How to Choose a Licensed Financial Adviser in Australia
Last reviewed 26 May 2026 · FiftyPlus Finance
Choosing a financial adviser is one of the more important decisions Australians make as they approach retirement. This guide explains what 'licensed' means here and how to vet someone before you commit.
This page is general information only and not personal advice. Always verify any adviser on the ASIC Financial Advisers Register and read the documents they provide.
What 'licensed' means in Australia
In Australia, individuals who provide personal financial advice on most products must be authorised under an Australian Financial Services Licence (AFSL). They appear on the ASIC Financial Advisers Register, which records their qualifications, training, employment history and any disciplinary action.
There are different categories of advice — for example, 'general advice' (not tailored to you) and 'personal advice' (which considers your circumstances). Personal advice triggers stronger consumer protections, including a written Statement of Advice (SoA).
Before you book a meeting
Look up the adviser on the ASIC Financial Advisers Register. Check the licensee they work under, the products they're authorised to advise on, and any restrictions or past banning orders.
Read the Financial Services Guide (FSG) on their website. It sets out who they are, what they can and can't advise on, how they're paid, and how to complain.
Consider what kind of advice you actually need. A one-off scoped advice piece (sometimes called 'limited' or 'piece-by-piece' advice) often costs less than a comprehensive plan, and may be enough for a specific question.
Questions to ask an adviser
1. Are you authorised to advise on the products you're recommending? Under which AFSL?
2. How are you paid — fee for service, asset-based fee, commissions, or a combination?
3. What conflicts of interest exist, and how do you manage them?
4. Are you a member of a professional body (such as the FAAA), and do you hold the current qualification standards?
5. What experience do you have with clients in similar circumstances to mine?
6. Will I get a written Statement of Advice, and what is included in the fee?
7. How often will we review the plan, and what does an annual review cost?
8. Who else in your firm has access to my information, and how is it protected?
Our broader checklist of questions to ask before investing covers product-level questions to take into the same meeting.
Fees and how advisers are paid
Fees vary widely depending on the scope and complexity of the work. Common structures include: an upfront fee for an initial Statement of Advice, an ongoing service fee (flat or asset-based), and sometimes commissions on certain insurance products. Ask for the total annual cost in dollars, not just percentages.
By law, ongoing fee arrangements must be renewed annually with your written consent. You should receive a clear summary of services delivered and fees charged.
Red flags
Be cautious if: the adviser pressures you to act quickly, won't put fees in writing, can't show their entry on the ASIC register, recommends only in-house products without explaining why, or promises guaranteed or unusually high returns. See our notes on common retirement investing pitfalls for related warning signs.
If something goes wrong
Australia has a free external dispute resolution service — the Australian Financial Complaints Authority (AFCA) — that can consider complaints about financial firms. Your adviser's FSG explains how to make a complaint internally first.
For background on how all of this fits together with super, the Age Pension and tax, see superannuation in retirement, the Age Pension and your investments and tax in retirement. For a free written overview to read at your own pace, you can request your free information pack.
Frequently asked questions
How do I check an adviser is licensed?+
Search their name on the ASIC Financial Advisers Register (linked from moneysmart.gov.au). It shows the licensee, qualifications and any past action.
What is a Statement of Advice?+
A written document that sets out the personal advice you receive, the reasons for it, and the costs. You are entitled to one before acting on personal advice.
How are advisers paid in Australia?+
Common models include fee-for-service, ongoing service fees, and limited remaining commissions (mainly on certain insurance). Conflicted remuneration on most investment products has been banned.
Do I need ongoing advice?+
Not always. Many people use one-off scoped advice for a specific question. Others prefer an annual review. It depends on your circumstances.
Can I change advisers?+
Yes. You can end an ongoing service arrangement and move to another adviser. Your records can usually be transferred.
Where can I complain?+
First, follow the internal complaints process in the adviser's Financial Services Guide. If unresolved, you can take it to the Australian Financial Complaints Authority (AFCA), which is free for consumers.
Related guides
Important — please read
The information provided on this website is general information only. It does not take into account your personal objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness having regard to your own circumstances and obtain advice from a qualified, licensed financial adviser.
All investments carry risk, including the possible loss of some or all of the capital invested. Past performance is not a reliable indicator of future performance. No outcome, return, income or capital guarantee is made or implied.