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What is financial advice?
Financial advice helps you make decisions about your money. It isn't just about choosing what to invest but involves considering your financial objectives, situation or needs and looking at all the financial options to help you achieve your goals in the short, medium and long term. A financial adviser work with you to:
- Set your financial goals
- Devise strategies to reach your goals
- Choose investments that suit your needs
- Make informed financial decisions
What services do financial advisers offer?
Your adviser will work with you to tailor financial advice according to your needs, in general they can include
- Investment planning
- Retirement planning
- Superannuation
- Insurance
- Self-Managed Super Fund- investment and risk management strategies
- Centrelink benefits
- Veteran's Affairs benefits
- Portfolio review
- Margin lending
Who can provide financial advice?
When you receive personal financial advice on superannuation, insurance, shares, managed funds as well as many banking products (excluding loans and buying real estate) require the adviser to hold an Australian Financial Services Licence (AFSL), or be an authorised representative of the licencee.
How is advice provided?
Personal financial advice will be provided to you in a Statement of Advice (SOA). Your adviser will consider the information you have provided him/her, carefully consider your financial goals and provide the SOA in writing that sets out what your adviser is recommending and why they think it's suitable for you.
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| Financial Advice | Professional fee for service financial advice - avoid % based adviser service fees that last the life of the investment. more info
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