# How to choose a financial adviser in Australia

*Digital Pages Editorial · 2026-08-03*

Before you engage a financial adviser in Australia, search their name on the ASIC Financial Advisers Register at moneysmart.gov.au and confirm they currently hold an authorisation under a licensed Australian Financial Services (AFS) provider. If they don't appear on the register, they cannot legally give you personal advice on investments, superannuation or life insurance, no matter what they claim on a website or business card.

## What does the ASIC Financial Advisers Register show?

The register is run by ASIC and published through Moneysmart. For any adviser, it shows where they've worked, their qualifications and training, memberships of professional bodies, and the specific products they're authorised to advise on. You can search by the adviser's name, adviser number or ABN, or by suburb or postcode.

Treat the register as a starting point, not a guarantee. The information is lodged by AFS licensees and their authorised representatives under obligations in the Corporations Act 2001, and ASIC does not check or review it before it's published. If something looks wrong, raise it with the adviser's licensee directly rather than assuming the register is definitive.

The register only lists people authorised to give personal advice, meaning advice tailored to your objectives, financial situation and needs. General advice, a product recommendation that ignores your circumstances, doesn't require the same authorisation and can come from call centre staff or comparison sites. If nobody has asked about your situation before recommending a product, you're getting general advice, not a financial plan.

## How do I check an adviser holds a current AFS licence?

The adviser register confirms an individual is authorised. To confirm the business behind them actually holds the licence, use ASIC's Professional Registers Search, entering the company name, ACN or ABN, or licence number. Most results are free, and the same search covers credit licensees, registered auditors and approved SMSF auditors if the business offers those services too.

Cross-check the business's ABN using our guide to [checking an ABN](/kb/check-an-abn) before you go further. Both registers are refreshed once a day, with a timestamp showing when each record last changed. Once you've confirmed both, you can compare licensed practices among the [financial advisers](/financial-advisers) listed on Digital Pages.

## What education and exam standards must an adviser meet?

Anyone giving personal advice as a "relevant provider" must meet the qualifications standard in section 921B of the Corporations Act 2001, completing an approved bachelor's degree or higher, or an accepted equivalent, from the list in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021. Advisers already working before the standard existed, known as existing providers, generally had until 1 January 2026 to complete it.

Every relevant provider must also pass the ASIC financial adviser exam. Existing providers who missed their exam cut-off date, 1 January 2022 for most, or 1 October 2022 with an approved extension, lost their authorisation to give personal advice automatically. This qualifications and training history is meant to appear against each adviser's entry on the register.

## How are financial advisers paid, and what's banned?

Financial advisers can charge several different types of fees, and more than one often applies to the same piece of advice. Ask for the total cost in dollars, not just a percentage, before you agree to anything.

| Fee type | What it's for |
|---|---|
| Statement of Advice (SOA) fee | One-off fee to prepare your written advice |
| Implementation fee | One-off fee to action the advice, such as opening accounts |
| Fee for service | Charge for a specific piece of advice or service |
| Asset-based fee | A percentage of your total portfolio value |
| Ongoing advice fee | Regular fee, often monthly, for reviews and support |
| Review fee | One-off fee to review your plan and update it |
| Hourly rate | Fixed rate for advice or one-off questions |

Advisers can still receive commissions on some insurance policies they recommend, but they need your written consent to accept them and must explain how the commission affects your cost. Outside insurance, conflicted remuneration is banned: commissions and volume-based payments tied to the investment products an adviser recommends have been prohibited since the Corporations Amendment (Future of Financial Advice) Act 2012, with compliance mandatory from 1 July 2013. The same reforms introduced the best interests duty, requiring an adviser to put your interests ahead of their own.

If you're on an ongoing fee arrangement, your adviser must get your written consent every year to keep charging it, and must set out exactly what services and fees apply for the year ahead.

## What documents should I get before I act on advice?

Ask for the adviser's Financial Services Guide (FSG) before your first real conversation about your money. It should be on their website, or handed over on request, and it sets out their services, how they charge, and any links they have to the financial products they recommend.

