To provide financial product advice, a financial planner must be licensed by the Australian Securities and Investments Commission (ASIC) or be authorised to represent a licence holder. The ASIC consumer website www.fido.asic.gov.au allows people to check who holds a licence or is an Authorised Representative. ASIC sets a minimum education standard (Policy Statement 146). Advisers with this minimum qualification will often operate in a support or administrative role and be supervised by an experienced practitioner.

When advice is needed

Most people choose to see a financial adviser at significant turning points in their life. They may need an expert to help them consider their options and to understand financial products, tax laws or the benefit system. Once people find an adviser with whom they�re comfortable, a long-term relationship often develops with regular meetings to review changing needs.

• Starting work or changing jobs and looking at superannuation options.
• Getting married, or separating from a partner.
• Starting a family, and saving for education costs.
• Buying a house, or paying off the mortgage.
• Looking to invest for capital growth.
• Planning to retire.
• Inheriting money, receiving redundancy payments or other lump sum payments.