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When Is the Right Time to See a Financial Adviser in Australia? By Life Stage

When is the right time to see an adviser in Australia

Australians often wonder when to see a financial adviser in Australia, especially as money decisions tend to grow more layered with age, career changes, and family responsibilities. The things is, there’s no single moment or “right time” that suits everyone. What changes is the kind of questions people start asking as life moves on.

This article outlines the major life stages, from early career through later life, and discusses when guidance may be enough and when regulated financial advice can offer additional clarity. It also covers common triggers, such as job changes or receiving an inheritance, that may prompt a closer look at your financial direction.

Financial Guidance vs Financial Advice: What’s the Difference?

Before we get into the life stages when a financial adviser may be useful, it helps to understand the difference between guidance and advice. Australians often encounter both, but they serve very different purposes.

Financial guidance

Financial guidance refers to general information and education. This might include online calculators, super fund resources, comparison tools, or broad discussions about investment types. Guidance can help you build knowledge, but it doesn’t take your personal circumstances into account and shouldn’t be relied on for individual decision-making.

Financial advice

On the other hand, financial advice in Australia is regulated and falls into two categories: general advice and personal advice.

  • General advice provides broad direction but does not consider objectives, financial situation or needs.
  • Personal advice is tailored to your situation, including your objectives, risk tolerance, cash flow, tax position, and long-term plans. This type of advice can only be provided by someone authorised under an Australian Financial Services (AFS) licence, as it involves recommendations that may influence your financial wellbeing.

Guidance is often enough when you’re learning the basics or comparing options. Personal financial advice, however, becomes important when decisions carry long-term consequences, your goals are more complex, or you want recommendations that best fit your specific circumstances.

Life Stages and When Financial Advice Becomes Helpful at Each Stage

Financial needs shift as you move through different phases of adulthood. Each stage brings new priorities, responsibilities, and decisions, which is why the right moment to seek a financial planner often aligns with where you are in life.

In addition, looking at financial advice by life stage helps clarify when guidance may be enough and when personalised advice becomes more valuable.

1. Early Career: First Full-Time Job to Early 30s

The early career stage often brings your first dependable income, initial super decisions, and the chance to build long-term habits. For many people, it’s the first time money actually feels stable rather than reactive, and this makes early choices more influential than they might seem at the time.

Advice at this stage is less about complexity and more about direction. A financial adviser can help establish habits and structures that support long-term stability. Small adjustments in financial planning, made early, can quietly compound into meaningful differences later on.

A financial adviser at this stage often focuses on:

  • Choosing suitable investment strategies inside a superannuation fund
  • Setting early savings and investment frameworks
  • Building a workable cash-flow structure
  • Managing HECS/HELP and other debts
  • Introducing basic insurance considerations
Right time to see an adviser - buying a home

2. Forming Your Household: Growing as a Couple, Home Purchases, and Raising Children

As households take shape, financial decisions become more intertwined. Couples may be combining accounts, preparing for a mortgage, planning for children, and balancing future goals with day-to-day expenses. This stage often brings new responsibilities, and some sound, structured financial advice can help ensure your long-term stability.

This is often the point where couples first consider speaking with a financial adviser about shared goals and responsibilities. Many people will be looking for help with:

  • Mortgage strategy and cash-flow planning
  • Protecting income and dependents through insurance guidance
  • Reviewing super and updating beneficiaries
  • Building long-term goals as a family
  • Planning for childcare and early education costs

3. Peak Career Earning Years: Mid-Career Professionals and Business Owners 

Mid-career is commonly marked by higher income and greater financial complexity. Larger portfolios, evolving tax positions, business growth, and competing goals all play a part. Many Australians seek a financial adviser at this stage to help manage the increased responsibility and long-range impact of their choices.

Here’s how a financial adviser can help with wealth management in your peak earning years:

  • Structuring investments for long-term outcomes
  • Reviewing insurance and risk strategies
  • Support for business succession planning
  • Guiding on advanced super contribution strategies
  • Help with managing multiple income streams

4. Pre-Retirement: Five to Ten Years Before Retirement

The years leading up to retirement often prompt Australians to reassess their financial direction. While the average retirement age sits around 57.3 years, in practice many people finish work earlier or later depending on health, finances, and lifestyle choices.

Because retirement timing varies so widely, the pre-retirement years are a critical retirement planning window. Working with a financial adviser at this stage can help clarify options, manage trade-offs, and align retirement timing with income needs and long-term security.

Here’s how a financial adviser can help in those years leading up to retirement:

  • Transition-to-retirement strategies
  • Guidance on contribution rules and tax efficiency
  • Centrelink considerations
  • Rebalancing portfolios for sustainability
  • Modelling future income needs and retirement timing
Right time to see an adviser - retirement planning

5. Retirement and Later Life: Income, Health, and Estate

Many people assume that once you retire, the need for a professional financial planner fades. But in reality, retirement brings a new set of priorities. At this point, it’s more important than ever to manage savings, control taxes, plan for future health needs, and organise estate intentions. 

With income now drawn from super or investments, each decision can influence both day-to-day comfort and long-term financial security. Retirement planners who provide financial advice by life stage remain valuable here, as the focus shifts from growing wealth to managing and protecting it.

Here are just some of the ways that a reliable financial adviser can help you in your retirement years:

  • Retirement income strategies and drawdown planning
  • Reviewing super pension structures
  • Planning for rising health or aged-care costs
  • Supporting estate planning intentions
  • Simplifying financial arrangements for ease and clarity

In retirement, a financial adviser often shifts focus from growth to income management and long-term security.

Event-Driven Triggers That Suggest You Should Speak With a Financial Adviser

Not all financial decisions follow predictable life stages. Some of the most important reasons people seek advice arise unexpectedly and can reshape your plans in meaningful ways. When major changes occur, working with a financial adviser may help you make informed decisions.

