How to choose a financial adviser
A financial adviser helps you plan around goals like retirement, investments, super and insurance. The two things that matter most when choosing one are their authorisation and how independent their advice really is.
What they do
They assess your situation and give personal advice — a regulated service. Every adviser must be listed on ASIC’s Financial Advisers Register and owes you a best-interests duty. You should receive a Financial Services Guide.
How they’re paid
Fee-for-service advisers charge you directly. Others receive commissions (still common for insurance) or are tied to a product issuer. None of that is automatically bad, but it affects independence — so get it in writing.
Red flags to watch for
- Isn’t on ASIC’s Financial Advisers Register.
- Only ever recommends in-house or one issuer’s products.
- Doesn’t clearly disclose commissions or their Financial Services Guide.
- Guarantees returns, or pressures you into a product quickly.
Questions to ask before you commit
- Are you on the Financial Advisers Register, and under which licensee?
- Are you fee-for-service or commission-based — and are you independent?
- Can I see your Financial Services Guide and a sample Statement of Advice?
- How does your advice serve my best interests, not a product?
How to verify them
Financial advisers must be authorised and listed on ASIC’s Financial Advisers Register (via Moneysmart). Check their status there — profiles here link to it.
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Every listing is checked against the official register — none paying for placement.
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