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What to look out for when getting investment advice.

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Before seeking advice from a financial adviser, conduct a search of the adviser on ASIC’s financial advisers register, to ensure that they are who they say they are.

The register can tell you if an adviser has had any actions taken against them and what qualifications they hold.

The register also tells you:

  • Their experience, qualifications and employment history
  • What products they can provide advice about
  • If they are a member of any professional body or industry associations
  • The name and number of the Australian Financial Services licence holder who employs/authorises them to provide advice
  • Details about who controls/owns the licence holder

If an adviser is not operating under a licence, walk the other way. They are breaking the law and you will not be covered if things go wrong.

A financial adviser should have a FSG (financial services guide) which outlines what their business offers you.

The guide should tell you:

  • What services they offer
  • How they charge
  • If they receive additional payments or benefits
  • Who owns the company the adviser works for
  • If they have links to product providers
  • Their licence number

 

 

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Marlene F Liontis