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Financial advice


CHOOSING A FINANCIAL ADVISER

Find an adviser that suits you and your goals

Page reading time: 3 minutes

On this page
 * 1. Decide what you want from financial advice
 * 2. Choose the right financial advice for you
 * 3. Find a financial adviser
 * 4. Meet and compare financial advisers
 * Up next in Financial advice

A good financial adviser works with you to understand your needs, set your
financial goals, and create a plan to help you achieve them.

Anyone who gives financial advice must have an Australian financial services
(AFS) licence.


1. DECIDE WHAT YOU WANT FROM FINANCIAL ADVICE

Before you get financial advice, decide what you want to get out of it. This
depends on your stage of life, how much money you have, and what you're trying
to achieve.

A financial adviser can help you make financial decisions and plan for the
future. This might include advice about budgeting, investing, super, retirement
planning, estate planning, insurance and taxation.


2. CHOOSE THE RIGHT FINANCIAL ADVICE FOR YOU

A financial adviser can give you general financial advice. This type of advice
doesn't take into account your personal situation or goals, or how it might
affect you personally.

A financial adviser can also give personal financial advice. This advice is
tailored to your financial situation and goals, and is in your best interests.
It can include:

 * Simple, single-issue advice — Help with one financial issue, for example, how
   much to contribute to your super, or what to do if you inherit shares.
 * Comprehensive financial advice — Help to develop a financial plan to reach
   your financial goals. This covers things like savings, investments, insurance
   and super and retirement planning.
 * Ongoing advice — Regular monitoring and review of your financial plan and
   affairs.

To find out more about what financial advisers can do for you, see working with
a financial adviser.


3. FIND A FINANCIAL ADVISER

Once you know what you want, find an adviser who offers the right services for
you.

You can look for a financial adviser through their professional associations:

 * Financial Planning Association
 * Association of Financial Advisers

Or you can try:

 * your super fund
 * your lender or financial institution
 * recommendations from people you know

Use our financial advisers register to check your adviser is licensed.


CHECK THE FINANCIAL SERVICES GUIDE

The best way to see what a financial adviser offers is to read their Financial
Services Guide (FSG). It should be on their website, or you can ask them for a
copy.

The Financial Services Guide shows:

 * the services they offer
 * how they charge (see financial advice costs)
 * who owns the company
 * any links to product providers
 * their AFS licence number


ROBO-ADVICE

Robo-advice is automated financial advice you can get online. You enter your
information, for example, your personal details, investment goals and risk
tolerance. Then the advice is generated using algorithms and digital technology.

Robo-advice might be cheaper and more convenient than a financial adviser, but
it has limitations. Most robo-advice only offers a narrow range of services. A
computer program can't help you set goals or objectives. It can't answer your
questions, and it can't give you advice about complex financial situations.


4. MEET AND COMPARE FINANCIAL ADVISERS

Financial advisers don't usually charge you for the first meeting. This makes it
easy to meet with a few different advisers to compare what they offer.

When you meet an adviser, ask them about:

 * their qualifications, main client base, and specialty areas
 * what fees you will pay, how often and what you'll get in return
 * how they'll manage your money
 * how often you'll meet
 * what information you'll receive and how often
 * how they'll consult you on decisions
 * how they'll monitor and manage your investments
 * what commissions or incentives they receive from financial products, and how
   they'll choose products to recommend to you
 * who'll look after your account when they're away
 * how they'll deal with complaints (see problems with a financial adviser to
   learn about the complaints process)
 * how to end your agreement with them (including any penalties or notice
   periods)

A good adviser will get to know you, keep you informed, and help you achieve
your goals. They'll also discuss how much risk you're comfortable with.

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The links below provide more information on complaints and reporting scams:

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We don't lend money, arrange loans or provide personal financial advice.

If you are experiencing difficulties with money, the following pages can help:

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 * Problems paying your bills or fines
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UP NEXT IN FINANCIAL ADVICE


 * FINANCIAL ADVISERS REGISTER
   
   Check a financial adviser
   
   5 min read


 * WORKING WITH A FINANCIAL ADVISER
   
   Making a plan that helps you reach your financial goals
   
   4 min read


 * FINANCIAL ADVICE COSTS
   
   Pay the right price for the right financial advice
   
   4 min read


 * PROBLEMS WITH A FINANCIAL ADVISER
   
   Steps to take if you're unhappy with your adviser or their advice
   
   3 min read

 * 

 * About us
 * Contact us
 * Glossary
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 * Subscribe
 * Indigenous

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