The Role of a Financial Planner in Australia And When to Consider Using One

It may come as a surprise to learn that many people feel out of their depth and stressed by the idea of handling their finances. According to the ASIC (Australian Securities and Investment Commission), over a third of all Australians feel insecure about handling money and many neglect thinking about it at all for fear of the stress it might bring. This makes it less surprising to learn that around half of them have no financial plan in place at all, and certainly not one extending beyond the next five years. So, given these facts, which people can benefit from the services of a financial planner

Financial stability

Although there are as many individual versions of financial stability as people contemplating the matter, we will assume we are dealing with the average person who desires some variation/combination of the following:

  • Living a comfortable, balanced life
  • Planning for the future
  • Taking care of their family
  • Donating to causes they feel strongly about
  • Affording treats, holidays, and certain luxuries

Collaborating with a professional financial planner is a surefire way of making some of these things more likely to happen, providing them with a clearer picture of how the future may pan out and assisting them in making intelligent, self-assured decisions. The services of a financial planner are not without associated costs, and these must be taken into account before making any decisions. First things first, let’s take a closer look at the basics and ask the question: 

What is the role of a financial planner in Australia?

Although details and services vary, the core role of a financial planner is to assist individuals or corporations in planning their financial futures. They can help with other aspects of your fiscal dealings, including, but not limited to:

  • Managing investment portfolios
  • Purchasing stock and other investments
  • Establishing a long-term plan to achieve any agreed financial objectives
  • Planning retirement strategies

Should you engage the services of a financial planner?

There are certain factors to be taken into consideration before availing yourself of a financial planner in Australia. To make the criteria as brief as possible, we will generalize, but the following statements are true in most cases:

You should consider the services of a financial planner if you:

  • Recently received a significant pay rise
  • Find yourself the beneficiary of a valuable inheritance
  • Are you in the process of a divorce
  • Wish to take control of your financial affairs
  • Have experienced a financially significant turning point
  • Are at, or close to, retirement age

You are unlikely to require the services of a financial planner if you:

  • Are competent at handling your financial affairs already
  • Have significant debts
  • Exist from one pay-check to another


Difficult, stress-inducing financial decisions can be made much easier with the assistance of a competent financial planner. While there are no guarantees in life, there is a good chance you will recoup your outlay by following their advice and making strategic financial decisions moving forward. At the very least, they can simplify complex fiscal scenarios and advise on the best way to proceed, which is something many people in Australia would undoubtedly find very helpful and comforting.

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