Here are some of the significant and common events where a financial adviser can help:

  • Receipt of inheritance or financial windfall
  • Redundancy, a major promotion, or a career shift
  • Separation, divorce, or forming a new partnership
  • Selling a business or investment property
  • Significant health changes or unexpected expenses
  • Relocation within Australia or returning from overseas

Top Situations Where Personalised Financial Advice Is Often Needed

Some financial situations call for more than general guidance, especially when choices carry long-term consequences or involve several moving parts. Personal advice can offer structure, clarity, and tailored direction when your situation becomes more layered.

Here are some situations where personalised financial advice is often helpful:

  • Balancing multiple goals: Competing priorities like investing, paying off debt, and saving for your future goals and plans.
  • Managing tax implications: When your investments or income start affecting how much tax you pay, and you want help making sense of the rules.
  • Handling complex assets: Ownership of trusts, multiple properties, or business interests.
  • Planning long-term income: Figuring out how your savings and super can provide a dependable income throughout retirement.
  • Adapting to major financial changes: You may experience sudden increases or decreases in income or assets and need assistance deciding how to manage.
  • Needing a structured plan: When you want clear, tailored steps rather than broad suggestions.

Financial Advisers Can Support You Through All Life Stages 

Contrary to what most people might think, financial needs are more variable than static. As careers develop, families grow, and priorities shift, the questions people ask about money tend to change with them. What felt straightforward in your 20s can look very different a decade later.

For many Australians, financial advice becomes most valuable when decisions start to feel interconnected — or when the consequences of getting things wrong become harder to unwind. That might happen early, later, or somewhere in between. Recognising those moments can help you decide when working with a financial adviser may be worth considering, based on your circumstances rather than a specific age.

Sources

AFS licensees. ASIC. (n.d.-c). https://www.asic.gov.au/for-finance-professionals/afs-licensees/ 

Bareham, J. (2025, November 13). When should you get a financial advisor [10 situations explained]. My Wealth Solutions. https://mywealthsolutions.com.au/blog/when-should-you-get-financial-advisor/ 

Financial advice. Moneysmart.gov.au. (n.d.-e). https://moneysmart.gov.au/financial-advice 

Hayes, J. (2025, November 15). When to get financial advice in Australia: Age, stage, triggers. James Hayes – Financial Planner. https://www.jameshayesfp.com.au/blog/when-to-get-financial-advice-in-australia 

HECS-help – study assist, Australian Government. Australian Government Study Assist. (n.d.). https://www.studyassist.gov.au/financial-and-study-support/hecs-help 

Retirement and retirement intentions, Australia, 2024-25 financial year. Australian Bureau of Statistics. (n.d.). https://www.abs.gov.au/statistics/labour/employment-and-unemployment/retirement-and-retirement-intentions-australia/latest-release 

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10 Questions to Ask Before Hiring a Financial Planner in Australia

Questions to ask financial planner before hiring

Every day, Australians consider their finances and the big financial picture. And when trying to put it all together, it can often feel overwhelming. That’s why many Australians turn to financial planners for long-term assistance.

But the thing to understand is that choosing a financial planner is a big decision. So, asking the right questions can help shape the relationship and help reassure you that you are making the right decision before moving forward.

The purpose of this article is to help Australians understand the questions to ask before hiring a financial planner, so expectations, fees, and services are clear from day one. To make the process clearer, the questions below are grouped into three key areas: understanding the adviser, understanding the advice, and understanding the ongoing relationship.

At a Glance: What to Ask a Financial Planner
Understanding the Adviser Understanding the Advice Understanding the Relationship
Qualifications and experience Scope of financial planning Fees and services included
ASIC licensing Best Interest Duty Review frequency
Independence Tools and reporting First-year expectations
Client types    
Understanding the Adviser
  • Qualifications and experience
  • ASIC licensing
  • Independence
  • Client types
Understanding the Advice
  • Scope of financial planning
  • Best Interest Duty
  • Tools and reporting
Understanding the Relationship
  • Fees and services included
  • Review frequency
  • First-year expectations

Financial Planner vs Financial Adviser: What’s the Difference?

Before we jump into the list of questions to ask, let’s make sure we’re aligned on the difference between a financial planner and a financial adviser:

  • Financial adviser: In Australia, a financial adviser is licensed to provide advice and may choose to focus on specific financial products or strategies, such as investments, superannuation, or insurance.
  • Financial planner: A financial planner is a type of financial adviser who offers broader, end-to-end planning. All financial planners are financial advisers, but not all advisers provide comprehensive financial planning.

Full planning services often cover cash flow and budgeting, superannuation and retirement strategy, investment structure, insurance needs, and tax-aware planning, usually in collaboration with accountants or other professionals.

Top 10 Questions to Ask Before Hiring a Financial Planner

Now that you understand the differences, let’s get into the open-ended questions to ask a financial planner before you sign on the dotted line.

Understanding the Adviser

These questions are about a planner’s background, credentials, and how they operate.

1. What qualifications and professional experience do you have?

In Australia, financial advisers are held to high standards. They must meet education and professional requirements set by government regulators, including approved qualifications, industry standards, and ongoing study requirements.

Here are some more detailed questions to ask to help you dig deep into a planner’s background.

  • What formal qualifications and degrees do you hold?
  • Are you required to meet ongoing education standards each year, and how do you stay current?
  • How long have you been licensed to provide financial advice in Australia?
  • Do you belong to any professional associations or industry bodies? Which ones?
  • Have you worked through different market conditions or regulatory changes? Please provide an example or two.

2. Are you licensed with ASIC, and where can I verify your registration?

All financial advisers in Australia must hold or operate under an Australian Financial Services (AFS) licence. You can confirm their credentials on the ASIC Financial Advisers Register.

A planner should be willing to show you exactly where their details appear. Clear licensing information helps you confirm they’re legitimate and understand who is responsible for the advice you’ll receive.

3. Do you operate independently or through a financial institution?

Some advisers work independently, while others are aligned with banks, insurers, or investment platforms. Whether they are independent or bank-affiliated can shape how advice is delivered and which products are considered. Ask if they use an approved product list, how wide that list is, and how institutional relationships influence recommendations.

4. What types of clients do you typically work with?

Many planners work with clients at particular life stages, such as young professionals, growing families, or those preparing for retirement. Others may focus on business owners or employees.

A planner who regularly works with people in situations similar to yours is more likely to understand common challenges, priorities, and decision points that come with your circumstances.

Understanding the Advice

These questions are about how financial advice works in practice, from the scope of planning to how recommendations are monitored and reviewed.

5. Do you provide comprehensive financial planning or advice in specific areas?

Some advisers focus on advice in specific areas, such as superannuation or investments, while others offer comprehensive financial planning that looks at how all areas of your finances work together over time.

Ask for examples of what their service includes so you can decide whether you need guidance on one issue or a more complete financial picture. If the planner you are talking to doesn’t offer what you are looking for, it’s a sign that they are not the right planner for your needs.

6. How do you ensure your advice is always in my best interests?

Of course a planner is going to say they act in your best interest, but this question helps you understand how they put your interests first in real-world advice. In Australia, advisers are required to follow the Best Interest Duty, meaning advice must be demonstrably based on your goals and circumstances.

So, ask how this duty is applied in day-to-day advice, and be cautious if recommendations seem rushed, poorly explained, or tied closely to specific products without clear reasoning.

7. What tools, reports, or online access will I receive?

Many planners offer online dashboards, regular reports, or digital access to your financial information. Ask what you’ll be able to see between meetings and how progress is tracked. Clear reporting and accessible tools can make it easier to stay organised and understand how your plan is tracking against your goals.

Understanding the Relationship

These questions focus on what it’s actually like to work with a financial planner, including fees, communication, and ongoing reviews.

8. How are your fees structured, and what services are included?

Australian financial planners use several different fee structures, and it’s important to understand how each one works and what you receive in return. Some of the most common approaches include:

  • Fee-for-service: a one-off cost for specific advice or a written plan
  • Ongoing advice fees: regular payments for continued guidance and reviews
  • Flat fees: a set dollar amount agreed upfront
  • Percentage-based fees: charges linked to funds under advice

Ask what services are included in each fee arrangement, what is considered out of scope, and how often costs are reviewed.

9. How often will my financial plan be reviewed or updated?

Financial plans are not static and should be revisited as your life changes. Reviews may happen annually, twice a year, or when major events occur. Ask how often meetings typically take place and what prompts an update. Clear communication expectations help you understand how involved the relationship will be over time.

10. What should I expect during the first 12 months of working together?

Understand that you aren’t going to see results right away. In the beginning, the focus will be on gathering information, sharing your financial goals for the near-term and long-term, and implementing strategies to help you achieve those goals.

Be sure to ask how long this process usually takes and what happens after recommendations are made. Understanding the first year, from discovery through implementation and follow-ups, helps you know what to expect and how actively you’ll be involved from the start.

Summary: 10 Questions to Ask a Financial Planner
Category Question
Understanding the Adviser 1. What qualifications and professional experience do you have?
2. Are you licensed with ASIC, and where can I verify your registration?
3. Do you operate independently or through a financial institution?
4. What types of clients do you typically work with?
Understanding the Advice 5. Do you provide comprehensive financial planning or advice in specific areas?
6. How do you ensure your advice is always in my best interests?
7. What tools, reports, or online access will I receive?
Understanding the Relationship 8. How are your fees structured, and what services are included?
9. How often will my financial plan be reviewed or updated?
10. What should I expect during the first 12 months of working together?
Understanding the Adviser
  1. What qualifications and professional experience do you have?
  2. Are you licensed with ASIC, and where can I verify your registration?
  3. Do you operate independently or through a financial institution?
  4. What types of clients do you typically work with?
Understanding the Advice
  1. Do you provide comprehensive financial planning or advice in specific areas?
  2. How do you ensure your advice is always in my best interests?
  3. What tools, reports, or online access will I receive?
Understanding the Relationship
  1. How are your fees structured, and what services are included?
  2. How often will my financial plan be reviewed or updated?
  3. What should I expect during the first 12 months of working together?

Red Flags to Watch For When Choosing a Financial Planner

While these questions are important, it’s just as critical to pay close attention to how a financial planner answers them. Don’t think of your questions as simply checking a box. Understand that how a financial planner communicates, explains recommendations, and responds to hesitation can reveal quite a bit about how they work.

Here are some red flags you may experience.

  • If you feel pressured to act quickly or sign documents before you are ready to do so
  • The planner seems reluctant to thoroughly explain fees, commissions, or total costs to your satisfaction
  • Responses seem canned and not tailored to your specific questions
  • The planner is unable to provide adequate written documentation or reporting
  • The planner avoids your questions about licensing, qualifications, or affiliations

If something feels unclear or dismissive, it’s reasonable to pause and seek another opinion before committing.

Final Thoughts: Choosing the Right Financial Planner

As we said before, choosing a financial planner is a big decision. Simply visiting your favourite search engine and typing in best financial planner near me isn’t necessarily going to pair you with the best match. That’s why it is so important to take the time to ask questions.

By carefully listening to the answers that a planner provides to the questions we have provided in this article, you will be well-equipped to determine if the financial planner is best for you and your needs.

