Help when you need it
A good financial adviser can help you identify goals, set an
overall financial plan and avoid disasters. They can make sure
things get done, when they need to be done.
Being well-prepared will help you get the most out of a
financial adviser. Look for someone who has the right skills and
experience for your needs.
- Do you
need advice? - Work out whether you need financial
advice. Do you need advice on a specific issue, such as your
super or do you need a broader financial plan?
- Choosing an adviser - Research the
marketplace to find the right adviser for you.
- Starting with an adviser - Get
better value from your first few meetings with an adviser by being
clear about what you're looking for and know what questions to
- Working with an adviser
- Get the level of ongoing advice you need by putting
some ground rules in place.
If you are thinking about getting financial advice, we have more
detailed information in our booklet
Financial advice and you.
Future of Financial Advice
The Government's Future of Financial Advice (FoFA) reforms are
mandatory from 1 July 2013 and include:
- Restrictions on what sort of fees financial advisers receive
including a ban on commissions and some volume-based payments and
restricting percentage-based fees
- A 'best interest' duty that means you must receive advice that
is in your best interest, rather than being directed to products
because of incentives or commissions offered to an adviser
If you bought a financial product or obtained advice before 1
July 2013 the new rules will not apply. This means if you paid
commissions in the past you will continue to do so.
If you're unsure about the fees you're paying, talk to your
For more information on FoFA, see ASIC's FOFA webpage or the
Government's Future of Financial
Last updated: 09 Dec 2013
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