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General and personal advice

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General or personal advice can help you reach your financial goals. General advice does not consider your personal circumstances and is general in nature. Personal advice is more specific and is tailored to your personal situation.

The advice you receive could cover any of these financial products or areas:

Personal and most general advice providers must hold an Australian Financial Services (AFS) licence.

The difference between general and personal advice

General advice

General advice is a recommendation or opinion about a financial product that is not tailored to your personal circumstances. This advice won’t consider your personal circumstances, such as your:

General advice may help you to identify and narrow down your options. But it won’t tell you how to make the best financial decision for your personal situation.

General advice is different to factual information. This information can give you useful facts about a financial product. Examples of factual information may include descriptions of:

Factual information is usually free and available from places like websites, banks and seminars. A licence isn’t needed to provide factual information.

Personal advice

Personal advice is a recommendation or opinion tailored to your personal circumstances. It is more specific than general advice and takes into account your financial situation and goals. Personal advice providers must act in your best interest.

Personal advice can include:

When general advice might be appropriate

You may want general advice if you:

You may be receiving general advice if you:

When providing general advice, the advice provider must give you a warning. The provider will:

When personal advice might be appropriate

You may want personal advice if: