Choosing a financial adviser
You work hard for your super and we work hard to protect your hard-earned savings. More than ever, super is being targeted by individuals and companies who have their eye on two things: your money and your personal information. That’s why it’s crucial to be super wise when choosing a new financial adviser.
Things to consider
Find an adviser that suits you and your goals
A good financial adviser works with you to understand your needs, set your financial goals, and create a plan to help you achieve them.
Steps to take if you're unhappy with your adviser
The right financial advice can help you achieve your financial goals. However, it's important to know what to do if something goes wrong.
Listed below are some tips you can use and traps to look out for
Unsolicited phone calls
Sometimes companies may contact you via phone or social media to ask about your super and express concerns about its performance. CBUS has a pre-approved panel of financial advisers throughout Australia that you can access as part of your CBUS membership. They don’t work for CBUS, and CBUS does not pay any benefits to these financial advisers.
Tips
- You organised to be contacted by a financial adviser
- Personalised advice that considers your circumstances
- Clear communication, using language you understand
- No high-pressure sales methods
Traps
- Unsure how they received your phone number or contact details
- Unsure why they want access to your personal information
- Not allowing you time to verify who they are
- Unwillingness to answer your questions
Too good to be true
The person you’re speaking to might offer you great returns on your super. If it sounds too good to be true, it probably is. Using short-term past performance to compare funds and predict future outcomes can be misleading. CBUS is a long-term performer with four decades of super experience. We are upfront with what we do and the services we offer.
Tips
- Recommends a strong performing super fund over the long term
- The recommended fund is regulated by government authorities and subject to strict rules
- Projections and comparisons of products and features such as insurance cover, fees and investment options are like for like
Traps
- Offering you a guaranteed super balance at retirement simply by changing super fund
- High returns are promised with minimal risk
- No legitimate timeline that returns are based on
- Or comparing different periods of time between funds
Take your time
Super is not a quick, get-rich scheme. It’s about giving you the best retirement outcome, which takes time. Getting the right advice from the right people is essential to you and your retirement. If you’re looking for a financial adviser, contact CBUS Advice Services and check MoneySmart.
You can find out where your financial adviser worked, their qualifications, training, memberships of professional bodies and what products they can advise on. It also includes what to look out for, such as high-pressure sales methods and advisers that aren’t upfront about costs.
Tips
- Super is for the long term, not the short term
- You should never feel rushed or pressured to make decisions about your super
- Ask questions. Do research. Listen to those who know
- Be super wise
- Feel comfortable with your decision
Traps
- You’re being pressured to make a quick decision
- They’re not listening to what you want
- Focus only on one area of your super, e.g. ignoring fees, insurance, investment choices, and performance
- It doesn’t feel right
Searching for a financial adviser
Financial advisers can be important in helping you manage your finances and achieve your financial goals. Financial Advisers are required to be registered with ASIC. You can check if your adviser is registered.
In finding a financial adviser, take your time and do your own research so you can be confident that the person you are dealing with is trustworthy and reliable. Ensure they have the proper credentials and are transparent about fees and investment strategies.
Tips
- A trusted referral, either through CBUS, your family or a friend
- Puts your interests ahead of their own
- Transparent fee structure
- They take time to understand your financial situation
Traps
- Not being upfront about the total cost or offering low-value service for a high cost
- Lack of financial credentials
- The process feels rushed
- You do not have any history with the business that is contacting you
We’re here to help you
If you’re concerned that you’ve shared your super details with someone you aren’t comfortable with, CBUS is here to help.
Let us know, and we will place extra security measures on your super account.
Obtaining professional advice about your super can make a big difference to how much you retire with. And with Australians becoming victims of data breaches and being targeted by scams at an alarming rate, it’s important to be super safe.
We’re aware that our members sometimes receive unsolicited phone calls or messages via social media from financial advisers offering a review of their super. These initial conversations may be free, but they can become expensive down the track. Do your homework thoroughly, as information is your best tool. Explore our security tips.
You work hard for your retirement and too hard to leave yourself unprotected.
As a CBUS member, you can access a carefully selected panel of financial planning practices throughout Australia.
This service is available through our referral program. It helps you find a financial adviser to sit down with you and look at your overall financial situation, not just your super.