Finding a Financial Advisor You Can Trust in Australia: Costs, Red Flags & Must-Ask Questions

How do you know if it’s the right time to get a financial advisor and more importantly, how do you find one you can actually trust?

In this episode of Get Rich, host Molly Benjamin chats with Lexi Smith from Wealth Maximizer to demystify the world of financial advice in Australia. Whether you’re wondering if you should see a financial advisor, hire a money coach, or handle things yourself, this episode will help you make an informed choice.

We cover:

• The difference between a financial advisor, a money coach, and a financial planner - and when to see each one
• The red flags when choosing a financial advisor (spoiler: if they promise “guaranteed returns,” run!)
• How much financial advice really costs in Australia - and the more affordable alternatives available
• Why so many Australians aren’t getting advice (and how this can impact your wealth)
• How Wealth Maximizer’s hybrid financial advice model works - combining professional licensed advice with an affordable, online-first approach
• Who should consider a traditional advisor vs. a digital-first service
  
  

If you’ve ever asked yourself, “Do I need a financial advisor?”, “How do I choose the right financial planner in Australia?”, or “What are the warning signs of a bad advisor?” - this episode is packed with practical tips, must-ask questions, and insider knowledge to help you protect your money and your future.

This episode is brought to you by InvestorKit, Australia’s #1 Buyers Agency for 2023 and 2024. They specialise in helping investors find high-growth properties utilising industry leading AI and data driven research process across Australia. 70%+ of the properties they purchase are off-market and they have consistently outperformed national average capital growth rates by over 49%. Whether you’re looking to build your property portfolio or secure your first investment. Check them out here.

CHAPTERS

00:00 – Welcome & Molly’s Origin Story
02:53 – Are You “Ready” for an Adviser? Triggers & Life Milestones
03:23 – Is There a Magic Net-Worth Number? (Short Answer: No)
04:03 – Robo-Advice: When It Fits and When It Doesn’t
04:38 – Beyond Picking Investments: What Great Advisers Actually Do
05:02 – What Advisers Do vs Hybrid Models (Wealth Maximizer’s Approach)
05:55 – Money Coach vs Financial Adviser vs Financial Planner (Definitions)
07:09 – Who to See: Debt Help, Budgeting, Counselling & Retirement Needs
08:23 – What Advice Costs in Australia (Avg ~$4,744)
09:04 – What Is Wealth Maximizer? Mission & Model
10:47 – Step-by-Step: WM Onboarding, Strategy Options & SOA
12:10 – Pricing & Packages: $699/yr or $99/mth
13:13 – Who Can Give Advice? Licensing & the MoneySmart Register
14:32 – Dating Advisers: Fit, Process, Fees & Must-Ask Questions
15:28 – Fee Transparency: How Advisers Get Paid & What to Check
16:40 – Meeting Cadence & Support: Bronze/Silver/Gold Packages
17:52 – Red Flags: Cookie-Cutter Advice & Not Knowing Your Goals
18:36 – On the Fence? 30-Day Guarantee & LFC Discount Code (LFC, 20% off; T&Cs; expires 30 Sept 2025)

LINKS AND RESOURCES

Wealth Maximizer — Use code LFC (all caps) for 20% off all plans, T&Cs apply, expires 30 Sept 2025 https://www.wealthmaximiser.com.au/
Check the ASIC Financial Advisers Register - Verify your advisor is licensed
National Debt Helpline - Free support for Australians in financial hardship

CONNECT WITH LEXI SMITH

Website: https://www.wealthmaximiser.com.au/
Instagram: https://www.instagram.com/wealthmaximiser_au/

CONNECT WITH LADIES FINANCE CLUB

Join our free Facebook group - Ladies Finance Club Money Chat
Website: https://www.ladiesfinanceclub.com/
Instagram: https://www.instagram.com/ladiesfinanceclub/
LinkedIn: https://www.linkedin.com/company/ladies-finance-club/

TAKEAWAYS

• If you're considering a financial advisor, it's likely the right time.
• There's no magic net worth number to seek financial advice.
• Robo advice can be suitable for basic investment needs.
• A good financial advisor tailors advice to your unique situation.
• Financial advisors and planners are essentially the same.
• Financial coaching is often more affordable than traditional advice.
• Wealth Maximizer offers a digital approach to financial guidance.
• The process of getting financial advice can be straightforward.
• Costs for financial advice can vary significantly.
• It's crucial to ask the right questions when selecting a financial advisor.