Sources

Acting in the clientʼs best interests. ASIC. (n.d.-a). https://www.asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/acting-in-the-client%CA%BCs-best-interests/ 

AFS licensees. ASIC. (n.d.-a). https://www.asic.gov.au/for-finance-professionals/afs-licensees/ 

O’Reilly, J. (2023a, May 25). What is the difference between a financial planner and an advisor?. What is the Difference Between a Financial Planner and an Advisor? https://www.northeastwealth.com.au/resources/what-is-the-difference-between-a-financial-planner-and-advisor 

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Independent vs Bank-Affiliated Financial Advisers: What Australians Should Know

Independent vs bank-affiliated financial advisers

When looking for a financial planner, many Australians find themselves deciding whether to trust a familiar bank for financial advice or to look for an adviser who operates independently. Both options are legitimate, but each comes with its own structure, strengths, and limitations.

Looking more closely at how each model works can help you decide which style of advice better aligns with your expectations, long-term plans, and the level of personal attention you want.

Independent vs Bank-Affiliated Financial Advisers: What’s the Difference?

Choosing between these two models largely comes down to how you prefer to receive advice and how much choice you want when it comes to financial products.

  • Bank-affiliated advisers work within a bank or large financial institution. Their recommendations usually come from an approved product list, giving you access to the bank’s services, systems, and support.
  • Independent advisers must meet strict legal requirements under Australian regulation. They receive no commissions, offer no links to product providers, and avoid conflicts. They can recommend products from across the market.

That said, in recent years, the number of bank-affiliated advisers in Australia has fallen sharply. Major institutions have stepped back from providing personal financial advice following regulatory reforms, including the Royal Commission and higher compliance expectations.

This shift has reduced the presence of institution-linked advisers and contributed to an overall contraction in the number of advisers. As a result, more Australians now work with boutique or non-aligned practices rather than large banks, simply because fewer bank-based advisers remain in the industry.

This context matters when comparing the two models, as availability and accessibility have changed significantly over time.

A note on what “independent” really means

In Australia, being “independent” is not just a marketing term, it’s a formal legal classification for a financial planner. Under rules set by the Australian Securities and Investments Commission, an adviser can only describe themselves as independent if they:

  • don’t receive commissions, volume-based payments, or other forms of product-linked remuneration
  • are not influenced by product providers or ownership structures.

It’s also important to understand that not all non-bank advisers are legally independent. Some privately owned advisers may still operate under licensees or structures that restrict product choice. Independence is therefore about how advice is delivered, not just who owns the business.

In addition, in Australia, all licensed financial advisers, whether independent or bank-affiliated, must meet strict education, ethical, and best-interest obligations under national regulations.

Independent financial adviser

Independent Financial Advisers

Many Australians look to independent advisers when they want guidance that isn’t shaped by a bank’s product list or internal priorities. Because independence is tightly defined in Australia, the advice you receive must come without outside influence.

Advantages of an Independent Financial Planner

Here are some of the benefits you can anticipate when working with an independent financial adviser in Australia.

  • Wider product range: Instead of being limited to a single bank’s products, independent advisers can recommend whatever they believe suits you. If a better super fund or insurance option exists outside the bank, they can put it on the table.
  • Fee transparency: Independent advisers charge fees directly instead of relying on commissions. This often provides clients with a clear picture of the costs associated with working with a financial adviser.
  • Fewer conflicts: Because independent advisers aren’t tied to product issuers, they aren’t pushed to recommend certain products.
  • More tailored strategies: Recommendations tend to be shaped around individual goals rather than preset packages.
  • Greater choice for complex needs: Particularly helpful for clients with layered finances or long-term planning goals.

Disadvantages of an Independent Financial Adviser

While independent advisers offer substantial benefits, there are a few points to consider before deciding whether this model suits you. Much of this relates to Australia’s strict independence rules and the structure of fee-for-service advice.

  • Limited availability: Only a small share of Australian advisers meet the legal standard for independence, so choices may be narrower in some areas.
  • Higher upfront costs: Fee-based advice can feel more expensive when getting started, especially for clients used to commission-based models.
  • Fewer bundled services: Independent firms do not offer the packaged products or integrated banking features that larger institutions provide.
  • Insurance advice may cost more: The fee-only model can make risk advice more complex or costly for some households.

The shrinking number of bank-linked advisers also means many consumers now encounter independent or non-aligned firms by default. While this expands access to impartial advice, it also reflects a structural change in the market; i.e. banks have withdrawn from advice roles due to rising compliance costs and regulatory pressure. 

This industry-wide shift has reduced the overall adviser pool, making it more challenging in some regions to find any adviser, whether independent or institution-based.

Bank affiliated financial planner

Bank-Affiliated Advisers

Bank-affiliated, or institution-linked, advisers remain a familiar choice for many Australians. Their advice is delivered within a large organisation, which shapes both the strengths and the limitations of this model.

Bank-affiliated advice may suit clients with simpler needs or those who prefer to stay within a familiar institution, but it offers less flexibility than working with an adviser who sources products across the market.

Regardless of ownership or structure, licensed financial advisers in Australia are legally required to act in their clients’ best interests. Understanding how an adviser is structured simply helps you assess how advice is delivered and where potential constraints may exist.

Advantages of Bank Affiliated Advisers

One benefit of a bank financial adviser is the institutional support structure available to these advisers. Banks offer established systems, internal research teams, and products that work neatly together. 

For clients who already use the same bank for everyday banking, superannuation, or lending, this can create a sense of continuity. In addition, these advisers can also draw on the bank’s administrative resources, which may appeal to people who want everything managed in one place.

Disadvantages of Bank Affiliated Advisers

However, the available product range is typically narrower. Recommendations usually come from a bank-approved list, meaning the options presented may not reflect the broader market. This structure can also introduce incentives that favour certain products, potentially influencing the guidance a client receives.

Which Type of Financial Planner Is Right for You?

When deciding between independent and bank-affiliated advice, it helps to step back and think about how much flexibility you want, how involved you expect your adviser to be, and how comfortable you are with different advice models.

Over the past few years, tighter regulations and higher compliance costs have changed the shape of the advice industry. As a result, there are fewer bank-linked advisers than there once were, and availability can vary depending on where you live and the type of advice you’re looking for.

