Search their name on ASIC's Financial Adviser Register (via Moneysmart). It shows whether they are currently authorised, which Australian Financial Services Licence (AFSL) they operate under, their qualifications and any bans. Then check the licensee on ASIC's professional registers and confirm it is a member of the Australian Financial Complaints Authority (AFCA). Legitimate advisers welcome these checks.
What it depends on
The full answer depends on your specific circumstances. Here’s what matters.
Register status
The Financial Adviser Register lists everyone authorised to give personal advice on relevant financial products to retail clients. If they are not listed, they should not be giving you personal advice.
Bans and enforcement
ASIC publishes banned and disqualified persons and enforcement outcomes. A name match is worth investigating carefully before you proceed.
Complaints pathway
AFSL holders must belong to AFCA, the free external dispute resolution scheme. If something goes wrong, you need that pathway available.
The last 10%
What a qualified professional can add
The answer above covers the general position. Here’s where professional judgement — applied to YOUR specific situation — makes the difference.
- Explaining their licensing, authorisation and any conflicts openly
- Providing a Financial Services Guide (FSG) before advising you
- Showing how complaints are handled internally and through AFCA
Questions to ask before you engage one
If you decide to engage a professional, these questions help you evaluate whether they’re right for your situation.
What is your adviser number and which AFSL do you operate under?
Can I have your Financial Services Guide before we talk further?
Is your licensee an AFCA member, and what is its membership number?
Have you ever been subject to a complaint or regulatory action?
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General Advice Warning
The information on this page is general in nature and does not take into account your personal objectives, financial situation or needs. It is provided by Global Mutual Funds Pty Ltd (ABN 20 090 555 436, AFSL 222640) and should not be relied upon as a substitute for professional advice. Consider whether the information is appropriate before acting on it. Read our Financial Services Guide.