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Home / Plan your retirement / Financial advice

Financial advice

Financial advice

Australians are generally reluctant to seek professional financial advice, despite the financial landscape (including the retirement system) becoming increasingly complex. The right financial advice can help you to get the most out of your superannuation.

A person or organisation providing financial advice in Australia must hold an Australian Financial Services Licence issued by the Australian Securities and Investments Commission (ASIC), or they must be the authorised representative of a licence holder.

Financial advisers have a legal obligation to act in the best interests of their clients. However, the industry has been tarnished by the actions of some individuals and organisations in recent years. The Financial Services Royal Commission made a range of recommendations that if adopted will help to restore consumer confidence in the financial advice industry.

It’s important to know whether any financial advice you receive is independent or not. Advisers are legally required to provide you with a financial services guide that will let you know this information. Independent financial advice can be broadly defined as advice that is impartial or unbiased. It is provided without any potential for a conflict of interest.

Examples of financial advice that is not independent includes that provided by advisers who:

  • receive a commission (or any other gift or benefit) for recommending specific products and services issued by a financial provider.
  • receive remuneration based on the volume of business they place with the issuer of a financial product or service.
  • work on behalf a specific financial organisation and are therefore limited to recommending that organisation’s products or services.

For more information on obtaining financial advice, see the following SuperGuide articles:

Australian independent financial advisers: State by state guide

Australian independent financial advisers: State by state guide

5-step guide to the different types of financial advice on offer

5-step guide to the different types of financial advice on offer

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7-point guide to what happens when you meet a financial adviser

7-point guide to what happens when you meet a financial adviser

Premium
Financial advice: What are the risks and benefits?

Financial advice: What are the risks and benefits?

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Super advice: How to find a suitable financial adviser

Super advice: How to find a suitable financial adviser

Premium
8 warning signs of a bad financial adviser

8 warning signs of a bad financial adviser

Premium
Getting financial advice? What your adviser needs to provide

Getting financial advice? What your adviser needs to provide

Financial advice through super funds: What’s on offer?

Financial advice through super funds: What’s on offer?

Premium
Can I get free financial advice?

Can I get free financial advice?

Finding a good financial adviser and making financial advice work for you

Finding a good financial adviser and making financial advice work for you

Premium
How much does financial advice cost?

How much does financial advice cost?

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What is the value of financial advice when it comes to your retirement?

What is the value of financial advice when it comes to your retirement?

Premium
Financial coaching: What is it and why may you need it?

Financial coaching: What is it and why may you need it?

Set out below are the latest articles that relate to financial advice.

Australian independent financial advisers: State by state guide

Australian independent financial advisers: State by state guide

June 29, 2022

Finding a truly independent financial adviser is not easy, but don’t let that put you off. We’ve done the hard work for you.

5-step guide to the different types of financial advice on offer

5-step guide to the different types of financial advice on offer

April 4, 2022

If you’re uncertain about your finances it makes sense to get some help, but it can be difficult to don’t know who to turn to for for unconflicted advice.

Premium7-point guide to what happens when you meet a financial adviser

7-point guide to what happens when you meet a financial adviser

September 2, 2021

Getting good financial advice can make a big difference to your retirement outcome, but before you take the plunge make sure you understand what’s involved.

PremiumIndependent financial advice: Why it’s important and how to find it

Independent financial advice: Why it’s important and how to find it

August 24, 2021

Recent legislation requiring advisers who are not independent to advise clients of the fact is a welcome move. But does it go far enough?

What makes a financial adviser independent?

What makes a financial adviser independent?

August 24, 2021

Just because a financial planner’s business card doesn’t display the logo of a bank or insurance company doesn’t mean he or she is independent.

PremiumFinancial advice: What are the risks and benefits?

Financial advice: What are the risks and benefits?

May 14, 2021

Despite the scandals of recent years, the evidence is clear that good financial advice can provide both material and intangible benefits.

PremiumSuper advice: How to find a suitable financial adviser

Super advice: How to find a suitable financial adviser

April 20, 2021

Most of us could benefit from personal financial advice at some point in our lives, but finding an independent, qualified adviser attuned to your needs is crucial.

Premium8 warning signs of a bad financial adviser

8 warning signs of a bad financial adviser

March 3, 2021

Getting high-quality independent financial advice is too important to put in the too-hard basket. These red flags will help you avoid bad advisers.

PremiumGetting financial advice? What your adviser needs to provide

Getting financial advice? What your adviser needs to provide

February 11, 2021

When you see a financial adviser, there are rules about the documents and information you must be given to ensure the advice is in your best interests and will help you make informed decisions.

Financial advice through super funds: What’s on offer?

Financial advice through super funds: What’s on offer?

September 15, 2020

There’s a huge unmet demand for affordable financial advice and super funds are keen to fill the gap.

PremiumCan I get free financial advice?

Can I get free financial advice?

September 15, 2020

It’s a rare person who doesn’t want to improve their financial situation, but cost is often a barrier to seeking advice. Yet free advice does exist if you know where to look.

PremiumFinancial advisers: As different as you are

Financial advisers: As different as you are

June 1, 2020

All financial advisers can offer the same smorgasbord of services, from investments and super to insurance and estate planning. But not all advisers are the same.

Finding a good financial adviser and making financial advice work for you

Finding a good financial adviser and making financial advice work for you

June 1, 2020

In this video members of the Profession of Independent Financial Advisers provide some insights into how to find a financial adviser that is right for you, and how to make the most of the financial advice process.

PremiumHow much does financial advice cost?

How much does financial advice cost?

June 1, 2020

How much you should pay for financial advice depends on a range of factors, including the type and extent of advice that you receive.  

PremiumWhat is the value of financial advice when it comes to your retirement?

What is the value of financial advice when it comes to your retirement?

March 14, 2020

Most people know good financial advice can help them, but many question whether it’s really worth the money. When it comes to planning your retirement, however, there can be valuable benefits – both in terms of your finances and your emotional wellbeing.

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