The financial landscape, especially here in Australia, navigating everything from superannuation contributions and negative gearing to rising interest rates and tax minimisation can feel overwhelming. As a high-income professional or family in Sydney or beyond, you’re likely juggling a demanding career, a hefty mortgage, and dreams of a debt-free future—all while trying to maintain the lifestyle you’ve worked so hard for. That’s where a trusted financial adviser comes in. But with so many options out there, how do you choose one who truly aligns with your goals?
The good news? It doesn’t have to be complicated. Just like a simple Stickman drawing that captures the essence of an idea, selecting the right adviser boils down to a few key considerations. In this guide, we’ll break down five essential things to look for when choosing a financial adviser in Australia. These insights are drawn from industry best practices and tailored to the unique challenges faced by Australian families, such as optimising SMSFs, leveraging debt recycling for property investments, and staying compliant with ASIC regulations.
By focusing on these factors, you’ll find an adviser who not only helps you build wealth but also reduces stress, accelerates your mortgage payoff, and ensures your financial plan fits seamlessly into your life. Let’s dive in.
1. Qualifications and Licensing: Ensure They’re Legit and Up-to-Date
In Australia, financial advice is heavily regulated by the Australian Securities and Investments Commission (ASIC) to protect consumers from dodgy operators. The first thing to check? Your potential adviser’s credentials.
Look for:
- An Australian Financial Services Licence (AFSL): This is non-negotiable. It means they’re authorised to provide financial advice and are accountable under the Corporations Act.
- FASEA-compliant qualifications: Since the Financial Adviser Standards and Ethics Authority (FASEA) reforms, advisers must hold a relevant degree (like a Bachelor of Commerce in Finance) and complete an approved graduate diploma. Bonus points for ongoing professional development, such as certifications in SMSFs or tax planning.
- Membership in professional bodies: Affiliations with the Financial Advice Association Australia (FAAA), Mortgage & Finance Association of Australia (MFAA), or the Tax Practitioners Board (TPB) signal a commitment to ethical standards.
Why does this matter for Aussies? With scandals like the banking royal commission highlighting conflicts of interest, a properly licensed adviser ensures your advice is in your best interest—not tied to product sales. For instance, if you’re dealing with complex strategies like salary sacrificing into super or gearing investments, you need someone who’s ethically trained and legally compliant.
Pro Tip: Use ASIC’s Professional Registers to verify their status—it’s a quick online search that could save you thousands in misguided advice.
2. Experience and Specialisation: Match Their Expertise to Your Life Stage
Not all advisers are created equal. A generalist might give cookie-cutter advice, but you need someone who specialises in your world—whether that’s high-income family wealth building, mortgage stress relief, or retirement planning amid Australia’s property boom.
Key questions to ask:
- Do they have at least 10–15 years of hands-on experience in Australia-specific areas like superannuation, property investment, and tax optimisation?
- Have they worked with clients like you? For professional families earning bonuses and dividends, seek expertise in debt recycling (converting non-deductible debt to tax-effective investment loans) and minimising capital gains tax (CGT) on shares or property.
- What’s their track record with real-life challenges, such as navigating interest rate hikes or the end-of-financial-year tax rush?
In Australia, where home ownership is a cornerstone of wealth (yet affordability is at an all-time low), an adviser with mortgage broking credentials can be a game-changer. They should understand how to structure loans for faster payoffs without slashing your lifestyle spending.
Why it counts: Generic advice might leave you overpaying on taxes or stuck in a high-interest mortgage. Specialised experience means tailored strategies that compound over time, turning small actions into big wins—like paying off your Sydney family home five years early.
3. Fee Structure and Transparency: No Surprises, Just Value
Gone are the days of hidden commissions baked into product recommendations. Post-royal commission, the push for “fee-for-service” models means you should demand crystal-clear pricing upfront.
What to evaluate:
- Fee types: Do they charge a flat fee, hourly rate, or percentage of assets under management (AUM)? Avoid ongoing commissions unless they’re explicitly in your favour.
- Transparency: Request a written fee disclosure statement outlining exactly what you’re paying for—no vague “implementation fees.”
- Value alignment: In Australia, where advice costs can range from $2,000 for a one-off strategy session to 1% AUM annually, ensure the fees match the outcomes. For example, if they’re helping you save $10,000 in tax via smart super contributions, that’s a solid ROI.
For busy Australian professionals, opt for advisers who use digital tools to minimise admin fees and paperwork. This keeps costs low while maximising your net wealth growth.
Red Flag Alert: If they dodge fee questions or push high-commission products (like insurance wrap-ups), walk away. Transparency builds trust, and in wealth planning, trust is everything.
4. Personalised Approach and Fiduciary Duty: It’s About Your Goals, Not Their Agenda
A great adviser doesn’t just crunch numbers—they listen to your story. In Australia, where life milestones like buying a family home, funding private school fees, or prepping for FIFO work rotations are common, your plan must reflect your values and lifestyle.
Indicators of a personalised fit:
- They start with you: Do they probe into your risk tolerance, family dynamics, and non-financial goals (e.g., more family holidays without guilt)?
- Fiduciary standard: They must act as a fiduciary, prioritising your interests above all. This includes holistic advice covering budgeting, estate planning, and behavioural coaching to avoid panic-selling during market dips.
- Ongoing support: Look for flexible check-ins, virtual meetings, and a “sounding board” mentality—especially vital in volatile times like our current inflationary environment.
Australian families often feel “imprisoned” by mortgages and high taxes, as one common client pain point goes. The right adviser will craft a bespoke strategy, like using lump-sum bonuses for geared investments, that frees you up without lifestyle sacrifices.
Test It Out: In your initial chat, share a real scenario (e.g., “How would you handle a $50K bonus with our $1M mortgage?”). Their response should feel custom, not canned.
5. Client Testimonials and Long-Term Partnership: Proof in the Pudding
Finally, don’t just take their word for it—vet their results through real client stories. In Australia, where word-of-mouth and referrals drive 70% of financial advice hires (per industry surveys), testimonials reveal the human side of their service.
What to seek:
- Diverse, recent reviews: Platforms like Google, ProductReview.com.au, or even ASIC’s complaints register. Focus on families who’ve achieved tangible wins, like faster debt reduction or diversified portfolios.
- Longevity: Have they retained clients for 5+ years? This shows they’re in it for the long haul, adapting to life changes like kids’ education costs or redundancy risks.
- Ethical track record: Check for AFCA (Australian Financial Complaints Authority) memberships and zero unresolved disputes.
Remember, a strong partnership feels like having a vested ally—one who celebrates your wins and coaches through setbacks, much like a trusted mate over coffee.
Quick Hack: Ask for 2–3 anonymised case studies from similar clients. If they hesitate, that’s your cue to keep shopping.
Wrapping It Up: Choose an Adviser Who Draws Your Path to Simpler Wealth
Choosing a financial adviser isn’t about flashy suits or jargon—it’s about finding a partner who simplifies the complex, amplifies your efforts, and safeguards your future. By prioritising qualifications, experience, transparent fees, personalisation, and proven results, you’ll secure advice that not only complies with Australia’s stringent standards but truly propels you forward.
At Stickman Wealth, we’ve made this our mission since founding in September 2014. Led by Berin and Liene—both with over 15 years of experience and credentials like FASEA certification, AFSL responsibility, and TPB registration—we specialise in holistic wealth planning for professional Australian families. Our “Stickman approach” focuses on straightforward, compounding strategies: financial planning to build long-term security, mortgage broking to slash your home loan faster, and tax advisory to minimise liabilities on bonuses, dividends, and investments—all without disrupting your Sydney lifestyle.