Independent advice may suit you if…

You’re looking for broader, more personalised holistic financial planning rather than help with a single product or decision. Independent advisers often work best for people who want advice that looks at the full picture not just a one-off event. This covers areas such as investments, superannuation, insurance, retirement planning, and estate considerations. 

They also suit clients who value having access to a wide range of strategies rather than being limited to a small product set. 

In addition, this option tends to appeal to clients who are comfortable paying clear, upfront fees and prefer advice that isn’t influenced by product providers, particularly when goals are complex or long-term.

Bank-affiliated advice may suit you if…

You prefer working with a familiar institution you already use for banking or lending, and you value the convenience of having multiple financial services under one roof. Some clients appreciate this simpler approach, especially when their needs are relatively straightforward or closely linked to their existing accounts. 

That said, bank-affiliated advisers are now less common than they were in the past, which can affect availability, particularly outside major cities.

In practice, the right choice often comes down to how complex your situation is and how much flexibility you want as your circumstances change.

Is It Worth Paying for a Financial Planner in Australia?

Deciding whether or not to pay for a financial adviser is a personal decision. That said, for many Australians, it’s not necessarily the cost itself that’s the major factor in deciding whether to seek help, but how much the cost actually is. 

While, at first glance, fees can seem high, many people find the value worthwhile. This is especially true when dealing with superannuation, retirement planning, complex investments, or life changes that carry long-term financial consequences.

A good wealth management adviser can help you avoid costly missteps, create structure around your goals, and provide guidance when decisions feel overwhelming. For this reason, many people decide that working with a financial adviser is well worth the costs. 

Final Thoughts on Independent vs Bank-Affiliated Financial Advisers

As far as choosing between an independent financial planner or a bank-affiliated adviser, there is no universally “better” option. It’s really what is more appropriate for your goals, preferences, and expectations around advice, product choice, and transparency.

Understanding how each type operates puts you in a stronger position to choose the style of advice that fits your situation and future plans.

Sources:

Australia faces a shrinking pool of financial advisers, with no quick recovery in sight. Rainmaker Information. (2024, October 16). https://www.rainmaker.com.au/media-release/australia-faces-shrinking-pool-of-financial-advisers 

Choosing a financial adviser. Moneysmart.gov.au. (n.d.-a). https://moneysmart.gov.au/financial-advice/choosing-a-financial-adviser 

Financial advice costs. Moneysmart.gov.au. (n.d.-c). https://moneysmart.gov.au/financial-advice/financial-advice-costs 

Ford, K. (2025, October 9). FAAA says ‘drastic intervention’ needed to bolster adviser numbers – IFA. https://www.ifa.com.au/news/36315-faaa-says-drastic-intervention-needed-to-bolster-adviser-numbers 

O’Reilly, J. (2023, July 28). Is it worth paying for a financial advisor? (Australia Guide). Northeast Wealth. https://www.northeastwealth.com.au/resources/is-it-worth-paying-for-a-financial-advisor-australia-guide 

RG 175 AFS Licensing: Financial Product Advisers-conduct and Disclosure. ASIC. (2024, November 21). https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-175-afs-licensing-financial-product-advisers-conduct-and-disclosure/

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How to Choose a Trusted Financial Adviser in Australia – 2026 Checklist

How to choose a financial adviser that is trusted and qualified

We’ll cut to the chase. Yes, you can manage your finances on your own. But do you really want to leave the health of your financial future up to chance? And let’s be honest. We’re living in some tough economic times. In fact, an estimated 74% of adults aged between 18 and 34 have unmet financial advice needs, and at least 10.2 million Australian adults are planning to seek financial advice.

That’s why so many Australians are choosing to work with financial planners. In this article, we’ll explain not only how to choose a trusted financial adviser, but also how to spot red flags along the way.

Your Checklist for Choosing a Financial Adviser

It’s important to understand that not all financial advisers are the same. Some individuals may present themselves as advisers without holding the proper qualifications or credentials. In Australia, anyone providing financial advice, whether general or personal, must hold an Australian Financial Services (AFS) licence.

Before you commit, here’s a quick checklist to help you find a professional adviser you can trust.

  1. Identify what you need help with: Clarify your goals and whether you want guidance for one issue or support that continues over time.
  2. Find and compare qualified advisers: Use the Financial Adviser Register, directories, and trusted referrals to build a shortlist and compare specialties and reviews.
  3. Verify their licence, credentials, and experience: Make sure they hold an AFS licence, appear on the Financial Adviser Register, and have qualifications and experience relevant to your situation.
  4. Understand the type of advice and how they work: Ask whether they provide general or personal advice and request their Financial Services Guide (FSG) to see how they operate and what they charge.
  5. Meet, ask questions, and review fees: Use the first meeting to gauge whether they are a good fit, discuss how often they communicate, and compare their fees with other advisers you meet.
  6. Decide, stay involved, and review regularly: Once you choose an adviser, stay engaged in the process and schedule regular check-ins to keep your financial plan aligned with your goals.

These steps can help you filter out unqualified advisers and give you confidence that you’re working with someone reputable and transparent. We go into more detail on these below.

1. Identify What You Need Help With

Before choosing an adviser, take a moment to pinpoint what you actually need support with. Think about whether you’re looking for guidance on a single issue, such as sorting out your super or deciding how to invest, or whether you want advice that continues over time.

Having a clear sense of your goals helps you narrow down who is best suited to assist and ensures you’re matched with someone who understands your financial stage.

2. Find and Compare Qualified Advisers

Once you know what you need, start building a shortlist of advisers. Use the Financial Adviser Register, directories, and referrals from people you trust. Speak with friends, family, or colleagues who’ve had positive experiences with financial advisers. Personal recommendations can be a great starting point.

