advisers will be entirely focused on learning about you! This is because to provide the best advice, it is necessary to understand what you value in life and why; what you are trying to achieve; and what your current plan is for getting there. You should ‘feel’ this from the moment you engage with a financial advisor, because it is impossible to provide highly personal advice otherwise.

By extension your advisor should take the time to listen to your concerns, ask the right questions and tailor their advice to suit your unique set of circumstances. Quality advisers are not in the business of one off advice, but are committed to helping you for the long haul. They will take the time to listen and understand your values, so your financial plan aligns with your goals and aspirations and remains flexible to be adapted throughout your financial journey.

If you feel your advisor is most interested in talking about all of the great solutions they have or is just stuck on a particular topic like investing, then you are not working with the best advisor.

Wealth Creation and Retirement Planning Experts 

Retirement is the biggest financial goal we all share and requires thoughtful planning. The best financial advisors in Melbourne are aware of this and have strong expertise in wealth creation and retirement planning. As part of this you should expect guidance on tax minimisation, debt structuring and investment strategies to ensure you are able to achieve your financial goals and leverage the most from your financial potential. Through expert knowledge, the best advisors will help you develop a well researched financial plan, that presents a range of strategies, considerate of your current and future income needs and financial goals.

Once your financial plan is mapped out on paper, your financial advisor should help you track and measure your progress and performance along the way. This includes measuring your performance against a benchmark, to let you see how you are going compared to the broader market. In addition to this, your progress should be tracked against the projections made in your financial plan, so that you can objectively see how you are traveling. Doing this will help you feel secure about the wealth you are creating and your retirement prospects, which is the objective of great financial advice. The extension of this is that you will be in the best position to manage change effectively, and ensure that your plans are followed through on.

Bespoke Advice 

No two clients are the same, and Melbourne’s best financial advisers understand this. They will get to know you and your current financial position, so your advice is specific to your needs and goals. A good advisor will be transparent and have strong communication, giving you a baseline of your financial position, that also highlights the benefits and potential trade off’s of the advice provided.

Tailored advice may involve investment strategies, debt management, tax planning, retirement planning or possibly a combination of these elements. It will also include financial modelling that provides a window into the future and demonstrates the benefit of the advice. By providing bespoke advice, the best financial advisors will help you achieve your financial goals and secure a strong retirement plan.

If you sense that the advisor you are speaking to is pushing solutions that you are not comfortable with, you are not receiving bespoke advice because they have not listened and understood your personal values, needs and objectives.

Good Value Advice 

Good value advice is the balance between highly personalised, professional and strategic advice, with a competitive cost of service. The best financial advisors provide advice which clients can see the value in. Emphasising financial, practical, academic and emotional value through their advice. By doing so, you can rest assured the value of their advice is worth the investment long-term.

Since 2019 there has been a mass exodus within the financial advice industry, with 38% of advisers leaving between 2019 and 2022. This exodus has placed a higher demand on remaining advisers, and subsequently resulted in many advisers raising their cost of service. As such, it is important to observe the way different financial planners approach transparency around fees. High quality advisers will be up front about their fees, demonstrating professional and ethical practice. Providing insight around how much money the advice will cost you, how much you will have left over, and how the advice received will benefit you in the long run. This will highlight whether the service you will receive is of value both financially and emotionally.

Quality financial advisors will also calculate their charges on a personal basis, so that you are only paying for advice you need and will gain value you from. You should be able to request that this is demonstrated and feel convinced that it is done easily and transparently.

Educated and Professional  

One of the confusing things about financial planning for consumers is that we are all called financial planners or financial advisors. There is no real distinction between a financial advisor that, for example, works with life insurance only, or that focuses just on aged care. Equally many financial advisors take a scatter gun approach and try and provide a one size fits all solution without really having the depth of education and knowledge to provide the true expertise you are seeking.

Melbourne’s best financial planners however will be easier to spot because their qualifications should match their messaging and they should be clearer about the clients they are best placed to serve.

You should expect that the best financial advisors are educated and professional, having undergone years of study to attain certification which credits their expertise as high quality and reliable. One professional designation which differentiates some advisors is CFP. This means they have undergone rigorous additional study, including ethical standards outlined by the Financial Planning Association (FPA). CFP’s also have additional continuous study requirements, to ensure they are providing top-tier tailored services throughout their careers. Findings a CFP advisor reflects their commitment to try and be one of Melbourne’s best financial advisors.

Reviews and Recognition  

Before you take the time to meet a financial advisor you should first do your research about them. Fortunately these days there are lots of ways you can get a sense of whether the advisor you are considering will be the best for you and your needs. So much information is available at the touch of a button on the internet and social media and much of the verification is done for you these days.

In particular, take the time to read client reviews. Google reviews are an easy place to start, but this could extend to Facebook or multiple other sources of client feedback that you can consider. Other ways that financial advisors have been vetted for you is through professional recognition. Professional awards usually involve a lot of screening and can be insightful. Media recognition can be something else to look out for, as it can demonstrate professional respect that the advisor has something of value to share also.

Also take a look at client case studies to see if you can identify yourself with any of the clients the advisor has served previously. This gives you an opportunity to analyse what they have done for them, to decide if it aligns with the advice you are seeking. The best financial advisors in Melbourne, should be able to share examples of how they have helped their clients. Furthermore you should expect case studies are prepared with a clients consent, which adds to the value of them.

How Yield Financial Planning Can Help 

Yield Financial Planning has a strong team of Melbourne based advisers and our expertise runs deep in wealth creation and retirement planning. The clients we serve best include professionals, business owners and high net worth individuals wanting to grow wealth and retire securely. Yield advisors are entirely dedicated to providing the highest quality and tailored advice to every client we work with. If you choose to engage with us, we will support you on your journey to realise your full financial potential.

A couple getting advice form a Trusted Financial Advisor

Advice Tailored For You

With our support and advice, you can rest assured you are receiving advice which has been carefully considered, providing transparency and open communication along the way. Yield advice is advice you can feel confident in because it is highly personalised to you and what you are trying to achieve. Yield advisors have received professional recognition as some of Australia’s best financial advisors, and Yield has helped many clients achieve their financial dreams. You can contact us today, to explore how Yield Financial Planning can help you.

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Free Consultation
Cover page of the Good Fortune Guide

Free Consultation

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.