Finding a financial adviser who actually understands where you are

This article discusses how to find and assess a financial adviser. It does not constitute financial advice.

If you have ever sat across from a financial adviser who spent the appointment talking about growth assets and ignored the fact that you are 58 and genuinely uncertain whether you want to keep working full-time for another decade, you will know how unsatisfying a generic financial planning conversation can feel.

Finding an adviser who actually gets the 50+ transition, who understands that the questions are as much about how you want to live as they are about numbers makes a material difference. Here is how to find one.

What to look for

Not all financial advisers specialise in retirement planning. Some focus on wealth accumulation, business structures, or investment strategy. For people in their 50s navigating the transition out of full-time work, you want someone who works with clients in this life stage regularly and understands:

• Superannuation rules for the 55-to-70 age bracket — preservation age, conditions of release, contribution limits, TTR strategies
• Account-based pensions and drawdown strategies
• The interaction between super, employment income, and Centrelink entitlements
• The tax treatment of super withdrawals at different ages
• How to model different scenarios — part-time work, consulting, full retirement — against your actual numbers

Beyond technical knowledge, you want someone who listens. The best advisers in this space spend as much time understanding what you want from the next chapter as they do on the numbers — because the numbers only make sense in the context of the life they need to support.

Credentials to look for

All financial advisers in Australia must be registered on the Financial Advisers Register, maintained by ASIC. Before meeting with any adviser, check their registration, their licence, and whether they have any disciplinary history on the register. This takes about two minutes and is worth doing.

Look for:

• Certified Financial Planner (CFP) designation — the gold standard in Australian financial planning, requiring significant education and ongoing professional development
• Membership of the Financial Advice Association Australia (FAAA) — the peak body for financial advisers, which has its own code of professional standards
• Experience specifically with pre-retirees and retirees — ask directly how many clients they have in your age and life-stage bracket

Questions worth asking at the first meeting

A first meeting with a financial adviser should feel like a two-way interview. You are assessing them as much as they are assessing you. Useful questions:

• What proportion of your clients are in their 50s and 60s navigating the transition to retirement?
• How do you typically charge — fee for service, percentage of assets under management, or a combination?
• Can you walk me through how you would approach my situation before I commit to anything?
• How do you handle it when a client’s goals change — if I decide I want to go back to full-time work, or retire earlier than planned?
• Do you have capacity to take on a new client relationship right now?

Fee structures — what to expect

Financial advice fees in Australia vary widely. Common structures include:

• Fee for service: a fixed fee for a specific piece of advice or a comprehensive financial plan. This might range from $2,000 to $5,000 or more for a full retirement plan, depending on complexity
• Ongoing advice fee: an annual fee for ongoing advice and reviews, sometimes charged as a percentage of assets under management (typically 0.5% to 1%)
• Superannuation fund advice: many industry funds offer limited personal advice at no additional cost to members — for simpler questions about your fund specifically, this is worth exploring first

Since the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry reporting in 2019, the financial advice industry has undergone significant reform. Advisers are now required to act in your best interests, disclose all fees clearly, and seek your consent before charging ongoing advice fees. The ASIC MoneySmart guide to financial advice explains your rights as a client in plain terms.

Where to find advisers who specialise in this life stage

• ASIC’s Financial Advisers Register — search by location and filter by specialist area
• Financial Advice Association Australia — find a member adviser by postcode
• Your superannuation fund — call and ask whether they offer member financial advice services and what they cover
• The Next50 Expert directory — financial advisers listed there have been selected for their relevance to the 50+ transition and are actively seeking clients in this life stage

A good financial adviser does not just tell you what your money can do. They help you work out what you want your life to look like and then build a plan that gives it the best chance of happening.