Finding a Financial Adviser

Finding a financial adviser that you know, trust and is licensed can be difficult sometimes. For starters financial adviser can also be known as financial advisers/advisors/planners, wealth managers, investment advisers along with a multitude of other names. Some people may even call themselves financial advisers and aren’t correctly licensed. The quickest way to see if who you are dealing with is licensed to provide advice is to look at the government register here. Every financial adviser in Australia who is licensed must be registered with ASIC (Australian Securities Investment Commission).

An AFSL or also known as an Australian Financial Service License is what is needed here in Australia to be able to provide advice. Every licensed financial adviser in Australia must practice under one.

AFSL’s can be operated by various organisations. Financial adviser’s can sometimes operate their own AFSL, or it can be through a different organisation and even superannuation funds can even operate their own AFSL. So, when receiving advice, it is always good to check if there are any conflicts with what product you are recommended and where the financial adviser is licensed through. Additionally it is confusing for consumers as accountants and mortgage brokers are NOT financial advisers, but can be….. if they are correctly licensed some accountants, even mortgage brokers are licensed to provide personal financial advice. Again their license can be checked here.