The first place to start is work with a Certified Financial Planner. A CFP has a fiduciary duty but has also put in the extra effort to become a CFP. It's not a simple designation to get. With many financial institutions, you are given an "advisor" (note the o in the spelling) and they have few credentials. These are essentially salespeople, not planners. Also, is the planner discussing taxes and estates? How about risk protection? These are all highly important areas in your financial plan. If the focus is product and rates of return, that's not true planning.

I think all of the lingo in the financial services sector can feel daunting for people. The average layperson may not know what different financial designations or licenses mean or how they can help them to achieve their financial goals. When speaking to an advisor ask them about the licenses and designations they hold and how they add value. This will give you a better idea of the value they can bring to your financial circumstances as well. Another important aspect is how they are paid. Will they offer advice or products or both? If you are only looking for advice and an advisor leads with product advice you may not be in the right place. Trust your gut when dealing with financial professionals.

Before seeking out a Financial Planner talk to people 10, 20 and 30 years older than you to find out what were the issues and hurdles they faced. Very few 30 year olds understand what it’s like being in your 50s and facing possible retrenchment while still having a mortgage and adult children at home. Likewise many in their 40s have no idea what entering retirement in your 60s is like when swapping a regular salary for a pension income stream subject to market swings. Seek out that guidance and then you can engage with a financial planner to address your own short, medium and long term goals and develop strategies and your financial literacy over time.

Anyone seeking financial guidance from a professional must do due diligence and ask questions. Some good questions to ask are: 1. Are you a Fiduciary? 2. What services do you provide? Especially outside of just investments. 3. What is your investment philosophy? 4. What are your credentials and qualifications? Are you a CERTIFIED FINANCIAL PLANNERâ„¢? 5. How are you compensated? 6. How do we track and measure progress? 7. How often do you meet and or communicate with clients? These are just a few questions to keep in mind. Another good resource for those seeking to hire a professional is the CFP website or National Association of Personal Financial Advisors.

When seeking guidance in the Financial Services sector, I rely heavily on the expertise and competence of a trusted financial advisor. I may not have all the detailed knowledge of complex financial products, economic trends, or investment strategies, but I count on the advisor to break it down for me and tailor a plan that aligns with my goals. It’s about building trust and ensuring I’m making informed decisions with their guidance.

In Australia, the education bar has now been set very high for financial planners so you should expect they have the knowledge. Now the hard part is finding advisers that suit your needs and you should be looking for someone to demystify the financial journey. Read blogs, forums, industry press and look at independent review sites. Then engage a few in an initial meeting to get a feeling for their services, their style and the value-add for you. If the meeting is all about them and their processes then beware as it should be more about you and your dreams and how hey can help you , not pigeonhole you in to a cookie-cutter service offering.

Ask the potential financial advisor how they are compensated for the advice rendered. If they cannot answer this question in a clear way, that's a red flag.

It’s important that the advice is not generic in nature. In today’s world you should be seeking specific custom tailored advice. Then ask yourself: - Did the person seem to understand you? - Are they competent enough to help you? - Would you have a good working relationship with them? If they are competent but you find them hard to work with perhaps there’s someone better fit to serve you.

(a) Embracing data analytics tools has been crucial in understanding market trends & consumer behaviours. In my experience, developing a data-driven mindset & employing analytical software has enabled me to decipher complex datasets, revealing actionable insights. For instance, analysing transaction data with advanced analytics helped identify emerging trends in consumer payment preferences (b) Given the dynamic regulatory environment of financial services, attending workshops & training sessions focused on compliance has been indispensable. These sessions, often led by regulatory experts or legal professionals, offer deep dives into legislative changes, helping navigate the complex compliance landscape.

The best guide I have had for the past 35+ years in the payment space is listen to the customer, what do they want, what do they need and what will they pay for? Technological solutions may be “better” but if the customer is not ready, then it will languish on the shelf and lose out to competition that meets customer needs.