How to Choose a Financial Adviser in Australia 2026: Checks, Fees and Questions to Ask

TL;DR: How to Choose a Financial Adviser in Australia

• Check the register first. A person who is not on ASIC’s Financial Advisers Register cannot legally give personal advice on investments, super or life insurance, according to MoneySmart.
• Check the licence. The adviser should be authorised by, or work for, a business holding an Australian Financial Services (AFS) licence.
• Ask for fees in dollars. MoneySmart says to ask for the dollar equivalent of any percentage fee, because a percentage can look small.
• Know the yearly consent rule. You must give written consent each year to ongoing advice fees, including fees taken from super, per MoneySmart.
• You may not need one. Free information, super fund advice on super questions and free money guidance can cover many first questions.

This guide shows you how to check an adviser, what the fees look like, which questions to ask and which warning signs to watch for. It is written for people living in Australia, including students and new arrivals who are building their finances from scratch. We checked the sources below on 30 October 2026.

Step 1: Work Out What Kind of Help You Need

MoneySmart suggests starting with what you want help with: simple advice on one issue, comprehensive planning or an ongoing review. It also separates general advice, which does not take your circumstances into account, from personal advice, which is tailored to you. Only personal advice should be treated as advice about your situation.

Step 2: Check the Adviser on the Financial Advisers Register

The Financial Advisers Register lists people who give personal advice on investments, super and life insurance. According to MoneySmart, for each adviser it shows where they have worked, their qualifications and training, their memberships of professional bodies and the product types they can advise on.

• Search by name, number, ABN, suburb or postcode. If many people share a name, use the representative number or ABN.
• Check the product types. The register lists types, not specific products, so confirm your product is covered in the adviser’s Financial Services Guide or Statement of Advice.
• Check disciplinary actions. The register shows bans, disqualifications, enforceable undertakings and certain Financial Services and Credit Panel actions.
• Check the licensee. The adviser must be authorised by, or employed by, a business with an AFS licence, which you can look up on ASIC’s Professional Registers Search.
• Remember the limits. MoneySmart says licensees supply the information, ASIC does not verify it and ASIC does not endorse or recommend advisers. People banned or disqualified before 31 March 2015 who have not re-entered the industry are not on this register, so check ASIC’s banned and disqualified register as well.

Step 3: Understand Qualifications and Standards

ASIC says relevant providers must meet the qualifications standard, pass the financial adviser exam and complete 40 hours of continuing professional development (CPD) each year. The ASIC education requirements page and the CPD page set this out. Providers of tax (financial) advice must include at least 5 of those hours in tax (financial) advice. The CPD page lists minimum hours in technical competence (5), client care and practice (5), regulatory compliance and consumer protection (5) and professionalism and ethics (9).

You do not need to memorise this. It is a useful question: “What qualifications do you hold, and are you up to date with your CPD?” A good adviser will answer plainly.

Step 4: Read the Financial Services Guide

MoneySmart says the Financial Services Guide (FSG) covers the services on offer, fees, commissions, company ownership, links to product providers and complaints handling. Ask for it before you commit. Initial meetings are usually free, according to MoneySmart, so meet more than one adviser and compare.

How Much Does a Financial Adviser Cost in Australia?

There is no official price list. Advisers set their own fees. MoneySmart describes these fee types:

For ranges, Colonial First State (CFS), a product provider, publishes indicative figures that it attributes to Adviser Ratings (22 January 2025): a comprehensive Statement of Advice costs $2,500 to $7,000, sometimes more, and an ongoing advice relationship averages $4,744 a year. Treat these as a guide only. CFS also notes super advice through a super fund has no additional cost, because it is funded through administration fees shared across members.

A worked example from MoneySmart

MoneySmart gives an illustration for a person with about $400,000 invested. The SOA fee is $3,500 and the implementation fee is $1,500. In year 1 there is an ongoing advice fee of $2,000 (0.50%), platform administration of $1,000 (0.25%) and investment management of $3,000 (0.75%). MoneySmart estimates total year 1 fees, premiums and commissions at $13,000, including a $2,000 insurance premium, and notes the figures are indicative only and likely higher for broader advice.

