There are two broad definitions of types of financial advice in Australia. Financial advice helps you make decisions about your money and can be tailored to your situation (personal advice) or general financial information (general advice).
Personal financial advice
Personal financial advice is where an adviser makes recommendations for a financial service or product after considering one of more of your objectives, financial situation and needs. Where a financial adviser provides you with personal financial advice, they must provide you with a Statement of Advice (SOA). Your adviser will consider the information you have provided him/her, carefully consider your financial goals and provide the SOA in writing that sets out what your adviser is recommending and why they think it’s suitable for you.
General financial advice
General financial advice refers to general information regarding financial products but is not recommended as to its suitability for the client. The product adviser does not select from a group of potential products which might be more suitable for the client in relation to their personal needs, circumstances or objectives.
We are also authorised to provide personal financial advice on a fee for service basis to you if you prefer. Please contact us if you would like to discuss obtaining personal financial; advice before consolidating your superannuation.