It all adds up to good advice

MONEY is on everyone’s mind as another financial year rolls by.
For those who are looking to start the new financial year off on the right foot, the Australian Securities and Investments Commission’s (ASIC) website has advice on finding the right financial advisor.
According to the website, anyone choosing an adviser should check the ASIC’s financial advisers’ register at www.moneysmart.gov.au to make sure they have the right experience and qualifications for the level of service required.
They can also check the register to make sure that the adviser is licensed and hasn’t been banned or disqualified from giving advice.
Once they have a shortlist of advisers, the ASIC encourages people to check the history, qualifications and current employment status of advisers before approaching them about getting advice.
The ASIC’s financial advisers’ register tells visitors:
§ The adviser’s qualifications, experience and employment history;
§ What product areas the adviser can provide advice about;
§ Whether the adviser is a member of any professional bodies or industry associations that are relevant to providing financial services;
§ Whether the adviser has been the subject of disciplinary action by ASIC;
§ The name and number of the Australian Financial Services (AFS) licence holder who employs or authorises the financial adviser to provide advice;
§ Details about who owns or controls the licence holder.
The ASIC warns people to not deal with advisers who do not operate under a licence because they are breaking the law and there is little protection if things go wrong.
Once a few advisers have been selected, a copy of their financial services guide (FSG) can be found by visiting their website or by phoning and asking them to send one.
Also check if the adviser has the right qualifications and experience needed.
According to ASIC, a financial adviser can be qualified to give advice after meeting only minimum training requirements.
To increase the chance of getting good advice look for an adviser who also has a diploma, an advanced diploma or degree qualification in a relevant discipline such as finance, economics, accounting or financial planning.
Also, the ASIC encourages people to make sure the adviser focuses on the services and strategies they can offer rather than the products they can sell.
Lastly, the ASIC encourage people to not be afraid to ask an adviser about their qualification and experience.
If they don’t have enough experience or knowledge in a particular area, find another adviser.
For more information, head to www.moneysmart.gov.au/investing.