As you compare advisers, look at their specialty areas, experience level, and online reviews to see how they’ve helped others. Transparency and reputation matter.

This early research gives you valuable insight into who may be the right fit before you even schedule your first meeting.

Understand the Types of Advisers

It also helps to understand the different types of advisers available in Australia. Some are independent, meaning they are not influenced by product commissions, while restricted or bank-aligned advisers may be tied to certain providers. Knowing this distinction can help you narrow your list and choose someone whose approach aligns with your goals, regardless if they are bank-affiliated or independent.

Assess Experience and Specialty Areas

Also, be sure to look at an adviser’s experience and areas of focus. This helps you find someone who can best support your financial goals now and in the future.

Common specialties include:

  • Superannuation: Guidance on growing and managing your super to prepare for retirement.
  • Investments: Advice on building a diversified portfolio that suits your goals and risk tolerance.
  • Retirement planning: Strategies for creating reliable income streams once you stop working.
  • Insurance: Help choosing life, income protection, or trauma cover to protect your assets and loved ones.
  • Tax and estate planning: Coordinating advice to minimise tax and plan for how your assets will be passed on.

3. Verify Their License, Credentials, and Experience

Before sharing personal information, confirm that the adviser holds an AFS licence and appears on the Financial Adviser Register. This step protects you from unqualified operators and gives you confidence that you’re dealing with someone authorised to provide financial advice.

Look for credentials such as Certified Financial Planner CFP® and membership with the Financial Advice Association Australia (FAAA) or similar bodies, and check whether their experience aligns with your needs.

Feel free to ask any adviser that you meet with for this information. If an adviser will not freely share this information, or you can’t find it with a few quick online searches, it may be best to move on to the next adviser on your list.

How to choose a planner - check qualifications and experience

4. Understand the Type of Advice and How It Works

Before you get too far along the path, think about what it is that you really need. Do you just want some general guidance to set you on the right path? Or are you in need of more specific direction? Understanding the difference between the two types of advice will help you make a clearer decision about the kind of support that suits your situation.

When speaking with a financial planner or adviser, ask whether they provide general or personal advice and request their Financial Services Guide (FSG). This document outlines how they operate, what they charge, and any potential conflicts. Knowing this upfront helps set expectations and ensures you’re choosing the right kind of advice for your needs.

Know the Difference Between General and Personal Advice

  • General financial advice: Broad guidance that doesn’t take your personal goals, financial position, or future plans into account.
  • Personal financial advice: Tailored recommendations based on your circumstances, objectives, and best interests.

5. Have an Initial Consultation, Ask Questions, and Review Fees

Your first meeting is the ideal time to see whether the adviser’s approach suits you. Ask how they communicate, how often they schedule reviews, and what tools they use to keep clients informed.

Make sure you walk away with a clear understanding of their fee structure so you can compare it with other advisers you meet. A good adviser will answer your questions openly and encourage you to take your time before deciding.

Questions to Ask a Financial Adviser

You want an adviser who focuses on quality over quantity. This means you will want to look for someone who manages their client load to provide individual attention, thoughtful planning, and regular communication. Advisers who spread themselves too thin may not have the time to track your progress, update strategies, or anticipate changes in your circumstances.

Use the meeting to ask a few key questions to make sure your needs will be met:

  • Are you licensed under ASIC, and can I view your registration?
  • What types of clients do you usually work with?
  • Do you act in my best interests at all times?
  • How often will we meet or review my plan?
  • What digital tools or reports do you provide?
  • How do you charge for your services?
  • Are they proactive in adjusting your strategy when life or the market changes?
  • Do they tailor advice to your personal goals rather than relying on templates?

The right adviser should answer these questions clearly and confidently, and encourage you to ask more.

Ask About Transparency and Fees

When asking an adviser how they charge for their services, it helps to know what typical fees look like. In 2025, the median annual advice fee in Australia is around $4,668. More tailored plans, especially for clients approaching retirement or managing self-managed super funds, can range between $7,000 and $10,000.

Common fees you may come across include:

  • Statement of Advice (SOA) fee: A one-off charge for preparing your personalised plan.
  • Implementation fee: Covers setup tasks such as opening accounts or purchasing investments.
  • Ongoing advice fee: A monthly or annual cost for continued support and reviews.
  • Review fee: A one-time charge when updating your plan to reflect new goals.
  • Hourly rate or fee for service: Fixed fees for one-off questions or specific tasks.
  • Asset-based fee: A percentage of your portfolio value, charged regardless of investment performance.

When comparing advisers, ask for a clear breakdown of all fees in writing so you can understand exactly what you’re paying for and what’s included in each service.

6. Decide, Stay Involved, and Review Regularly

Once you’ve chosen an adviser, your involvement doesn’t stop there. Stay engaged in the process by asking questions, reviewing updates, and booking regular check-ins to keep your financial plan aligned with your goals.

Life changes, and your strategy should change with it. Working collaboratively with your adviser helps you stay on track long-term and makes the entire experience more productive and transparent.

Consider Technology and Accessibility

Your time is important to you. And the best financial advisers in Australia understand that. For that very reason, many advisers now offer virtual consultations, secure online portals, and digital tools to make communication and progress tracking easier.

How to choose an advisor - online consultation with financial planner

Red Flags to Watch Out For

Before you make a final decision, keep an eye out for behaviours that signal an adviser may not be acting in your best interests. Here are a few signs to take seriously:

  • Promises of guaranteed returns
  • No licence details or reluctance to provide them
  • Pressure to buy specific products
  • High-pressure sales tactics or rushed decisions
  • Unwillingness to provide an FSG
  • Vague or unclear fee explanations
  • Poor or inconsistent online reviews
  • Unsolicited calls, emails, or messages offering financial advice

Spotting these early can help you avoid costly mistakes and move on to a more reliable adviser.

