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“It is a misnomer that you need to have a lot of money before you should seek financial advice,” saysulia Schortinghuis, a financial planner with Lighthouse Capital. If a client has a smaller amount to invest but has lending, insurance and superannuation needs, she adds, then $3000 in fees would be about the mark where the work becomes viable. The best tip is always to talk to a financial planner first. It’s important to get a clear understanding of costs and services before signing anything, and that’s goes for doing your research on robo advice too.

It’s really useful to double or even triple check with one or more credit score providers when getting a free credit check. This will reassure you that you’re getting the most reliable credit rating applicable to you at the current time. By contrast, the number of women who have obtained a wealth management product such as superannuation or managed funds from a financial planner or accountant has fallen by 4 per cent since 2016, according to Roy Morgan. You need to be aware that free credit checks aren’t always reliable and up to date as your credit score is dynamic. She adds that robo advice tends to be more suited to women who are “financially educated and have a genuine interest in investments”. This means that it can change in line with your financial circumstances so if you default on a loan one month, it could dramatically decrease – whereas you may pay back a loan in full in which case your credit score could increase. It could take a little while for your credit check to update and show the results accordingly.

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