To help Australians understand financial advice and make better decisions, ASIC has come up with a free tool called MoneySmart Financial Advice Toolkit, which is designed to help consumers break down and process researched information and financial advice received.
“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,” said Peter Kell
, ASIC Deputy Chairman.
Apart from giving an overview of the financial advice process, the toolkit provides information on the following topics:
- Identifying financial goals and advice needs;
- Tips on choosing an adviser;
- Preparing to meet a financial adviser;
- Understanding your Statement of Advice;
- Reviewing your financial situation
The toolkit can be accessed on ASIC’s MoneySmart website.
The digital tool was developed to support ASIC’s regulatory and enforcement work in the financial advice sector and reinforce the Commission’s capability in handling demands during crucial financial events.