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:

Read our booklet

Thumbnail Financial Advice and You

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 adviser

Future of Financial Advice reforms

The Government's Future of Financial Advice (FoFA) reforms 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.

Important

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.


Related links

Last updated: 21 Nov 2014

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