General Advice
General advice does not take into account your particular circumstances, such as your objectives, financial situation and needs. For example, if an adviser gives you information about a product that might be suitable for you, but does not consider your overall financial goals or actually recommend you take up the product, it is general advice.
Personal Advice
Personal financial advice considers your personal situation before making recommendations, taking into account your current financial situation, goals and objectives.
There are different types of advice you may wish to receive:
- Simple, single-issue advice – helps with a particular financial issue, for example, the best way to make personal super contributions.
- Comprehensive financial advice – involves developing a comprehensive financial plan to help you set and achieve financial goals. It will cover things like saving, investments, insurance and superannuation and retirement planning. This sort of plan should be monitored and adjusted over time.
- Ongoing advice – your adviser will regularly monitor and review your financial plan on a regular basis to help you manage your financial affairs. The frequency of reviews and how you pay for them should be mutually agreed when you start working with a financial adviser. We make sure you understand exactly what your ongoing fees cover.
