Article
Choosing a provider involves more than finding someone who offers a familiar service. The provider should be able to explain what they do, whether they are authorised for the task and how their process and costs work.
The questions below are a starting point. The most relevant checks depend on whether you need financial advice, credit assistance, tax, legal, insurance or another professional service.
01
Does your expertise fit this question?
Ask the provider to describe the kinds of clients and matters they commonly handle. Be specific about the decision you are considering and ask which parts fall inside or outside their service.
If more than one discipline is involved, clarify whether the provider coordinates with accountants, lawyers, brokers or advisers and who remains responsible for each part.
02
How can I verify your credentials and authorisations?
Ask for the relevant business, licence or representative details and check the official register that applies. For personal advice on relevant financial products, ASIC's Financial Advisers Register can be one important check, but different services may appear on different registers.
A register entry is not a substitute for understanding the person, their scope or the proposed service. Ask about experience relevant to your matter and read the provider's disclosure documents.
03
What will this cost, and what relationships apply?
Request a clear explanation of initial and ongoing fees, when they are payable and what work they cover. Ask whether the provider or referrer may receive commissions, referral fees or another benefit.
Costs and conflicts should be understandable before you commit. If an answer is unclear, ask for it in writing and take time to compare the scope as well as the price.
04
What does the process look like from here?
Clarify what information is required, how it will be collected securely, who you will deal with, the expected stages and how changes or complaints are handled.
Ask what happens if the provider concludes that its service is not suitable for your needs. A well-defined process should make responsibilities and decision points easier to understand.
In summary
Key takeaways
- Check that the provider's scope fits your specific question.
- Verify relevant credentials and authorisations using official sources.
- Understand fees, relationships and potential conflicts in writing.
- Clarify the process, information security and complaints pathway.