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Home / Plan your retirement / 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.

List of Australian independent financial advisers

March 4, 2021

8 warning signs of a bad financial adviser

March 3, 2021

Getting financial advice? What your adviser needs to provide

February 11, 2021

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

September 15, 2020

Can I get free financial advice?

September 15, 2020

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

June 1, 2020

How much does financial advice cost?

June 1, 2020

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

March 14, 2020

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

December 14, 2019

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

December 13, 2019

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

October 3, 2019

Financial advice: What are the risks and benefits?

March 19, 2019

Super advice: How to find a suitable financial adviser

March 15, 2019

Set out below are all SuperGuide articles that relate to Financial advice.

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List of Australian independent financial advisers

March 4, 2021 by SuperGuide 1 Comment

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.

8 warning signs of a bad financial adviser

March 3, 2021 by Barbara Drury Leave a Comment

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.

Getting financial advice? What your adviser needs to provide

February 11, 2021 by Janine Mace Leave a Comment

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?

September 15, 2020 by Barbara Drury Leave a Comment

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

Can I get free financial advice?

September 15, 2020 by Barbara Drury Leave a Comment

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.

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Financial advisers: As different as you are

June 1, 2020 by Barbara Drury Leave a Comment

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

June 1, 2020 by SuperGuide Leave a Comment

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.

How much does financial advice cost?

June 1, 2020 by Barbara Drury Leave a Comment

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

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

March 14, 2020 by Janine Mace Leave a Comment

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.

What financial advisers wish you knew

February 5, 2020 by Joanna Webber Leave a Comment

We asked financial advisers to share their top tips. From downsizing your home to changing the way you think about retirement, here’s what they want us to know.

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

December 14, 2019 by Janine Mace 4 Comments

This article includes a simple step-by-step checklist to guide you through your financial advice experience.

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

December 13, 2019 by Janine Mace Leave a Comment

If you’ve decided to get professional help from a financial adviser, this is what you can expect.

What difference does it make that a financial adviser is independent?

December 12, 2019 by SuperGuide Leave a Comment

Members of the Profession of Independent Financial Advisers (PIFA) talk about why it was critical for them to only provide independent financial advice, what changes when they become independent, and how it changes how they work with clients.

Mixed review of financial advice by super funds

December 7, 2019 by Barbara Drury Leave a Comment

Financial advice provided by super funds to their members is “generally appropriate’’ but could be better. That’s the gist of a recent review of the sector by the regulator, the Australian Securities and Investments Commission (ASIC).

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

December 5, 2019 by Barbara Drury Leave a Comment

Independent financial advice has been a topical issue recently, and is likely to become significantly more prominent in the coming years.

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Super contributions
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Accessing super
Super news
Women and super
Super tips and strategies
How-to guides
Super quizzes
Superannuation Q&As
Superannuation glossary
Super funds
Best performing super funds
Super fund rankings
Best performing pension funds
Pension fund rankings
Super fund average returns
Super investing strategies
Comparing super funds
Choosing a super fund
Choosing an investment option
Super fund fees
Insurance and super
Super fund profiles
SMSFs
SMSFs for beginners
SMSF administration
SMSF checklists
SMSF compliance
SMSF investing
SMSF pensions
SMSF strategies
SMSF Q&As
Plan your retirement
Retirement planning for beginners
When should I retire?
How long will I live?
How much super do I need?
Will I get the Age Pension?
How much will I spend in retirement?
Financial advice
Retiring overseas
Preparing for retirement
Retirement planning strategies
Retirement calculators and reckoners
In retirement
Income in retirement
Super lump sums
Super pensions
Age Pension
Working in retirement
Life in retirement
Senior concessions and services
Aged care
Estate planning
Super death benefits
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All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

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