Take Your Next Step Toward Confident Financial Planning

Financial advice should always feel transparent, goal-driven, and collaborative. The relationships you form should be built on trust and open communication between you and your adviser. When you understand the process and the fees involved, you can make confident, informed decisions that support your long-term goals.

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Financial Advice in Australia: What It Is, How It Works, and Where to Start

What is financial advice in Australia, financial planners showing financial charts

Every day, Australians make choices about money without giving them much thought. We decide what we need to buy, what we can pass on for now, and how we’re going to manage our week ahead. And those small decisions rarely make an impact on our longer-term outlook. That said, bigger moments certainly can.

When facing major decisions like buying a home, choosing a car, planning holidays, preparing for retirement, or deciding how to invest, many people start asking what is financial advice and whether they should seek it. And, carrying the weight of those choices on your own can feel overwhelming, which is why so many people turn to financial advice.

The right guidance helps you approach these milestones with clarity and confidence rather than guesswork.

What Is Financial Advice? What it Actually Means

But just what is financial advice, and who should you seek it from? Simply stated, financial advice is guidance that helps you make informed choices about your money. This might mean learning how to create a family budget or putting together a longer term plan to make sure you are well prepared for your golden years.

In Australia, financial advice comes in two main types.

  • General advice: This advice provides you with broad guidance but doesn’t get into your personal situation.
  • Personal advice: This type of advice is based on your specific goals, needs, and financial circumstances. But this type of advice shouldn’t come from someone who doesn’t have the appropriate credentials to provide it. This type of advice must be provided by someone authorised under an Australian Financial Services (AFS) licence.

Financial advice can help you with investing, budgeting, superannuation, insurance decisions, retirement planning, and other major financial choices you may face over time.

Why Australians Seek Financial Advice

Earlier, we mentioned the big financial decisions many of us face. These choices can feel overwhelming. How much should you spend on a house? How big of a car payment can you afford? Are you putting enough money aside for your retirement? That’s where professional guidance becomes valuable.

Financial advice can help you:

  • Understand your money better
  • Avoid decisions that may lead to costly setbacks
  • Map out long-term plans with clarity
  • Make choices that support building and preserving wealth

Beyond the practical support, many people seek advice for the peace of mind that comes from having a knowledgeable partner guiding their decisions.

Where to Seek Financial Advice in Australia

It’s common to chat with colleagues, friends, or family when you’re unsure about money matters, but those conversations only go so far. Their suggestions may be well-meaning, yet they’re not tailored to your situation.

When you’re making choices that shape your long-term future, it helps to speak with someone who is trained, regulated, and required to act in your best interests. That’s where professional financial advice comes in.

The Role of Licensed Financial Advisers

Licensed financial advisers operate under an Australian Financial Services (AFS) licence or act as authorised representatives of a licence holder. This licensing framework sets the rules for what advice they can give and how they must conduct themselves.

A licensed adviser is best positioned to give you personal financial advice that reflects your goals, financial position, and future needs. This advice isn’t intended for the masses. It’s intended for you, and it can help with investment decisions, superannuation questions, retirement strategies, insurance options, and broader money matters.

The Financial Advisers Register

The Financial Advisers Register is a publicly available tool managed by ASIC. It offers a clear snapshot of an adviser’s background so you can make an informed choice. You can check:

  • Qualifications
  • Authorisations
  • Training and experience
  • Employment history
  • Any disciplinary action or banning orders

Reviewing the Register is one of the easiest ways to confirm an adviser is authorised to provide personal financial advice and meets Australian regulatory standards.

The Financial Services Guide (FSG)

Every licensed adviser must provide a Financial Services Guide, or FSG. This document outlines the fees you may be charged, the services they offer, and any commissions or benefits they receive. It also explains how they handle complaints if something goes wrong.

You can usually find the FSG on the adviser’s website or request a copy directly. Reading it helps you understand how the adviser operates before you move forward.

Preparing to Meet with a Financial Adviser

Before you sit down with a financial adviser, it helps to be clear about what you want from the conversation. A little preparation goes a long way. Ask yourself:

  • What goal do I want help with?
  • Do I need a one-off consultation or ongoing support?
  • Am I looking for guidance on investing, budgeting, retirement planning, or something else?
  • How much control do I want over my accounts?
  • Does the adviser’s communication style match what I’m comfortable with?

Thinking through these points early makes it easier to choose someone who understands your needs and can offer suitable guidance.

Financial advice - prepare to meet with an advisor

How to Get the Right Financial Advice

Once you’ve clarified your goals, the next step is making sure the advice you receive is trustworthy, unbiased, and right for your circumstances.

Start by choosing an adviser who holds an Australian Financial Services (AFS) licence or is an authorised representative. Check their standing and qualifications on the Financial Advisers Register to confirm they’re permitted to give personal financial advice.

As mentioned earlier, be sure to seek out a copy of their Financial Services Guide (FSG). This document outlines:

  • Fees and charges
  • Services they provide
  • Any commissions or benefits they receive
  • How they handle complaints

It’s also helpful to compare fees across different advisers to understand value for money. Make sure you’re comfortable with how much access they will have to your investment accounts and how their involvement fits with the level of control you want. And if something isn’t working for you, raise it early. Remember, open communication helps you get the support you need.

What to Do if You’re Unhappy with the Financial Advice You Receive

You always have a say in how your money is managed, and there may be times when you don’t agree with the guidance you’ve been given. If that happens, it’s important to address the issue. If you fail to address the issue promptly, it can put you in a worse financial situation down the road.

Start by raising your concerns directly with your adviser. Many problems can be resolved through an open discussion. If the issue continues, you can follow these complaint pathways:

  • Use the adviser’s internal dispute resolution process
  • If the matter isn’t resolved, take your complaint to the Australian Financial Complaints Authority (AFCA)

Keep records of all emails, notes, statements, and conversations. These documents can help support your case if the issue needs to be reviewed by a third party.

