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 achieving
your goals, it can help you put the right strategies in place, or
come up with more realistic goals.
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
MoneySmart has information on different aspects of finding and
working with a financial adviser:
For more information on choosing and working with an adviser see
our publication, Financial advice and you.
Important: Get licensed advice
Throughout these pages 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'.
For more information on how to tell if someone is licensed to give
you advice, see choosing a financial
Future of Financial Advice
The Government's Future of Financial Advice (FoFA) reforms are
currently scheduled to take full effect in 2014 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: 24 Apr 2014
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