SOUND BITES

 "You need to look at this stuff."
"Robo advice can be suitable."
"We provide a statement of advice."

TRANSCRIPT

[00:00:00] Molly: Welcome to Get Rich, the podcast that helps you do just that. Get rich and stay rich. Hey, I'm Molly Benjamin. I'm the founder of Ladies Finance Club, one of Australia's largest financial education platforms for women. But before I started helping thousands of women take control with their money, I was a hot financial mess when it came to my own finances and not the fun kind of hot, more like crying in a supermarket, wondering where all my money went kind of hot.

[00:00:29] But here's the thing, if I can go from financial mess to owning a share portfolio, investing in property, and building wealth. Then you can too. My mission is simple to make women rich because when we have financial freedom, we have choices, confidence, and control over our future. Every week on Get Rich, I sit down with some of the best experts in the industry to break down how we can all start investing, growing our money, and creating long-term financial security without the jargon, boring bits or overwhelm.

[00:01:02] Because when women get rich, we don't just change our lives, we change the world. So if you're ready to start making some Smart Money moves, hit that subscribe button and let's get rich together. Oh, hey, welcome back to Get Rich. The podcast that helps you do just that. Get rich and stay rich. Now, we get asked all the time, how do you actually find the right financial advisor and what red flag should you look out for?

[00:01:29] Were the industry still recovering from the Royal Commission? Yes, it was the most distrusted industry for quite some time. It's no wonder people are nervous when it comes to finding the right financial advisor. So in this episode, we're gonna cut through the confusion with Lexi Smith from Wealth Maximizer to help you figure out if you're ready for an advisor, how to choose the right one and what traps to avoid.

[00:01:52] Now to help you even further, I've created Speed Date, a Financial Advisor. It's an online event, and you are welcome to attend. So I'm gonna be speed dating a whole bunch of different financial advisors, asking them your questions, and then you can connect with the one that you fill is gonna be the right match for you.

[00:02:13] So to sign up, you can head to ladies finance club.com, or you can head over to our Instagram link bio page. And if you enjoy this episode, please hit that subscribe button so you don't miss out on any future episodes. We drop them every Thursday morning. All right, let's get into this week's episode. Hey, Lexi, welcome back to Get Rich.

[00:02:34] We're excited to have you on.

[00:02:36] Lexi: Thank you for having me. And just a quick little disclaimer before we get started. Molly, this information is of the general nature only and doesn't take into consideration your objectives, financial situation or needs. Consider if it's right for you and read the Financial Services Guide and teases and C'S on the site before proceeding.

[00:02:53] Molly: Now we get questions all the time about. You know, how do you find the right financial advisor? What are the red flags you should look out for? With the Royal Commission, that was, we know that this is quite a distrusted industry. It's certainly changing. I am a big advocate of people getting good financial advice.

[00:03:14] I think it's really important, but I guess how does someone know if they've reached the point where a financial advisor might make sense for them?

[00:03:23] Lexi: Well, if they're looking for one, that's probably a, a good sign that it's the right time to get an advisor. Typically, someone will have been coasting along and then maybe reach a milestone birthday.

[00:03:34] I've had quite a few conversations lately where the start of the conversation was. I just turned 40, I need to look at this stuff. So sometimes that might be the trigger. Other times it's something happening in their life. Everyone's different, aren't they? But I feel like you know in yourself when you are ready for something like financial advice,

[00:03:52] Molly: and is there like a magic net worth number?

[00:03:55] Like you've gotta have at least $150,000 in like investments or savings before you go see a financial advisor.

[00:04:03] Lexi: No, not at all. There are so many different, I guess, versions of financial advice now so that there's really something out there for everyone

[00:04:10] Molly: and for smaller portfolios. Could be like online, like robo advice.

[00:04:15] Be enough.

[00:04:16] Lexi: Yeah, sometimes robo advice could be suitable. It's very focused on investing though, the robo advice. So if someone's wanting advice on something like their superannuation or insurances or other strategies and things that they can do to set themselves up for retirement. The robo investment advice just might not be the right fit, but it might be the right fit if that's all you're wanting advice on.

[00:04:38] Molly: Yeah, and I mean, beyond picking investments, what are the most valuable things a good financial advisor does?

[00:04:45] Lexi: Really understanding what you are setting out to achieve and helping you get there. So that's gonna look different for everyone, but really tailoring their advice to your situation and making your financial future a little bit brighter really.