Taking the Next Step Toward Confident Financial Decisions

This guide has outlined what financial advice is, how it works in Australia, and the steps you can take to get started. Whether you’re planning for retirement, managing investments, or simply wanting clearer direction with your money, the right adviser can help set you on a clear path.

By understanding your goals, checking qualifications, reviewing the Financial Services Guide, and asking the right questions, you’ll be well placed to choose support that truly fits your needs.

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Australia’s Financial Advisers Register – How to Check Qualifications & Licences

Financial adviser register check qualifications

When choosing someone to help manage your finances, it’s important to know you’re working with a licensed professional. The Financial Advisers Register, managed by the Australian Securities and Investments Commission (ASIC), is a free online database that allows you to confirm whether a financial adviser is properly authorised to provide personal advice on financial products in Australia.

You can search the register by name, adviser number, business name, or Australian Business Number (ABN). The results show helpful details that you can use when determining the best financial adviser for your needs. This public register helps you make informed choices and verify that your adviser meets the standards required under Australian law.

Go to the Financial Advisers Register

What You Should Know About the Financial Advisers Register

Before you engage a financial adviser, it’s important to understand what the Financial Advisers Register actually is and how it’s maintained. This official database is designed to give consumers an accurate picture of who they’re working with, including their professional background, licensing status, and any disciplinary history. The register exists to protect consumers and uphold the integrity of the financial advice industry across Australia.

Managed by ASIC for Consumer Protection

As mentioned, the ASIC manages and maintains the Financial Advisers Register as part of its broader responsibility for regulating financial services in Australia. This register lists individuals who are authorised to provide personal financial advice on relevant financial products, making sure that only qualified, licensed professionals appear.

ASIC’s oversight provides a transparent and trustworthy system for consumers to verify an adviser’s credentials and track their compliance with industry standards. Under Australian law, maintaining accurate, up-to-date information on the register is a non-negotiable to protect consumers from unlicensed or unqualified advisers.

Information You’ll Find in the Register

The Financial Advisers Register contains a detailed snapshot of each authorised adviser’s professional background. Each listing includes the adviser’s name, registration number, and ABN, along with their current and previous Australian Financial Services (AFS) licensees.

You’ll also see information about their qualifications, training, and professional memberships, giving insight into their expertise. The register records employment history, authorised financial products, and notes any disciplinary actions or banning orders issued by ASIC.

Together, these details help consumers assess an adviser’s experience and legitimacy before making financial decisions.

How to Access and Use the Financial Advisers Register

So, just how do you use the register to check for qualifications and licenses? The process is simple and can be completed in just a few minutes. Whether you’re researching someone you’ve been referred to or comparing professionals before choosing a financial adviser, the Financial Advisers Register gives you direct access to verified data from ASIC.

It’s an easy way to confirm that your adviser is properly authorised and has the right experience to provide personal financial advice.

Simple Search Options

The Financial Advisers Register allows users to search using several identifiers, depending on what information they have available. You can look up an adviser by:

  • Full name
  • Australian Business Number (ABN): The ABN is a unique 11-digit identifier issued to businesses operating in Australia
  • Adviser number: An adviser number is a distinct code assigned to each licensed financial adviser or the financial services licensee they operate under, helping identify who is officially authorised to provide advice.
  • Business name

Each search returns results that link directly to ASIC’s website, where you can view official, up-to-date details about the adviser’s credentials, employment, and licensing status. This direct access to verified records ensures the information you rely on is both accurate and current.

Step-by-Step Guide

We’ve created some simple steps that you can follow to confirm an adviser’s legitimacy before moving forward.

  1. Visit the Financial Advisers Register on the ASIC website.
  2. Enter the adviser’s name, adviser number, or ABN.
  3. Review the results for licensing status, employment details, and qualifications.
  4. Check the adviser’s authorisations and note any disciplinary actions listed.
  5. Use this information to confirm their credentials and reputation before choosing a financial adviser to work with.

This process can help you be assured that your adviser is officially registered and compliant with Australian financial services regulations.

Go to the Financial Advisers Register

AFS Licensees and Their Responsibilities

Behind every licensed financial adviser is an Australian Financial Services (AFS) licensee. This is the entity responsible for authorising, supervising, and reporting on their activities. Understanding the duties of these licensees helps explain how adviser information stays accurate and how consumer protections are upheld under Australia’s financial regulations.

What Is an AFS Licensee?

An Australian Financial Services (AFS) licensee is an individual or organisation authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services or to appoint financial advisers to act on their behalf. AFS licensees play a central role in maintaining trust across the industry.

They oversee their advisers’ conduct, verify that advice is delivered within the boundaries of the law, and make sure their representatives hold the required training and qualifications. In short, they are the gatekeepers who link professional accountability with consumer protection.

Maintaining the Register

AFS licensees are responsible for registering their relevant providers, including financial advisers and time-share advisers, with ASIC. They must also update the Financial Advisers Register whenever details change, such as authorisations, employment history, or qualifications, to keep the database accurate and reliable.

Importantly, provisional relevant providers cannot be registered until they meet ASIC’s requirements for full authorisation. If an AFS licensee fails to maintain these records or breaches reporting obligations, ASIC can impose penalties, restrict their licence, or suspend their authorisations. This ongoing responsibility prioritizes that the register remains a trustworthy resource for both consumers and professionals.

Why the Financial Advisers Register Matters

The Financial Advisers Register is a safeguard for Australians seeking trustworthy financial advice. By checking the register, consumers can confirm that their adviser is qualified, authorised, and accountable under Australian law. It helps protect against unlicensed operators and provides visibility into an adviser’s training, background, and conduct history.

For the financial advice industry, it reinforces professional standards and builds confidence between advisers and clients. Whether you’re verifying credentials before your first consultation or reviewing your adviser’s ongoing status, the register remains one of the most reliable tools for making informed financial decisions.

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