Looking for a new financial adviser? Start here
Getting good financial advice is part and parcel with sound financial management.
But finding a good financial adviser that fits your specific circumstances and goals can be tricky.
The Financial Standard Power50 guide of the country's most influential financial advisers provides a good starting point.
The group of 31 men and 19 women were nominated by readers of the Financial Standard, published by Rainmaker Information which also publishes Money magazine, for their efforts to create a blueprint for financial advice in the future.
"The Power50 exemplify the best aspects of the advice industry and how it is set to change," says Financial Standard editor Jamie Williamson.
"Some specialise in responsible investment advice, some provide financial advice to specific professions, and some focus on addressing market gaps, be it financial advice for women or the LGBTQI community."
Advisers came out of the banking royal commission battered and bruised, leaving a big dent in public trust.
Research conducted by ASIC in August found 37% of respondents don't believe financial advisers have their best interest at heart.
A further 19% stated they did not trust financial advisers at all.
The Power50 guide shines a light on the other side of the story.
"Highlighting the 50 is more important than ever in an environment where trust in financial advice is notably low among the Australian public," says Williamson.
"The FS Power50 badge is synonymous with the best the industry has to offer."
More than 80% of those listed have been in the industry for more than 10 years, while 70% have a Bachelor's degree or above.
The industry is also seeing a shift away from large bank-aligned groups, with only 20% of the FS Power50 working in groups of 150 or more employees.
"In these traditionally smaller or employee-owned organisations, advisers tend to have more autonomy and a greater opportunity to take community action," says Williamson.
"It's no surprise that only 10 of the 50 operate in practices with more than 150 advisers."
The full FS Power50 list is below. More information is on the Financial Standard website.
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