General vs Personal Advice.

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.

General Advice Warning.
  • the information on this website has been prepared without taking into account your objectives, financial situation or needs;

  • you should, therefore, consider the appropriateness of the information provided, in light of your own objectives, financial situation or needs, before acting on any information provided by this website; and

  • if information relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (PDS) (if required) relating to the product and consider the PDS before making any decision about whether to acquire the product.

  • you should also be aware that in the process of switching superannuation funds, you may lose insurance cover attached to one or more existing superannuation funds. You should carefully consider your insurance needs prior to proceeding to consolidate your superannuation and seek advice if necessary.

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.