Once you decide to proceed, you should receive a Statement of Advice (SOA) that sets out the recommendation and the reasoning behind it. A proper SOA addresses your goals and financial situation, explains the risk of the strategy, shows every fee and who receives it, and discloses any commissions, gifts or other benefits the adviser or a referrer receives.

It should also spell out any benefits you'd lose by following the advice, such as insurance cover inside a super fund you're being asked to leave, and disclose any conflicts of interest the adviser has. Don't sign anything you don't understand, and don't feel pressured to act at the first meeting.

## What's different about advice on setting up an SMSF?

SMSF establishment advice gets extra scrutiny because ASIC keeps finding it below standard. In a review released in November 2025, ASIC assessed 100 financial advice files on setting up an SMSF and found 62 failed to demonstrate compliance with the best interests duty, with 27 raising significant concerns about client detriment. Only 38 of the 100 files fully demonstrated that the adviser had acted in the client's best interests.

The scale matters here. SMSFs now hold around $1 trillion of Australia's $4.3 trillion superannuation pool, and 41,980 new funds were established in the year to June 2025, up from 33,032 the year before. A good adviser should document why an SMSF suits your specific objectives and financial situation, not just that you asked for more control.

Moving your super out of an APRA-regulated fund into an SMSF means giving up the right to complain to the Australian Financial Complaints Authority about that fund, along with the benefits of prudential regulation. Ask your adviser to walk through this trade-off specifically, not just the investment options.

For the ongoing accounting and audit work an SMSF requires once it's running, see Digital Pages' [SMSF specialists](/smsf-specialists). A general [accountant](/accountants) can prepare your tax return and fund accounts, but recommending that you establish an SMSF in the first place is personal financial advice, and requires the AFS authorisation described above.

## What are the red flags of unlicensed or high-pressure advice?

Be suspicious of any unexpected contact selling an investment, whether it's a phone call, a text, a social media message or a dating app conversation. Scammers commonly pose as a bank, a fund manager or even a friend, and the pitch almost always includes a guaranteed or unrealistically high return. Genuine financial advice doesn't start with a cold call promising a number.

Australians lost more than $837 million to investment scams in 2025, according to the National Anti-Scam Centre. In the same year, ASIC coordinated the removal of 11,964 phishing and investment scam websites, an average of 32 a day, and took down more than 1,100 investment scam advertisements on social media.

Other signals to walk away from: pressure to decide before you've read the Statement of Advice, requests to pay the adviser personally instead of the product provider, and an inability to find them on the Financial Advisers Register or Professional Registers Search. Verify independently, using the searches above, rather than a link or phone number the caller supplies.

## Frequently asked questions

**Is an accountant the same as a financial adviser?**

No. An accountant can prepare tax returns and give tax advice without an AFS licence, but only a person who holds an AFS licence, or is authorised under one, can legally give personal advice on investments, superannuation or life insurance. Check the Financial Advisers Register if you're not sure which one you're dealing with.

**What's the difference between general advice and personal advice?**

Personal advice takes your objectives, financial situation and needs into account. General advice is a recommendation or opinion about a product that ignores your circumstances, and anyone can give it without appearing on the adviser register.

**How much does financial advice cost?**

It depends on your adviser, how complex your situation is, and whether you want one-off or ongoing advice. Common charges include a Statement of Advice fee, an implementation fee, an asset-based or hourly fee, and an ongoing advice fee, all of which should appear in dollar terms in the adviser's Financial Services Guide.

**Do I need a financial adviser to set up an SMSF?**

No. The ATO regulates SMSF set-up directly, and you can establish one yourself. A registered financial adviser can help you decide if an SMSF suits you, but ASIC's November 2025 review found only 38 of 100 SMSF establishment advice files fully met the best interests duty, so getting advice doesn't guarantee good advice.

**What if I can't find an adviser on the register?**

Then they cannot legally give you personal advice on investments, superannuation or life insurance. Ask for their adviser number or ABN and search again, since name searches can return several people. If they still don't appear, treat that as a reason to stop, not a technicality to work around.

