What to expect from financial advisers

To be authorised, advisers must:

• Meet high standards of education, professional conduct, compliance and disclosure, and
• Complete ongoing training.

They may also be a member of a professional body, for example the Financial Planning Association of Australia (FPA) or the Association of Financial Advisers (AFA).

Before you consult with a financial adviser, ask for their Financial Services Guide (FSG). It will tell you:

• Whether the financial planner is licensed
• Who they work for
• How they will charge you
• The range of services they offer
• Their associations with investment companies, and
• What to do if you have a complaint.

Advisers use different methods of charging that will depend on your individual needs and the level of service you require. Be sure to ask your adviser how they get paid.

Your financial adviser’s statement of advice

Expect to tell your financial adviser a range of personal information - they will only use it to prepare your financial plan. If this plan contains advice relevant to your circumstances, your adviser must give you a written Statement of Advice (SOA).

This explains:

• The advice they've provided
• The information it's based on
• How they get paid, and
• Any interests, associations or relationships they hold that could have influenced their advice to you

For more information on what to ask and what to expect when you consult with a financial adviser Asteron suggests you visit these sites:

> http://www.understandingmoney.gov.au (Australian Government website - helps you prepare a budget, set some financial goals and more.)

> http://www.fido.asic.gov.au (Australian Securities & Investment Commission - for financial tips and safety checks.)

> http://www.fpa.asn.au (Financial Planning Association of Australia - the FPA and its members strive to improve the financial well being of all Australians.)

> http://www.afa.asn.au (Association of Financial Advisers - helping Australians secure their financial future.)

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