How to Choose a Licensed Financial Adviser in Australia
Last updated 2 June 2026 · General information only
Personal financial advice can only be given by a licensed adviser. Knowing how to check that licence, and what to expect, makes the first conversation much easier.
Check the register first
ASIC maintains a public Financial Advisers Register showing who is authorised, by whom, and what they can advise on. Checking takes two minutes and should happen before any meeting, not after.
Understand how they are paid
Common models include a flat fee, an hourly rate, a percentage of assets, or a combination. Each creates different incentives. Ask for the cost in dollars for the first year and for ongoing service, in writing.
Ask about their typical client
An adviser who mostly works with young families may be excellent, and still not the right fit for retirement income and means-test questions. Ask who they usually help and what a typical engagement looks like.
What you should receive
Expect a Financial Services Guide up front, and a Statement of Advice before acting on personal recommendations. The Statement of Advice should explain what is recommended, why, what it costs and what the risks are — in language you can follow.
Preparing for the first meeting
Bring recent super statements, a rough list of assets and debts, an estimate of annual spending, and any Centrelink correspondence. Write down three things you want to be true in five years. That last one shapes the conversation more than the paperwork does.
Frequently asked questions
How much does advice usually cost?
It varies widely by scope and complexity. Ask for a written quote covering the initial advice and any ongoing service before you commit.
Do I need ongoing advice?
Not necessarily. Some people use one-off, scoped advice at a decision point rather than an ongoing arrangement.
What if I am not happy with the advice?
Raise it with the licensee first. If it is not resolved, the Australian Financial Complaints Authority provides a free external dispute resolution service.