Anyone who gives personal fiscal advice and most general advice providers must have an australian fiscal services ( AFS ) license .
1. Decide what you want from financial advice
Before you get fiscal advice, decide what you want to get out of it. This depends on your stage of liveliness, how a lot money you have, and what you ‘re trying to achieve.
A fiscal adviser can help you make fiscal decisions and design for the future. This might include advice about budget, investing, super, retirement design, estate design, indemnity and taxation .
2. Choose the right financial advice for you
You can choose to get either general or personal fiscal advice from an adviser, depending on what you need .
General financial advice does n’t take into account your personal situation or goals, or how it might affect you personally .
Personal financial advice is tailored to your fiscal position and goals, and is in your best interests. It can include :
- Simple, single-issue advice — Help with one financial issue, for example, how much to contribute to your super, or what to do if you inherit shares.
- Comprehensive financial advice — Help to develop a financial plan to reach your financial goals. This covers things like savings, investments, insurance and super and retirement planning.
- Ongoing advice — Regular monitoring and review of your financial plan and affairs.
To find out more about what fiscal advisers can do for you, see working with a fiscal adviser .
3. Find a financial adviser
once you know what you want, find an adviser who offers the right services for you.
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You can find a license fiscal adviser through :
- a financial advice professional association
- your super fund
- your lender or financial institution
- recommendations from people you know
research by zip code on the Financial advisers register to find a license adviser near you .
Check the Financial Services Guide
The best way to see what a fiscal adviser offers is to read their Financial Services Guide ( FSG ). It should be on their web site, or you can ask them for a copy .
The Financial Services Guide shows :
- the services they offer
- how they charge (see financial advice costs)
- who owns the company
- any links to product providers
- their AFS licence number
Robo-advice is automated fiscal advice you can get on-line. You enter your information, for example, your personal details, investment goals and risk tolerance. then the advice is generated using algorithm and digital engineering .
Robo-advice might be cheaper and more commodious than a fiscal adviser, but it has limitations. Most robo-advice merely offers a narrow range of services. A calculator course of study ca n’t help you set goals or objectives. It ca n’t answer your questions, and it ca n’t give you advice about complex fiscal situations.
4. Meet and compare financial advisers
fiscal advisers do n’t normally charge you for the first meeting. This makes it easy to meet with a few unlike advisers to compare what they offer .
When you meet an adviser, ask them about :
- their qualifications, main client base, and specialty areas
- what fees you will pay, how often and what you’ll get in return
- how they’ll manage your money
- how often you’ll meet
- what information you’ll receive and how often
- how they’ll consult you on decisions
- how they’ll monitor and manage your investments
- what commissions or incentives they receive from financial products, and how they’ll choose products to recommend to you
- who’ll look after your account when they’re away
- how they’ll deal with complaints (see problems with a financial adviser to learn about the complaints process)
- how to end your agreement with them (including any penalties or notice periods)
A good adviser will get to know you, keep you informed, and help you achieve your goals. They ‘ll besides discuss how much risk you ‘re comfortable with .