Check a financial adviser
Licence checks
Before you engage a financial adviser, you should check them out
just to be sure. ASIC's databases will tell you if the adviser is
licensed to sell you certain financial products or provide you with
financial advice.
Here are some questions to ask an adviser, and descriptions of
what information is available on ASIC's financial advisers
register.
Questions to ask
Smart tip
You can check on a business or adviser even if you haven't made
contact with them yet.
Any business or person that offers or advises you about
financial products must be an Australian Financial Services (AFS)
licence holder. They can be licensed personally, as a director or
employee of an AFS licence holder, or as an authorised
representative of an AFS licence holder. An AFS licence offers you
some protection if something goes wrong. Find out what an AFS
Licence means.
Ask the financial adviser: 'What is your representative number
and who holds your AFS licence?'
Keep a record of the name and number the adviser gives you so
you can check it on ASIC's financial advisers register.
Financial advisers register
The register tells you:
- the adviser's qualifications, experience and employment
history
- what product areas the adviser can provide advice about (check
that these are the areas you're looking for)
- whether the adviser is a member of any professional bodies or
industry associations that are relevant to providing financial
services
- whether the adviser has been the subject of disciplinary action
by ASIC
- the name and number of the Australian Financial Services (AFS)
licence holder who employs or authorises the financial adviser to
provide advice
- details about who owns or controls the licence holder.
If they are not licensed, do not deal with them. They are
breaking the law and you will have little protection if things go
wrong.
See choosing a financial adviser for
more information.
Check an AFS licence holder
If they say that they hold an AFS licence, check the company
name and AFS licence number on ASIC Connect's Professional Registers.
Related links
Last updated: 03 Sep 2015
