Financial advice

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 you

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 adviser.

Future of Financial Advice reforms

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 adviser.

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


Related links

Last updated: 24 Apr 2014

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