The new financial advice toolkit, created by ASIC’s MoneySmart, lets consumers identify goals, receive tips on choosing an adviser and the fees involved, understand a Statement of Advice and review their financial situation at least once a year.
Consumers can use the toolkit to create a customised ‘to do’ list while links to the Financial Advisers Register are included so consumers can check adviser credentials or bannings, ASIC said.
ASIC deputy chairman Peter Kell said, “Australians face major financial decisions throughout their lifetime, many of which can be complex and confusing. Yet only about one in five Australians obtain financial advice. ASIC recognises the value that quality advice can deliver and wants to see this increase.
“ASIC’s new toolkit is a practical resource to help Australians assess the quality of the advice they receive and make better financial decisions.”
The MoneySmart Financial Advice Toolkit is available on ASIC’s MoneySmart website.
Great work FPA, I see you are still backing your institutional masters. Independent means independent of being owned by a bank or other financial institution, pity the same can’t be said about the FPA. The Banks and instos do not want non-bank advisers to call themselves independent, so FPA backs ASIC. However, when the banks want to charge asset base fees, oh no the FPA can’t back ASIC on reviewing asset based fees that just wouldn’t be right. We may as well put the bank’s logos on the FPA offices.