The Ultimate Guide to Choosing a Fiduciary Financial Advisor in Australia
- admin104625
- 6 days ago
- 5 min read
What is a fiduciary?
A fiduciary is a professional in a position of trust who must apply the highest standard of care when acting on your behalf.
Fiduciaries have a legal and ethical duty to always place clients’ interests above their own, going beyond typical business or social responsibilities.
The two most important duties of fiduciaries are loyalty and care - these form the foundation of obligations for investment managers, custodians, and advisors under Australian law.
A fiduciary’s actions are principles-based, always guided by loyalty and care.
What is a fiduciary financial advisor?
A fiduciary financial advisor manages your assets with confidence, reliance, and trust, applying the highest legal benchmark of care.
This standard is among the oldest, strongest, and most respected in law, reflecting the trust placed in the advisor.
As an independently owned firm based in Chatswood, we are free from institutional pressures, ensuring our advice is always unbiased.
Why fiduciary duty matters
A fiduciary advisor is more likely to do the right thing for you because they must:
Always place your best interests above their gain
Avoid conflicts of interest
When do I need a fiduciary advisor?
People often seek fiduciary advice during key life events:
Getting married
Starting or growing a family
Paying off a mortgage
Planning retirement or lifestyle changes
Receiving an inheritance or windfall
Downsizing your home
Selling a business or transitioning out of a professional practice
Navigating divorce or separation
Facing health issues or supporting ageing parents
How can a fiduciary advisor help you?
1 / Develop a financial plan
Create a comprehensive plan that considers goals, risk tolerance, and current finances.
2 / Asset allocation
Diversify investments and allocate assets to align with your objectives.
3 / Investment management
Receive customised recommendations and ongoing portfolio management.
4 / Tax planning
Identify strategies to minimise tax liability and maximise after-tax returns.
5 / Retirement and entitlement planning
Plan for retirement, superannuation, and government entitlements.
6 / Family and business succession planning
Assist with wills, trusts, life insurance, and estate planning.
Working with an independently owned fiduciary advisor in Chatswood ensures your financial decisions are unbiased and aligned with your long-term goals.
Tips to work effectively with your fiduciary financial advisor
Be honest about your financial situation – provide full disclosure of assets, debts, income, and expenses.
Ask questions and be involved – participate in decision-making for your investments.
Communicate regularly – keep your advisor updated on changes in your life.
Review your financial plan regularly – adjust strategies as your goals and risk tolerance evolve.
Be realistic about expectations – wealth growth takes time and consistent action.
Additional tips:
Find an advisor you trust.
Get everything in writing, including plans, recommendations, and fees.
Don’t hesitate to switch advisors if your needs are not met.
10 Questions to Ask Your Fiduciary Advisor
Who owns your practice?
Prefer independently owned firms to avoid conflicts of interest.
Who provides your AFSL licence?
Understand potential conflicts and whether recommendations are unbiased.
What percentage of my portfolio is invested in funds owned by your licence provider?
Ideally close to zero.
Any connection between your investment platform and the licence provider?
Ask why a particular platform was chosen.
How do you charge clients?
Fee-for-service is increasingly preferred over asset-based or hourly billing.
Are fees negotiable?
Consistency is key. Existing clients shouldn’t subsidise new clients.
Do you receive an annual bonus?
Ensure bonuses reflect client service, not sales volume.
Who manages my money?
Look for an experienced investment committee led by qualified professionals.
How do I exit if unsatisfied?
No lock-ins; account portability is essential.
Can you provide testimonials?
Ask for client experiences on platforms like Google Reviews, Adviser Ratings, or the firm’s website.
Tony Robbins: Money Master the Game & Unshakeable
We integrate many principles from Tony Robbins’ best-selling books, along with insights from Australian experts:
Victoria Devine (She’s on the Money)
Scott Pape (The Barefoot Investor)
Noel Whittaker (Making Money Made Simple, Retirement Made Simple)
Dave Gow (Strong Money Australia)
Morgan Housel (The Psychology of Money)
Check out our recent blog post on Tony's book "Money Master The Game - 7 Simple STeps to Financial Freedom."
Foundation Principles
Good Money Habits – Take control of your financial decisions
“Decide to Become an Investor, Not Just a Consumer.”
Commit a portion of income to investing before spending (10–20%).
Small, consistent contributions grow massively through compound interest over time.
Create a Lifetime Income Plan
Focus on income for life, not just wealth accumulation.
Use strategies like carefully selected annuities, dividend-paying investments, and retirement income planning.
As an independently owned fiduciary advisor in Chatswood, we guide you to maximise your financial opportunities.
Long-term Investing & Low-Cost Index Funds
Trust global capital markets to reward disciplined, long-term investors.
Evidence-based investing with low-cost index funds and ETFs ensures reliable, cost-effective growth.
We remain vigilant for hidden fees or reduced services.
Asset Allocation - Make the Game Winnable
Asset allocation, not stock picking, is the primary driver of long-term returns.
Diversify broadly across asset classes, sectors, and geographies.
Tailor portfolios to your goals, life stage, and risk tolerance.
Risk Management - Power of Diversification
Spread investments to reduce concentration risk.
Ensure the risk matches your goals and comfort level.
Behavioural Discipline
Investor behaviour is often the most significant determinant of wealth outcomes.
We act as your fiduciary advisor and behavioural coach, helping you avoid emotional decisions.
Principles include: diversification, rules-based systems, not timing the market, and emotional detachment.
Pay Yourself First & Fiduciary Duty
We place fiduciary responsibility at the heart of our identity.
Our goal: “Helping clients make smart financial and life planning decisions so they can live the life that’s truly important to them.”
All advice is objective, client-focused, and free from conflicts of interest.
We act as strategic partners, not just investment managers.
Evidence-based investing and low-cost, diversified portfolios underpin our fiduciary approach.
Discover the MoneyMind Profile
Understand your financial behaviour with the MoneyMind Profile:
A science-backed, 3 - 7 minute tool that reveals how you think, feel, and behave about money.
Identify risk comfort, financial confidence, and priorities.
The Fiduciary Advantage vs. The Risks Without One
✅ With a Fiduciary Advisor | ❌ Without a Fiduciary Advisor |
Legally bound to act in your best interests | Advice may be influenced by commissions or product sales |
Independently owned with no hidden agendas | Potential conflicts of interest (your goals vs. their sales targets) |
Hidden fees or costs that erode returns | |
Objective, tailored strategies that fit your life goals | Generic advice that may not suit your situation |
Ongoing education, guidance, and reassurance | No accountability – you carry the risk alone |
Builds trust and confidence for the long term | Can lead to poor decisions driven by fear or hype |
Local expertise. Chatswood-based office for in-person advice | Remote, impersonal, or hard-to-reach advisors |
As fiduciary financial advisers, we help our clients make confident decisions with their savings and stay on track toward their long-term goals.
📞 Book your free introductory call today to work with an independently owned fiduciary advisor in Chatswood who puts your best interests first.
Alternatively, book a free 15-minute consultation here to discuss your specific situation and explore how to optimise your retirement plan with an experienced fiduciary advisor now.
Find out more about how we can help: Fiduciary Advisor - Simon Shepherd | Providence Advisory Group
Comments