Why get financial advice?
The right kind of financial advice can really make a big
difference. Financial advice can give you confidence that your
future plans are achievable. If you're not on track to achieve your
goals, it can help you put the right strategies in place, or come
up with more realistic goals.
What is a financial planner?
A financial planner (also known as a financial adviser) is
a person or authorised representative of an organisation,
licensed by ASIC, to provide advice on some or all of these areas
of your finances: investing, superannuation, retirement planning,
estate planning, risk management, insurance and taxation.
How financial advice can help
Financial advice can help you:
- Set and achieve your financial goals
- Make the most of your money
- Get any government assistance you're entitled to
- Feel more in control of your finances and your life
- Avoid expensive mistakes
- Protect your assets
ASIC's MoneySmart website has information on different aspects
of finding and working with a financial adviser:
Download our Financial advice
and you booklet
Our Financial advice and
you booklet will help you with:
- The kind of financial advice you need
- The best place to get advice
- How to get the most from your conversations with a financial
Future of Financial Advice
The Government's Future of Financial Advice (FoFA) reforms
- 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
Get licensed advice
Throughout this booklet we use the term 'financial adviser' to
describe someone who is licensed to provide financial advice. A
licensed adviser may also call themselves a 'financial planner'.
See choosing a financial
adviser for more information on how to tell if someone is
licensed to give you financial advice.
Last updated: 20 Jul 2017