Financial advice

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 ask.
  • 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 reforms

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 adviser.

For more information on FoFA, see ASIC's FOFA webpage or the Government's Future of Financial Advice website.


Related links

Last updated: 09 Dec 2013

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