ASIC's MoneySmart website has published a financial advice guide for consumers, to better understand the process of getting financial advice. The initiative is part of a program to improve the financial literacy of Australians.
The Financial Advice Toolkit is a free tool to break down the complexity of financial advice, helping with research and evaluating advice given.
Impartial guidance is given on:
- Determining goals and needs within finance
- How to choose an adviser
- Preparing for the first meeting with an adviser
- Understanding a Statement of Advice (SoA)
- Reviewing one's own finances
Users can create a customised 'to-do' list, modifying it to suit personalised needs. A link is also available to the Financial Adviser's Register.
Advisers can help clients by offering access to the Toolkit here.