## Sources

- [Financial advisers register - Moneysmart](https://moneysmart.gov.au/financial-advice/financial-advisers-register)
- [Professional registers search - ASIC](https://www.asic.gov.au/online-services/search-asic-registers/professional-registers-search/)
- [Financial advice costs - Moneysmart](https://moneysmart.gov.au/financial-advice/financial-advice-costs)
- [Future of Financial Advice (FOFA) reforms - ASIC](https://www.asic.gov.au/regulatory-resources/financial-services/regulatory-reforms/future-of-financial-advice-fofa-reforms/)
- [Working with a financial adviser - Moneysmart](https://moneysmart.gov.au/financial-advice/working-with-a-financial-adviser)
- [Qualifications standard - ASIC](https://www.asic.gov.au/regulatory-resources/financial-services/financial-advice/professional-standards/qualifications-standard/)
- [Investment scams - Moneysmart](https://moneysmart.gov.au/financial-scams/investment-scams)
- [25-265MR ASIC review raises fresh concerns over risks to retirement savings from poor SMSF advice](https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-265mr-asic-review-raises-fresh-concerns-over-risks-to-retirement-savings-from-poor-smsf-advice/)
- [Self-managed super fund (SMSF) - Moneysmart](https://moneysmart.gov.au/how-super-works/self-managed-super-fund-smsf)

## FAQ
**Is an accountant the same as a financial adviser?**

No. An accountant can prepare tax returns and give tax advice without an AFS licence, but only a person who holds an AFS licence, or is authorised under one, can legally give personal advice on investments, superannuation or life insurance. Check the Financial Advisers Register if you are not sure which one you are dealing with.

**What is the difference between general advice and personal advice?**

Personal advice takes your objectives, financial situation and needs into account. General advice is a recommendation or opinion about a product that ignores your circumstances, and anyone can give it without appearing on the adviser register.

**How much does financial advice cost?**

It depends on your adviser, how complex your situation is, and whether you want one-off or ongoing advice. Common charges include a Statement of Advice fee, an implementation fee, an asset-based or hourly fee, and an ongoing advice fee, all of which should appear in dollar terms in the adviser's Financial Services Guide.

**Do I need a financial adviser to set up an SMSF?**

No. The ATO regulates SMSF set-up directly, and you can establish one yourself. A registered financial adviser can help you decide if an SMSF suits you, but ASIC's November 2025 review found only 38 of 100 SMSF establishment advice files fully met the best interests duty, so getting advice does not guarantee good advice.

**What if I cannot find an adviser on the register?**

Then they cannot legally give you personal advice on investments, superannuation or life insurance. Ask for their adviser number or ABN and search again, since name searches can return several people. If they still do not appear, treat that as a reason to stop, not a technicality to work around.

## Sources
- [Financial advisers register - Moneysmart](https://moneysmart.gov.au/financial-advice/financial-advisers-register)
- [Professional registers search - ASIC](https://www.asic.gov.au/online-services/search-asic-registers/professional-registers-search/)
- [Financial advice costs - Moneysmart](https://moneysmart.gov.au/financial-advice/financial-advice-costs)
- [Future of Financial Advice (FOFA) reforms - ASIC](https://www.asic.gov.au/regulatory-resources/financial-services/regulatory-reforms/future-of-financial-advice-fofa-reforms/)
- [Working with a financial adviser - Moneysmart](https://moneysmart.gov.au/financial-advice/working-with-a-financial-adviser)
- [Qualifications standard - ASIC](https://www.asic.gov.au/regulatory-resources/financial-services/financial-advice/professional-standards/qualifications-standard/)
- [Investment scams - Moneysmart](https://moneysmart.gov.au/financial-scams/investment-scams)
- [25-265MR ASIC review raises fresh concerns over risks to retirement savings from poor SMSF advice](https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-265mr-asic-review-raises-fresh-concerns-over-risks-to-retirement-savings-from-poor-smsf-advice/)
- [Self-managed super fund (SMSF) - Moneysmart](https://moneysmart.gov.au/how-super-works/self-managed-super-fund-smsf)