[00:05:01] Awesome. And like,

[00:05:02] Molly: I know this sounds like a basic question, but what does like a financial advisor do? Will they tell you, for example, for investing? Will they tell you what to invest in or will they on your behalf,

[00:05:12] Lexi: invest for you? It really depends on what type of advisor you're seeing. So at Wealth Maximizer, now we're a hybrid approach to financial advice, which basically means that we don't implement the advice for you, and that means that we can deliver a more affordable financial advice service.

[00:05:30] So yes, some advisors, you'll go to them and they'll tell you exactly how much to invest and what to invest in, and then they will. Action that for you. And then other advisors, like at Wealth Maximizer, the service is more about the strategic financial advice and the education and empowerment to then go and make your own informed decisions and implement the advice yourself.

[00:05:53] Okay. Awesome.

[00:05:55] Molly: And before we dig in a little bit more, 'cause I'm keen to learn a bit more about wealth maximizing what you guys do, but like when someone's looking at, okay. 'cause I, I do get a lot of women emailing me being like, can you. This is my situation. I need to speak to a financial advisor. And some of the time I'm like, actually, you need to speak to a money coach.

[00:06:12] You don't need to speak to a financial advisor. And obviously money coaches are a lot more affordable than like a financial advisor. And so what's the difference between a financial advisor, a financial planner, and a money coach, and who would kind of see those different people?

[00:06:27] Lexi: Let's start with the financial advisor, birth financial planner, because that's an easy one.

[00:06:31] They are the same thing. The names are just interchangeable in terms of financial coaching or money coaching and financial advice. So financial advice is typically focused on things like superannuation, retirement. Insurance and investing. Yeah. Whereas financial coaching or money coaching is more around the everyday money management.

[00:06:52] It might be the cash flow side of things or the budget, and also money mindset potentially. So it does incorporate parts of those other things like super investing and insurance. But you're not given explicit advice about what products to use. And

[00:07:09] Molly: so if someone was struggling with debt. Or there, they couldn't get on top of their budget.

[00:07:15] They might go see a money coach. Mm-hmm. But if they were like, I need help with my retirement planning, I dunno what to invest in, um, my insurance is RMS, they would go to a financial advisor to get advice.

[00:07:27] Lexi: Yeah, definitely. And then there's that other service as well in Australia Financial counseling, which I know you've spoken about before, Molly.

[00:07:34] Yeah. That is a free service in Australia. There is eligibility criteria, but that's also another option. But this is why people don't necessarily take action because they don't know who to speak to.

[00:07:44] Molly: They all kind of sound a bit similar as well, but I'll get women reaching out to me all the time. They're like.

[00:07:49] I need financial advice. I'm in debt and I'm like, you actually need a debt counselor, which is a free service in Australia. Go check them out. Um, there's. Money care. There's, uh, national debt helpline, but then some people are like, I need, like, I'm getting an inheritance. I dunno what to do with it. And I'm like, alright, you need financial advice.

[00:08:09] Let me connect you with someone because they, they both come with different price points as well. And when someone reaches out to me and they're like, I'm earning 40,000 a year, I wanna see a financial advisor. I'm a bit like. How much these days is like the average financial advisor, Lexi,

[00:08:23] Lexi: I actually saw a study recently.

[00:08:25] The um, new annual average cost was $4,744.

[00:08:31] Molly: Yeah.

[00:08:31] Lexi: Which is

[00:08:32] Molly: a lot of money for the average Aussie. And I definitely like, I think financial advisor, as I said in the start, like definitely worth their money. Especially if you have got the cash there, you're getting a big sum or you know, you are taking that next stage into retirement.

[00:08:48] But for some people as well, they might not be quite ready. Maybe they need to do some coaching first before they then see that advisor. Mm-hmm. And so we mentioned it before about wealth maximizer. Can you gimme a bit of like, what is Wealth maximizer? How did it all start? Where's it from?

[00:09:04] Lexi: Yeah, so Wealth Maximizer is designed to help assist people in achieving their financial goals.

[00:09:10] Our mission is to help everyday Australians have access to financial advice that can be affordable and easy to use. We start by getting a clear picture of what someone's financial goals are and what their current situation is. So. Getting information like income expenses, assets and liabilities or debts, um, just done face-to-face or online.

