Superannuation advice is provided to clients by a Financial Adviser. 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.
Due to the complex ever-changing landscape of Superannuation, getting the correct advice is crucial to help clients prepare for their best financial future. Before clients get financial advice, they should have a clear view on what they want to achieve with the advice.
What advice do Financial Advisers typically give to clients?
Financial Advisers have two types of advice that they can provide to clients. General advice which does not take into account personal situations or goals, and personal advice which can be tailored to each client’s financial situation and goals.
Personal advice can be simple, single issue advice that covers a single topic such as contributing to Super, or it can be comprehensive financial advice covering a range of topics such as insurance, Superannuation investments or retirement planning.
Clients must be provided with a financial services guide that will let you know information about the company or person providing you with financial advice. The FSG explains the fees charged, the financial services offered and how the company providing the service will deal with complaints.
All providers of financial advice to clients have a legal obligation to act in the best interests of their clients. This means that advisers must put their clients’ interests ahead of their own when developing strategies and providing personal advice to clients.
How do I find a qualified Adviser?
Another useful resource for clients to check if a financial adviser is licensed is the Financial Advisers Register on the Moneysmart website.
To speak to a licensed, fully-qualified and experienced financial adviser who has your best interests at heart, contact Superannuation Advice Australia. Click here to learn more about our advisers and their qualifications or here to explore our full range of services.
By Stephen Baird