Identifying your financial advice needs
Do you need financial advice?
You may have avoided getting financial advice because you're not
sure how a financial adviser can help you. You may also think
you'll have to pay for a comprehensive and expensive financial
plan. Depending on the kind of advice you need, you may not.
This page talks about the things an adviser can help you with.
It also suggests some places you can get free or low cost factual
information about different financial products and strategies.
When a financial
adviser can help
If you need financial advice because you're having trouble
paying your bills or need to sort out your debts, see a financial
Don't think an adviser will make you a millionaire through a
secret formula or a magic ability to pick winning investments.
Advisers mostly add value by helping you sort out your financial
goals and working with you to develop a plan to achieve them over
Most importantly, working with an adviser will help you turn
thought into action, especially if you tend to put things off.
Advice is helpful in times of change
Professional advice is most valuable when you're going through a
big life event like starting a family, being retrenched or managing
an inheritance. It's also great for less immediate goals like
growing your super or planning for retirement.
The type of advice you need will depend on your life stage, the
amount of money you have to invest and the complexity of your
affairs. See types of financial advice for
When a financial adviser is
Not every situation calls for comprehensive, ongoing financial
advice. Instead of financial advice, you may simply want factual
information about different investment products and strategies or
need to understand more about financial services generally.
Here are some places where you can get that kind of
MoneySmart can help you with many of your simpler financial
needs. Here are some other websites that can also help you with
- The Australian Securities Exchange (ASX) - they have an education section on their
- The Financial Planning Association (FPA) - has a blog and an Ask an Expert forum
- Financial columns and blogs
Banks, credit unions or building societies
Bank, credit union and building society staff can be a good
source of free factual information about ways to save such as savings
accounts, term deposits and first
home saver accounts. This might be all the information you need
if your main financial goal is saving for a home or building a
Remember to shop around and compare products. See saving and banking for more
Use our savings calculator to set up a plan to reach your
Your super fund
Your super fund can provide factual information, including:
- Investment options within your current fund
- Saving for retirement
- How to make extra contributions to your current fund
- Consolidating multiple super funds
- Insurance options with your current fund
See our superannuation section
for more information.
Our superannuation calculators also help you explore better ways
to meet your retirement goals.
Use our retirement planner to find out how much money
you'll have to put away now for your retirement.
Use our super contributions optimiser to work out the best
way for you to grow your nest egg.
The Department of Human Services' Financial Information Service
offers free money seminars all over Australia. Topics include:
- Managing your money
- Reducing your mortgage
- Understanding superannuation
See seminars for more information.
Case study: Jim's super idea
been in the same super fund for 10 years but I'm only just starting
to think about whether I'll have enough money to retire. I phoned
my fund to see if they could help. They told me they hold regular
seminars, have online information about retirement or if I want
they can refer me to a financial adviser. I wish I'd contacted them
for help years ago.'
There are times when you can manage your
own financial decisions. At other times it's reassuring to be able
to consult a professional. Once you pinpoint your reasons for
wanting to use an adviser, it will be easier when it comes to
Last updated: 08 Oct 2015