[00:09:31] It's all online, so accessible Australia wide, which is awesome. And then our wealth coaches, they create three tailored strategies with the help of the smart digital platform that we've got. Then we have the meeting to actually go through things one-on-one. So if we are thinking about like digital advice, not including that human component, this does, so that's.

[00:09:51] A really, really great part of that service. Because we then go through it together. So it's about, okay, these are three strategy options for you. How are you feeling about them? What are you leaning more towards? Do you have any questions? And so we can talk through that to determine what that strategy option that they wanna go with is.

[00:10:09] At which point, that's when we provide a statement of advice, which is our. Written record of what our financial advice is because we are licensed financial advisors at Wealth Maximizer. We just do things a little bit differently in terms of, I guess there's no product advice and we don't implement the advice.

[00:10:28] Molly: So Lexi with Wealth maximizer. Let's use me as an example. Sure. Like, let's say I, I need advice like financial advice fee that four $5,000 is just a bit out of my budget right now. Mm-hmm. So I come to you guys. Can you kind of like step by step me through what, what would happen in that process?

[00:10:47] Lexi: Yeah. It's, um, a really straightforward process in that you sign up online, you enter your information.

[00:10:54] So we've got. Things like your income, your expenses, your assets, and your liabilities or your debts. We then use our smart digital platform to create the advice for you. You get three different strategy options. So to go through those strategy options, you get to meet with a licensed financial advisor. We call them wealth coaches, to go through.

[00:11:17] The different options and get a feel for what you're leaning towards and, and answer any questions that you might have before we then actually present your statement of advice to you, which is the formal financial advice document.

[00:11:30] Molly: Awesome. And so once I've got that statement, I can then go and implement the strategy you guys have given me.

[00:11:37] So you might say, we think you should invest in these types of assets and you should do this, and. Is.

[00:11:43] Lexi: Yeah, exactly. So that's the big difference at Wealth Maximizer is that we don't actually go and implement the advice. So that's up to you to go and do, which a lot of people actually really love. Yeah.

[00:11:54] They don't necessarily like someone else managing that side of things. That's, I guess, a bit of a control thing.

[00:12:01] Molly: I think

[00:12:01] Lexi: it's

[00:12:02] Molly: good for people to be aware of that and have that own their own control of it. So they're, they their understanding actually what's happening with their money.

[00:12:09] Lexi: Yeah, definitely.

[00:12:10] Molly: Um, like how much does, like, so we look at financial advice that costs four to 5K, what's wealth maximizer?

[00:12:15] Where's that coming

[00:12:16] Lexi: at? Mm-hmm. We've got three different options and those options differ in how much one-on-one support that you get. So our base level is $699 for the full year or. We do have a, a monthly option, which is $99 a month. Very affordable. Yeah. So really affordable.

[00:12:34] Molly: Wow. Fantastic. And so people, if they wanted to sign up to that, they just go on to wealth maximizer.

[00:12:40] Lexi: Yeah, wealth maximizer.com au and kick off. Awesome. And how did it begin? Like who started it? Good question. I asked the exact same question when I started. Whose great idea was this? It's a pretty good service. There was a few different people that I guess all came together at the right time, all with the same motivation of just trying to fill that gap in the industry and provide a professional service, a licensed service that is actually affordable.

[00:13:07] Because as we spoke about earlier, financial advice is becoming inaccessible for a lot of people.

[00:13:13] Molly: Yeah. Well I know just having a spare four, $5,000 is like, people just don't, the everyday Aussie just doesn't have that money. Kind of like there. So that's great that you guys have, um, created this alternative option where people can still get good advice and just out interest who can actually give advice and who can't.

[00:13:35] Lexi: Mm-hmm.

[00:13:36] Molly: Only because, only like ladies finance card, we can't, obviously we never give advice. We're not. Financial advisors, but like who can give actual financial

[00:13:44] Lexi: advice and who

[00:13:45] Molly: can't? Mm-hmm.

[00:13:46] Lexi: So there's two types of financial advice. There's general advice and there's personal advice to do both of those things.

[00:13:53] Though you need to be licensed and. To give general advice. You might hear people on podcasts that are licensed to provide general advice like Ladies Finance Club, but to give personal advice where you actually meet with someone one-on-one and take into account their situation and their goals and their situation.

[00:14:12] That is personal financial advice, and all advisors in Australia are listed in one place on a register, and that's on the Money Smart website. So always a good idea when you're looking for an advisor to check that they are on the register and that they are licensed.

