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Type of advice
Personal Financial Advice is where an adviser makes recommendations for a financial service or product after considering one of more of your objectives, financial situation and needs.
General Financial Advice is when a product is sold but not recommended as to its suitability for the client. The product adviser does not select from a group of potential products which might be more suitable for the client in relation to their personal needs, circumstances or objectives.
Personal advice can be valuable, but will take time and money to prepare. Not everyone requires personal advice. Many people successfully manage their own finances and there are many sources you can turn to learn about investment. 2020 DIRECTINVEST is a free service that empower investors with financial tools and information to make and execute investment and superannuation decisions in the most cost effective manner.
How to choose an adviser
There are many advisers out there who can suit your advice needs; they can charge for their services by receiving commissions on products they sell, charge a percentage of the assets they are looking after or an hourly fee for services rendered.
- Request the Financial Services Guide. All licensed adviser must produce and provide one.
- Check the owner of the business. Ownership of the busines affect the services and products you are offered. 75% of planners are owned by banks and insurance companies, in some advisory businesses, planners are only allowed to offer the parent company's products.
- Check the services offered cover your needs. Some advisory firms are restricted in their product and service offerings.
- Arrange a meeting. This is an opportunity to determine if the adviser is suitable for you. What to ask when choosing an adviser?
- Making a decision. Compare the advisers you have met with and how you feel about each one. Remember you are comparing advisers, not comparing their advice.
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| Financial Advice | Professional fee for service financial advice - receive advice that is not driven by commissions. more info
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| Managed Funds | Looking for managed funds? Compare over 1000 funds. Then invest with no entry fees. more info
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