Types of Financial Advice

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The type of financial advice you need will depend on your stage of life, the amount of money you have to invest and what you are trying to achieve. This page explains your financial advice options.

General advice does not take into account your particular circumstances, such as your objectives, financial situation and needs. For example, if an adviser gives you information about a product that might be suitable for you, but does not take into account your overall financial goals or actually recommend you take up the product, it is general advice.

You can get general advice about financial products or investments from someone who holds or works for a company that has an Australian Financial Services Licence (AFSL).

Personal Financial Advice

If you want a recommendation that takes your personal situation into account, you need personal advice.

For this kind of advice, it’s important that you only talk to someone who is a licensed adviser. See choosing a financial adviser for more information on how to find a licensed adviser.

The cost of the advice will depend on the scope and kind of advice you receive. For more information, see financial advice costs.

Use our financial advice toolkit to understand the the financial advice process, and what is involved at each stage.

Types of Personal Advice

There are different types of personal financial advice that you can get from an adviser:

Simple, single issue advice – addresses a particular aspect of your finances, for example, the best way to make personal super contributions. It’s not comprehensive advice. You may be able to work out some of these simple issues for yourself, for example, you could use our super contributions optimiser to work out the best way to make personal super contributions.

Comprehensive financial advice – involves developing a comprehensive financial plan to help you set and achieve financial goals. It will cover things like saving, investments, insurance and superannuation and retirement planning. This sort of plan should be monitored and adjusted over time.

Ongoing advice – your adviser will monitor and review your financial plan on a regular basis to help you manage your financial affairs. The frequency of reviews and how you pay for them should be mutually agreed when you start working with a financial adviser. Find out exactly what your ongoing fees cover.

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