From a personal investment perspective Canberra’s economic climate carves a landscape unique to those who live and work in the nation’s capital.  Her low unemployment rate bounces off one of Australia’s strongest job markets buoyed by a significant public service and administration sector.

Populated by a workforce earning the highest average full-time income in Australia, it’s no surprise that Canberra’s residents are increasingly seeking out the services of a financial planner to build and protect their wealth, tap into the benefits of Self Managed Super Funds (SMSFs), make their income work smarter, and pursue their short and long term financial goals.

It’s imperative, however, that cashed-up Canberrans do their research before placing their assets in the hands of a financial planner.  Financial strategies are never a ‘one size fits all’ solution, and identifying the right financial planner for your individual circumstances is as important as the money you have to invest.

A simple internet search will result in pages of listings for Canberra financial planners. With many advertising a similar suite of services and experience, it can be overwhelming determining which firm will be the right fit for your individual requirements.  The following checklist will help you make an informed choice of which firms to shortlist, and ultimately entrust your assets to:

Qualifications and Licence

  • To conduct business in Australia, a financial planning firm must hold an Australian Financial Services (AFS) Licence. A search of the Australian Securities and Investment Commission’s (ASIC) database will determine if their licence is current.
  • Does their team hold current and relevant qualifications? Are they tertiary and industry-recognised certifications encompassing commerce, economics, accounting, applied finance or wealth management? Do they hold Certified Financial Planner Status (CFP), or a Diploma of Financial Planning?
  • Ask what their company policy is towards up-skilling their staff, commitment to ongoing professional development and keeping abreast of industry changes. You need to know the advice you receive is the most up to date in order to maxmise your financial potential.

Expertise and Experience

  • An experienced financial planner understands that everyone has unique goals and assets. They’ll take the time to discuss your personal circumstances, identify your goals, and tailor a financial plan or investment strategy designed specifically to your needs and limitations.
  • Tim Mclaughlan, Strategy Adviser at Elston’s Canberra office encourages clients to think about whether a one size fits all, generalist approach is going to deliver the results they require to meet their very individual goals and objectives, saying “There are many wealth management firms in the market place delivering a solution that may not be entirely customised to each situation and that advice may be delivered by a sole adviser.”
  • Ensure the company is not limited solely to one area of financial planning or investment management. If they advertise a wide suite of services, question their expertise and experience in these fields.  Mclaughlan advises, “Tailored solutions need to be delivered by specialists in their field.  The Elston approach to customised advice tailored to individual circumstances is delivered by a team of professionals – a Strategic Wealth Adviser focusing and specialising on the clients overall situation and structure, goals and objectives; and a Private Wealth Adviser, focusing on the investment management solution and day to day investment advice.”
  • It is reasonable to enquire about their client base and the number of years they have been practicing in their specialist field. Look for testimonials from comparable client situations; they will help you determine if their advice can be shaped towards your needs.

Word of Mouth

  • Word of mouth testimonial can be a good indicator of quality or otherwise, with many people happy to share their positive and negative experiences.
  • Look to your wider network of friends, family, and colleagues. Do they have a financial planner they’d recommend? Why? Have they benefitted from positive financial outcomes? Perhaps they appreciated strategic advice and solutions delivered in a professional and transparent manner? Maybe they feel assurance dealing with an honest and ethical firm?

Costs and Fees

  • The best financial planner probably won’t be the cheapest, and you can expect to pay for expertise, just as you would with any other profession.
  • At your first meeting a financial planner will be able to tell you how much their advice will cost allowing you to keep track of initial costs and fees. The ASIC’s advice is to make sure the cost is given to you in dollar terms, not just as a percentage of the amount you have to invest.
  • A Statement of Advice (SOA) will be then prepared, outlining the advice, strategies and any financial products recommended. Upon acceptance, there may be a fee for implementing this advice, and if you have paid for ongoing advice it’s important to determine and negotiate what this will cover.
  • Financial planners must legally disclose any income they may receive by way of your fees or third party commissions. It is also prudent to determine whether they operate on a fixed fee model where you pay for the agreed services provided, as an alternate to paying a percentage on the money you have to invest.

Accessing a trusted financial adviser is a good investment in itself, so make sure you find the right fit for your needs by asking the right questions.

Elston understand the unique factors that affect and drive Canberra’s economic climate.  If you would like to discuss your individual needs with a Canberra financial planner that offers an integrated, personalised service, call Elston on

02 6230 1000 or 1300 ELSTON (357 866) elston.com.au

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