There are times when you may need a little advice on your finances, including your retirement savings and investments. But with so many options, it can be difficult to know where to start.

Work out your advice needs

If you're simply looking for factual information on your GESB Retirement Income Allocated Pension or general advice on managing your retirement, we have a range of online resources, and retirement planning seminars to help you. 

However, our advice is general in nature and largely focuses on your investments with us. If you need advice that's tailored to your personal situation and needs, you should consider personal financial advice.

Financial advisers vary greatly in their experience levels, qualifications and the services they offer. For this reason, we do not recommend particular providers. So we've prepared this guide to help you choose an adviser that's right for you.

What is personal financial advice?

Personal financial advice is given by a professional for a fee and usually involves a face-to-face meeting. The advice can vary in scope from simple advice on one issue to broader financial planning to ongoing advice.

It's especially useful for managing changes such as redundancy or preparing for life events like retiring.

A financial adviser can help with your financial goals and strategies. They can also provide reassurance that you are in greater control of your financial future.

Finding an adviser

You can find an adviser by searching the online directories in professional association websites, such as The Financial Planning Association (FPA) or the Association of Financial Advisers' Your Best Interest website.

Before you choose an adviser, ensure they're employed by or authorised to represent a business that holds an Australian Financial Services (AFS) licence.

It's important to only deal with advisers who are operating under a license. Otherwise, you won't be protected if things go wrong. 

The Australian Securities and Investments Commission (ASIC) regulates the financial advisory industry. You can check licence details using the AFS licensees portal on the ASIC website.

Choosing an adviser

Once you have a shortlist of possible advisers, check that they have the right qualifications and experience for your needs.

ASIC's financial advisers register tells you the adviser's experience, employment history and the product areas they can provide advice about.

The next step is to contact the remaining advisers and request a copy of their Financial Services Guide. This should include information on their products, services, fees, and any commissions they receive.

It's critical that your advisor is licensed to provide advice on super and retirement and they understand GESB's unique schemes. This is even more important if you have a Gold State Super and/or a West State Super account. These schemes have features that are not generally available with other super funds.

Meeting an adviser

Before you meet an adviser, it will help to do some preparation. Gather current records of your assets, debts, income, expenses, super accounts and insurance, as well as your Will, if you have one.

You should also think about what you want to achieve from the meeting. For example, you may be looking for advice on transitioning to retirement or on investment strategies.

During the meeting, the adviser should ask about your financial situation and explain what they can do to help, based on what you are willing to pay.

It's important that you feel you can trust the adviser, as they are dealing with your personal information. Their advice can potentially have a big impact on your future. Listen to your instincts - if you don't feel comfortable with an adviser or the advice you are given, reconsider your choice.

More information

ASIC's Money Smart website has a list of questions to ask advisers that may help you when choosing an adviser.