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The search for a financial adviser

My wife and I are approaching retirement and have never seen a financial adviser before, but I know we need one! What is the first thing we should be looking for in our search?

The Australian Securities and Investments Commission (ASIC) states that you should only deal with licensed businesses, or persons authorised by a licensed business, when getting financial advice and buying financial products.

‘Financial products’ include deposit accounts, life and general insurance, superannuation and investments in managed funds, shares, debentures, and other more complex financial investments. (Loans and direct investments in real estate are regulated under State laws, and are excluded from ASIC licensing.)

Under the law, any business or person that offers or advises you about financial products must either be:

  • An Australian Financial Services (AFS) licence holder (often referred to as an AFS licensee).
  • A director or employee of an AFS licence holder.
  • An Authorised Representative of an AFS licence holder.

You can run free safety checks on ASIC’s registers to make sure the business you’re proposing to deal with is properly licensed to advise on, or sell you, financial products.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Tuesday, May 24, 2011

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