[00:14:26] Molly: That's such a good tip, and we'll put the link in where you can check that register as well in the show notes.

[00:14:32] And if I'm looking for financial advice and obviously wealth maximizes a great option. If I'm speaking to financial advisors, or I'm dating a few to see who my perfect match is, like what are some must ask

[00:14:43] Lexi: questions. Financial advice is one of those things that you have to be really comfortable with the person that you're dealing with because you need to be quite open about what you want in your future and what your current financial situation is.

[00:14:58] Sometimes, not necessarily just going with your gut, but like feeling that connection and feeling really comfortable in that relationship is really important. Advisors all have similar qualifications these days. They are typically licensed to provide. Quite holistic advice. So again, it's more about you feeling comfortable with the relationship and also understanding the process and the fees and what you're getting from it and how often you're gonna meet with them and that side of things.

[00:15:28] Molly: Nice. And if I can add to that as well, I think, you know, sometimes people get really awkward when it's about costs and fees, but like think about like if you were shopping for a pair of shoes. You check the quality and you check the price. They're like the first things you do. Yeah. So like, let's keep it the same.

[00:15:45] When we're looking for a financial advisor, let's check the quality and let's check the fees as well. Like, you know, you can ask them, how do you get paid? What will my total annual cost be Like, do you receive any commissions, bonuses on the, OR incentives for recommending certain products? I mean, I feel like the answer should be no.

[00:16:03] Yeah, but it's worth asking these as well. As well as like how often are we gonna communicate if I have questions, how do I answer those? And what happens if, you know, we wanna end this relationship as well. Yeah. Is there an ongoing fee? Is it one-off fee? And obviously as well, you need to do that due diligence and make sure they are licensed professionals.

[00:16:23] 'cause you would not believe Lexi, how many times I get people reaching out to me, being like, I'm with this advisor, but I've just found out that they're not even licensed and I've paid like. All this money we're locked into this contract and I'm just like, well, that's, it almost feels like a scam.

[00:16:40] Lexi: Yeah, definitely.

[00:16:41] Molly: So how often should I expect to meet with an advisor? Let's say you are with, like with a financial advisor then versus with wealth Maximizer.

[00:16:50] Lexi: Mm-hmm. Each advice firm is going to be different at, it will typically at least be once a year within Wealth Maximizer. Our bronze package includes one session per year, one-on-one, but then also 12 group sessions.

[00:17:05] So every single month we have a group session. The next level up, silver, we get the annual meeting, plus a six monthly check-in, and also three optional support sessions on super. Estate planning and exchange traded fund investing. So they are all one-on-one meetings and then the gold is a level up from that again.

[00:17:26] So we have our annual meeting and then we have three quarterly one-on-one check-ins plus the the group sessions that I mentioned earlier. That's across the board. And then also the three optional support sessions for the super estate planning and exchange traded funds and the ability to email your advisor.

[00:17:46] Questions. So there can be as much as one-on-one support as you want, or as little support as you'd like.

[00:17:52] Molly: Amazing. And I also think a bit of a red flag is an advisor who doesn't get to know you because pretty much it should always start with your goals, what you are wanting to achieve. So if they're just kind of like jumping straight into it.

[00:18:05] I would say, would

[00:18:05] Lexi: you say Lexi? That's a little bit of a red flag too. I also think that's the best part about being an advisor is actually understanding people and hearing their stories. Like that's my favorite part anyway. So I definitely do not miss that step. And yeah, we don't like a cookie cutter approach because it's just, you know, everyone's so different where they're at, what they want.

[00:18:26] It's just everyone is individual.

[00:18:28] Molly: So for someone who's listening who might be on the fence about like, do I get financial advice? Like, I don't know, what kind of

[00:18:36] Lexi: advice do you have for them? To just do it because at Wealth Maximizer, we actually have a 30 day money back guarantee at the moment. Wow. And that's on every subscription.

[00:18:45] So you can feel really confident that if the service isn't the right thing for you, if it's not the right fit, that you can get a full refund, no questions asked. And I have also organized a code for LFC podcast listeners. So the code is LFC all in caps, uh, and that will give listeners 20% off all plans.

[00:19:04] Ts and Cs do apply. And the code expires on the 30th of September, 2025.

KEYWORDS

 financial advice, financial advisor, money coach, Wealth Maximizer, financial planning, investment advice, budgeting, financial literacy, retirement planning, financial coaching