Financial Advisers

What They Do & How to Choose the Right One

Contributor

5/18/20241 min read

What Is a Financial Adviser?

A financial adviser is a licensed professional who helps you make informed decisions about money—whether it’s budgeting, investing, superannuation, insurance, or planning for retirement.

In Australia, anyone calling themselves a financial adviser must meet strict licensing and education standards regulated by ASIC (Australian Securities and Investments Commission).
→ Source: ASIC Financial Advice Overview

💬 What Do Financial Advisers Help With?

A good adviser will work with you to:

  • Set and review financial goals

  • Maximise superannuation performance

  • Create tailored investment strategies

  • Plan for retirement income

  • Manage insurance and risk

  • Provide estate planning guidance

According to a report by ASIC, clients who receive financial advice often feel more in control of their finances and more confident in their future.
→ Source: ASIC Report 627 - Financial Advice: What Consumers Really Think

💸 How Much Does a Financial Adviser Cost?

Fees vary, but some typical models include:

  • Fixed fee per service (e.g., super review: $300–$600)

  • Ongoing advice fee (around 1% of assets under management annually)

  • Commission-based insurance advice (the insurer pays the adviser)

Always check the Financial Services Guide (FSG) to understand fees before you commit.

🧠 Is Financial Advice Worth It?

A 2020 study by IOOF found that Australians who received financial advice experienced:

  • 85% increased peace of mind

  • 86% said advice helped them feel more confident about the future

  • 90% said it improved their ability to achieve financial goals

→ Source: IOOF The True Value of Advice Report

🔐 How to Choose a Trusted Adviser

To protect yourself:

  • Use the ASIC Financial Adviser Register

  • Make sure they hold an AFSL (Australian Financial Services Licence)

  • Read their FSG and Statement of Advice (SOA)

  • Ask about fees, qualifications, and experience

👋 Want Help Finding a Financial Adviser

We connect Australians with qualified and licensed financial advisers who can give personalised advice.

🎯 Get matched today →

⚠️ Disclaimer

This article provides general information only and does not consider your personal objectives, financial situation, or needs. You should seek advice from a licensed financial adviser before making any financial decisions.

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