Commissions, Consent and Conflicts of Interest

• MoneySmart says advisers cannot receive commissions on super products or investments, but can receive them on some insurance policies.
• For life, general or consumer credit insurance advice, the adviser needs your consent to charge commissions. You should be given a copy of your consent.
• You can ask to pay a higher up-front fee to reduce the commission and your premium.
• Advisers generally cannot receive gifts or benefits from product providers for recommending products. Report suspected misconduct to ASIC.
• Ongoing fees need your written consent every year. Ask when you next need to opt in and when you will be reminded.

Questions to Ask Before You Hire Anyone

These come from MoneySmart’s guidance on choosing an adviser. Write down the answers and compare them across advisers.

The Statement of Advice: What to Read Closely

When an adviser gives personal advice, they normally give you a written Statement of Advice that sets out the advice and the reasons. Read it fully. Check that it matches your goals, explains why the recommendation suits you, shows all fees and commissions in dollars and names any conflicts of interest. If anything is unclear, ask for clarification in writing before you act.

Red Flags to Watch For

These are practical warning signs based on MoneySmart’s guidance and common sense. None is proof of wrongdoing, but each is a reason to slow down.

• The adviser is not on the Financial Advisers Register or cannot give you an AFS licence number.
• They will not give you a Financial Services Guide or explain fees, commissions and product links.
• They promise returns or call something risk free. Investments carry risk.
• You are pressured to sign quickly.
• The fee is only given as a percentage and the adviser will not show the dollar figure.
• You are asked for access to your accounts that you are not comfortable with.
• Answers about complaints and ending the agreement are vague.
• They show little interest in your goals, risk tolerance or financial situation.

When You May Not Need an Adviser Yet

• Super questions: many super funds offer advice on your super at no extra charge. CFS notes this is funded through fees shared across members, so ask your fund what is included.
• Free guidance: MoneySmart says free financial information is available and its calculators can help you plan.
• Debt trouble: the free National Debt Helpline (1800 007 007) offers confidential financial counselling. See ndh.org.au for hours. Our mortgage stress guide covers hardship steps with lenders.
• Budgeting: a spreadsheet and a plan like the 50/30/20 method go a long way before paying for advice.
• Robo-advice: MoneySmart says it may be cheaper and more convenient but usually covers a narrow range of services and cannot handle complex situations.

Is Financial Advice Tax Deductible?

Sometimes in part. In its draft determination TD 2023/D4, reported by IFA, the ATO said upfront fees are deductible only to the extent they relate to tax advice. Fees for recommending and acquiring an investment are generally capital and not deductible, while ongoing advice on the suitability and performance of an investment can be deductible. Budgeting and other private advice is not. Mixed fees need to be apportioned on a fair and reasonable basis. This draft did not cover fees paid from a super fund or people carrying on a business. Check the ATO’s current final ruling or ask a registered tax agent for your case.

If You Are a Student or New to Australia

If you are on a visa or just starting out, an adviser is rarely the first step. Start with the basics: a bank account, your tax file number and your super. Our super for international students guide and TFN vs ABN guide cover those. If you later want advice on investing or buying property, ask whether the adviser has experience with temporary residents, because tax rules can differ, as our property vs shares guide explains for the CGT changes.

Be careful with anyone who promises quick returns online. Our guide to get rich quick schemes for students lists common traps. Always check the register before sending money.

Market Context: Why Advice Questions Are Rising

With the RBA at 4.60% after four rises in 2026, households are weighing mortgages, savings and investing more carefully. See our interest rate predictions guide and stamp duty calculator if you are planning a purchase. Rates and rules can change, so confirm current details with official sources.

If Something Goes Wrong

MoneySmart says to talk to your adviser first if you are unhappy. If you are still concerned, complain to the licensee or employer, or lodge a misconduct report with ASIC. MoneySmart also advises contacting the licensee first if a register entry looks wrong. Keep your SOA, fee statements and emails.

Books for Taking Control of Your Money

Frequently Asked Questions

Sources

• MoneySmart: Financial advice
• MoneySmart: Choosing a financial adviser
• MoneySmart: Financial advice costs
• MoneySmart: Financial Advisers Register
• ASIC: Educational requirements for financial advisers
• ASIC: CPD requirements for financial advisers
• CFS: How much does a financial adviser cost?
• IFA: ATO clarifies rules on tax deductibility of advice fees
• National Debt Helpline