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Planning ahead: Finding an adviserBy Bina Brown  Stocks can offer a higher return than fixed interest, but the risk of price volatility must be assessed. THE SIX-STEP PROCESSFinancial planners generally use a six-step process that helps you take a 'big picture' look at where you are and where you want to be financially. The process involves:
1. Gathering your financial data, such as details on your income, debt level, commitments. 2. Identifying your goals 3. Identifying any financial issues or deficiencies between where you are now financially and where you want to be. 4. Preparing your financial plan, which may identify recommended investments and address your attitude to risk. 5. Implementing your financial plan. 6. Reviewing and revising your plan to ensure it stays up-to-date and relevant to the economic climate and your changing lifestyle. YOUR E-MAIL ALERTS(CNN) -- It might be the birth of a child or a new job, but it usually takes some life changing event to prompt a visit to a financial adviser to help plan for what will essentially be an increase or decrease in financial circumstances. Complex tax and retirement savings systems and an emphasis on an individual funding his/her own retirement rather than relying on government pensions has also led to a growing need for many people to seek professional financial advice at some stage. An important part of any financial plan is having some idea of where you want to be financially in the future. It is then possible to pay someone to help you work out how to achieve those goals. Whether you pay $100, $1,000 or $100,000 for someone to tell you how much money you have now and what you can expect to have in the future if you adopt a certain strategy, will depend on your situation. Some of the relevant factors include your age, the complexity of your affairs and whether you want investment and ongoing advice. A comprehensive plan might cover the key money areas: cash flow planning (personal budgeting, finance structuring); taxation and business planning (tax returns, superannuation funds, specialist tax advice); investment and retirement planning (superannuation and investment advice); risk planning (insurance) and estate planning (will instructions). A basic plan might focus on one aspect of your finances. Finding someone you trust may well be the most important decision you make. Word of mouth is often the best way to find a good adviser. It is also important that your adviser holds some form of licence -- such as from the main securities regulator or from an individual professional body of which they are a member. This will help in the event something goes wrong or you need to make a complaint. Licenses generally ensure the practitioner has the relevant qualifications to give advice and that some basic principles will be followed, including that the advice being given is in the client's best interest. Licensing regimesRegulators around the world have been introducing licensing regimes to which people wanting to give advice must apply. Financial planning associations are also emerging where membership requires some form of qualification such as the internationally recognized Certified Financial Planner or CFP. Where financial planners aren't regulated as a group they may be regulated by the services they provide. In Singapore, for example, a planner who also provides securities transactions or advice is regulated as a stockbroker or investment adviser. While there has been a lot of talk about financial advisers moving towards a fee for service system, commissions still play a large part in the financial services industry globally. Commissions paid on some financial products can influence an adviser's choice of product so it is important to understand what investment you might be getting into and whether it suits your circumstances. There is no set payment or advice process that financial advisers have to follow, but looking after the client's interests first has to be a priority. Basic rightsThe Certified Financial Planner Board of Standards in the United States, which helps create and enforce uniform standards of competency, practice and ethics of financial planners globally, says the basic rights that you should expect as a financial planning client include the adviser: • Discussing your goals and objectives with you and explaining what you can expect from the relationship. • Explaining all risks associated with a financial recommendation and identifying any potential conflicts of interest. • Making your needs the focal point of all recommendations • Demonstrating the knowledge required to offer financial planning advice • Never divulging your personal and financial information to anyone. An acceptable exception may be to share it with other professionals to conduct business on your behalf, at your consent. Be wary of advisers who are reluctant to discuss how they are paid or can't explain why they are making specific recommendations. If you are not satisfied with the services you are receiving, assert your rights by discussing your concerns with your planner. A competent, ethical planner will seek to understand and meet your needs and will explain the reasons behind his or her decisions and actions. 
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