A good financial adviser works with you to understand your needs. They can help you set your financial goals and create a plan to achieve them.
Decide what you want from financial advice
Before you get financial advice, decide what you want to get out of it. This will depend on your stage of life, how much money you have, and what you're trying to achieve.
Our what is financial advice page explains the main types of advice, how it may be delivered, and what principles underpin good quality advice.
Different advice services
Financial advisers will usually provide you with personal advice that is tailored to your objectives, financial situation and needs. However, they can also provide general advice, depending on what you need.
General advice is a recommendation or opinion about a financial product. But that recommendation or opinion doesn’t consider your personal circumstances and is general in nature.
Personal advice is more specific recommendations that are tailored to your personal circumstances. It can be one-off advice, or ongoing.
Before you decide to meet with a financial adviser, make sure you understand the difference between general advice, personal advice and financial information.
Not all advisers offer the same services. Some advisers may specialise in certain types of financial products (for example, life insurance). Some may specialise in certain life stages (for example, retirement planning). And some may specialise in certain types of clients (for example, business owners).
So, it’s important to choose an adviser who can provide the advice services that are important to you.
To find out more about what financial advisers can do for you, see working with a financial adviser.
Find a financial adviser
Once you know what you want, find an adviser who offers the right services for you.
You can find a registered financial adviser through:
- a financial advice professional association
- your super fund
- recommendations from people you know
A financial business’ website should explain the types of services they offer so that you can match an adviser to your needs.
You can also check their Financial Services Guide (FSG), which should be on their website (or ask them for a copy). It explains their services, fees and any links to financial products.
If there's anything at all you don't understand about the services they will provide, or the cost, just ask.
You can search by postcode on the financial advisers register to find a registered financial adviser near you. The search results are randomised and in no particular order.
If you’ve ever clicked on an advertisement, done an online quiz, or handed over your personal details in some other way, you may have unknowingly put yourself on a lead generation list. This might mark you as a financial advice or superannuation sales target.
ASIC is concerned that features associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses.
Meet and compare financial advisers
Financial advisers don't usually charge you for the first meeting. You could 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 and how they’ll consult you on decisions
- how often you'll meet
- what information you'll receive and how often
- how they'll consult you on decisions
- what commissions or incentives they receive if they sell a financial product, and how they'll choose products to recommend to you
- who'll look after your account when they're away
- how they 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 financial adviser should get to know you before providing you with personal advice, keep you informed and help you achieve your goals.
Checklist: Getting the right financial advice
Use this checklist to feel sure the adviser you choose is the right fit for you. You don’t need every box ticked, but most should feel true.
check_box Their qualifications and registration check out
- you’ve checked their details on the financial advisers register
- they’re authorised to advise on the specific products or areas you need help with
- they give you their Financial Services Guide (FSG) without hesitation
check_box You understand the fees you’ll pay
- you've read your adviser's Financial Services Guide (FSG) to learn about their fees and services, commissions earned and how they deal with complaints
- you know what you’ll pay, when, and what’s included in the fees
check_box They listen and understand your objectives
- they ask clear questions and check they understand your answers
- they explain how their advice links to your goals
check_box They communicate in a way that suits you
- You receive a Statement of Advice that explains the strategies and products recommended to you, and
- you feel confident to make informed decisions about your finances
check_box They are transparent about products and recommendations
- they explain why a product suits your needs.
- they tell you if they have links to any product providers.
- they give you time to think before you decide.
Next step: Learn what to expect when you work with a financial adviser.
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