financial advisor melbourne

SAVING FOR YOUR FUTURE

Melbourne's economy is booming, consistently ranking as one of the fastest-growing in Australia. This growth brings exciting opportunities, but many are unsure how to leverage them to achieve their financial goals.

If you are one of these individuals, a financial advisor in Melbourne can help you.

What is a financial advisor?

A financial advisor is your strategist for your financial well-being. They partner with you to:

Define your financial goals, whether it's saving for retirement, buying a home, or paying off debt
Develop strategies to manage your spending and achieve financial stability
Manage your investment portfolios, ensuring they are tailored to your specific risk tolerance and financial objectives. They also actively monitor market trends and adjust your portfolio accordingly to stay on track.
Provide expert advice on
- Budgeting and debt management
- Wealth creation
- Tax and retirement planning
- Tailored life insurance coverage
- Estate planning
Consistently monitor your progress, reassess your financial situation, and adapt your plan to life changes, market fluctuations, and evolving priorities
Offer a safe space to discuss your financial concerns and receive objective guidance throughout your journey

With Melbourne's dynamic and growing economy, a financial advisor can be your partner in capitalising on its opportunities and achieving your financial goals.

Book an appointment to explore your financial options in melbourne

What’s the difference between a financial advisor and a financial planner?

Both financial advisors and financial planners offer financial advice, but a financial advisor is typically focused on specific areas, such as investments, insurance, or retirement planning. It can be a one-off advice on a specific financial aspect. But they do offer a broader spectrum of services, which may be more specific and focused.

Financial planners, in contrast, offer holistic advice for long-term financial planning. They look at your overall financial life and suggest areas for improvement or point out existing financial planning issues and provide comprehensive financial advice to achieve financial independence in the long run.

Is it worth paying for a financial advisor?

Yes. A financial advisor in Melbourne is definitely worth it, especially if you fall under at least one of these categories:

You lack financial knowledge–particularly when you’re new to investing–or feel overwhelmed by managing your finances
You have complex financial needs, such as when you have a significant amount of assets or are running a business or approaching retirement
You have a busy schedule and lack the time to research investments, monitor markets, and manage your finances
You find yourself making impulsive financial decisions or struggling with sticking to your long-term plans

However, a financial advisor may not be for you if

You are comfortable managing your finances because you have a solid understanding of financial products and are disciplined in your approach
You have straightforward financial goals, which you might be able to achieve through self-directed investing and readily available financial resources
You have limited financial resources. Financial advisors typically charge fees, which might outweigh the potential benefits

How much does a financial advisor cost in Australia?

The cost of financial advice in Australia varies depending on the advisor you choose, the complexity of your financial situation, and the type of service you require. In Melbourne, financial advisors typically charge a combination of the following:

Fixed fees or the one-time charges for specific services, such as
- Developing a financial plan
- Reviewing your financial plan
- Implementing investment strategies
- Preparing your statement of account
- Ongoing financial advice
- Using a financial platform for investments
Percentage-based fees for your assets under management (AUM) as an ongoing fee
Commission-based fees from the financial products they recommend to you

At 360FS, we will clearly outline all potential costs associated with our services before you engage with us. This ensures you make informed decisions that align with your financial goals and budget.

How to select a financial advisor in Melbourne

Seek recommendations

The best place to start is often by asking for recommendations from your trusted network. Talk to family, friends, and colleagues who have positive experiences with financial advisors.

Research

If you don't have personal recommendations, research online for names. Then verify the credentials and registration of any potential advisors. Use the financial advisers register maintained by the Australian Securities and Investments Commission (ASIC) to ensure they are licensed and authorised to provide financial advice in Melbourne.

Beyond qualifications, look for an advisor with a proven track record of success. Consider:

Experience and their experience level in handling situations similar to yours. The longer they have been around, the better.
Awards and recognition. While not the sole indicator, industry awards and recognition can indicate an advisor's commitment to excellence. We at 360FS have been consecutively awarded multiple times for excellence in the financial advisory industry.

Check alignment with your interests

Your financial advisor in Melbourne should prioritise your best interests over their own. Be wary of advisors who:

Pressure you into specific financial products. A good advisor focuses on understanding your needs and recommending suitable options, not pushing specific products that benefit them more than you.
Lack transparency about their fees. As discussed earlier, transparency regarding fees is essential so you know whether they align with your budget or not.
Judge your financial circumstances. The best financial advisor for you is someone you trust and feel comfortable with. You should be able to openly discuss your financial situation, goals, and concerns without judgment. Choose an advisor whose communication style resonates with you and who encourages a collaborative and trusting relationship.

360FS: Your reliable financial advisor in Melbourne

We understand finance can be confusing at the best of times. That’s why we’ve made it our mission to help you simplify your finances and make smarter and more confident decisions with your money.

We want to change the financial industry for the better – helping you feel informed, empowered and ready to take charge of your financial future.

You’ll get a personalised financial roadmap based on your unique needs, goals and circumstances – with guidance through every step of the process.