To compare two financial advisers side-by-side in Australia, confirm their ASIC registration, review qualifications and experience, compare services and fees, and assess how clearly they explain their advice process.
Looking at these factors together helps you evaluate substance rather than relying on first impressions.
Verify Licensing and ASIC Registration First
Before comparing services or pricing, confirm both advisers are authorised to provide personal advice.
In Australia, advisers giving personal advice to retail clients must:
- Be listed on the ASIC Financial Adviser Register
- Operate under an Australian Financial Services Licence (AFSL)
- Meet national education and ethical standards
- Comply with statutory conduct obligations, including the best interests duty framework and recent “good advice” reforms introduced under the Delivering Better Financial Outcomes (DBFO) legislation
The ASIC register allows you to check licence status, qualifications, employment history, and any recorded disciplinary outcomes.
If one adviser is not properly authorised, that significantly changes the comparison.
Compare Qualifications and Education Standards
Minimum standards apply across the profession, but depth of training can differ.
When reviewing two advisers, look at:
- Formal education (e.g. Graduate Diploma or Master of Financial Planning)
- Professional designations such as Certified Financial Planner (CFP®)
- Membership of bodies like the Financial Advice Association Australia (FAAA)
- Specialist accreditations in areas such as SMSFs or aged care
The ASIC Financial Adviser Register also indicates whether the adviser has met the post-2019 education pathway requirements. This can be relevant when comparing experience levels, particularly if one adviser entered the profession before the reforms and the other qualified under the newer framework.
Titles alone rarely tell the full story. The key question is whether the adviser’s training aligns with your needs.
Compare Services and Scope of Advice
Two advisers may both describe themselves as financial planners yet operate in quite different ways. Some provide comprehensive financial planning that covers superannuation, retirement income, insurance, estate considerations, and ongoing strategy reviews. Others focus more narrowly on investment portfolios or specific financial issues.
When comparing two advisers, clarify whether they offer broad, ongoing financial planning or more limited, issue-specific advice. One may concentrate heavily on investment management, while another places greater emphasis on retirement income structuring, Centrelink strategy, or defined benefit schemes. If tax considerations such as capital gains tax (CGT) are relevant to you, ask how those issues are handled. Advisers can explain tax implications of financial strategies, but detailed tax advice may involve working alongside an accountant or registered tax agent.
Understanding what sits inside — and outside — an adviser’s service offering helps prevent mismatched expectations later.
Compare Fee Structures Carefully
Before personal advice is provided, advisers must give you a Financial Services Guide (FSG). If you proceed, recommendations and fees are documented in a written Statement of Advice (SOA).
Common fee arrangements include:
- Fixed fee for an initial strategy
- Ongoing annual retainer
- Hourly rate
- Asset-based percentage fee
- A combination of these
When placing two advisers side-by-side, look at:
- What is included in the quoted fee
- How often strategy reviews occur
- Whether implementation costs are separate
- Whether life insurance commissions apply
While many advisers now operate largely on fee-for-service models, insurance commissions remain permitted and must be disclosed.
Comparing structure and transparency often tells you more than comparing raw numbers.
Understand How Each Adviser Delivers Advice
Regulation shapes the advice process more than many people realise.
A typical engagement involves:
- Initial discussion
- Fact-finding and clarification of objectives
- Strategy development
- Written Statement of Advice
- Implementation
- Ongoing review, if agreed
Ask each adviser to describe how they move from information gathering to formal recommendations. If the explanation feels unclear or overly technical at this stage, that may affect how future reviews feel as well.
Under Australian law, personal advice must be appropriate to your objectives, financial situation, and needs. The way an adviser gathers information and documents recommendations reflects that obligation.
Consider Experience and Typical Clients
Experience is most useful when it aligns with your circumstances. Rather than focusing only on how many years an adviser has been licensed, look at who they typically work with and the types of situations they regularly handle.
An adviser who frequently works with public sector employees may have deeper familiarity with defined benefit schemes. Someone who advises business owners may be more comfortable discussing succession planning and irregular income patterns. An adviser who works primarily with people approaching retirement may focus more on income sustainability, pension eligibility, and sequencing risk.
When comparing two professionals, it can be helpful to ask for general examples of the types of clients they support and the common challenges those clients face. That context often reveals more than a headline figure about years in practice.
Clarify Independence and Potential Conflicts
In Australia, “independent” is not simply a marketing term. It has a legal meaning under section 923A of the Corporations Act.
To describe themselves as independent, advisers must:
- Not receive commissions (with limited exceptions)
- Not accept volume-based payments
- Not have ownership links that could influence product recommendations
Some advisers meet this definition. Others operate within aligned or institutionally connected structures.
What’s important is understanding how remuneration works and how potential conflicts are disclosed and managed.
Assess Communication and Fit
Initial meetings often reveal more about an adviser than their website or qualifications. The way they structure the conversation, the questions they ask, and how they respond to uncertainty can give you a sense of how future discussions may unfold.
Listen to how complex topics such as superannuation rules, investment risk, or retirement income projections are explained. Clear advisers tend to outline assumptions, describe trade-offs, and acknowledge areas where outcomes cannot be guaranteed. If something is unclear, notice how they respond when you ask for clarification. A thoughtful pause and a straightforward explanation usually tells you more than a polished presentation.
Over time, financial advice involves reviewing decisions, adjusting strategies, and discussing changing circumstances. The tone set in the first meeting often carries through those later conversations.
Side-by-Side Comparison Table
Organising the information visually can clarify differences.
| Comparison Factor | What to Check |
|---|---|
| ASIC Registration | Listed on the Financial Adviser Register with correct authorisations |
| Qualifications | Degree-level education, CFP® or other recognised credentials |
| Education Status | Meets post-2019 education standards (as shown on ASIC register) |
| Experience | Years licensed and relevance to your situation |
| Services Offered | Comprehensive planning vs limited investment focus |
| Fee Structure | Fixed, hourly, asset-based, commissions disclosed |
| Advice Process | Clear explanation of how advice is prepared and reviewed |
| Independence | Meets legal independence definition or clearly discloses conflicts |
| Ongoing Support | Frequency of reviews and access between meetings |
Reviewing both advisers against the same criteria reduces the influence of personality alone.
When Both Advisers Appear Comparable
Occasionally, two advisers will appear equally qualified, similarly priced, and experienced in your area of need.
If that happens, reflect on which adviser gave you greater confidence in their explanation of risks, trade-offs, and long-term planning assumptions.
Licensed advisers are required to provide appropriate personal advice and comply with statutory conduct duties. Even so, differences in clarity, responsiveness, and judgement can shape how comfortable you feel working together.
Frequently Asked Questions
Is it normal to meet more than one financial adviser?
Yes. Many Australians speak with two or three advisers before making a decision. An initial consultation may be low-cost or complimentary, though this is a business choice rather than a regulatory requirement.
Should I choose the adviser with lower fees?
Not automatically. Compare what is included in the fee and whether the service model matches your needs.
Can two advisers recommend different strategies?
Yes. Differences can arise from investment philosophy, risk tolerance interpretation, or structural preferences. Each adviser must explain in writing why their recommendations are appropriate for your circumstances.
How can I check if an adviser has complaints?
The ASIC Financial Adviser Register shows disciplinary history. If a dispute arises, complaints are handled by the Australian Financial Complaints Authority (AFCA).
The Bottom Line
Comparing two financial advisers becomes clearer when the criteria are consistent. Licensing, education, scope, fees, and communication style all contribute to the overall picture. Taking the time to review each area carefully can make the decision feel measured rather than rushed.
