Good to Great: How to Scale With an Outsourced CFO

Planning for retirement is a huge project. It requires a broad vision encompassing decades of your life and even considerations regarding your assets after your death. It requires some financial know-how - you have to consider economic factors like inflation and how these things will affect your own personal wealth. It requires strategy - how will you get from where you are now to where you want to be many years in the future? 

With such a big project in front of you, is it best to seek the help of an adviser, or is it best to tackle the project yourself? After all, you know your own situation better than anyone else in the world.

These are great questions, and the truth is this: whether or not to seek the help of a financial adviser is up to you. If you’re well-versed and comfortable with investing, and you are well-informed about recent legislative and legal issues surrounding Australian retirement issues, you may do very well on your own.

If you’d like advice from people who work full-time to understand these issues and help people in your position, an adviser would be helpful.

If you decide to look for an adviser, how do you go about finding the right one for you? Start by asking the right questions:

What services do you perform?

Not all financial advisers perform the same services, and you’ll want to find an adviser who can offer the kinds of help you need. Ask about retirement planning, estate and tax planning, insurance issues, and any other topics you know you’ll need to address for your own personal goals.

What are your credentials?

If you hire a financial adviser, it’s because you want the advice of someone who has more knowledge about finances than you, so make sure they actually do. Find out their level of expertise in finance, economics, markets, and taxation. You’ll want someone with a broad background who can see the “big picture.”

How do you make money?

Transparency of fees is paramount. You should know what you are paying and to whom, and most importantly, if you do not feel like you are getting valuable advice you should be able to walk away and turn off the fee.