The undertaking doesn’t necessarily mean that a listed adviser will be willing and able to meet your needs or answer your questions at a cost that suits your budget. For example, if you are seeking specific advice early in your career, particularly one-off advice about subjects such as saving for a home or the merits of share investing, many financial advisers (including some in the Program) may not suit you as their businesses (and fees) are structured to offer comprehensive financial advice to people with substantial assets or who are closer to retirement.
We’re certainly not suggesting that you should only consult advisers who are listed in the Program. A complete list of licensed advisers (about 20,000 of them) is held by the Australian Securities and Investments Commission. However, what we are most definitely suggesting is that you should be aware of how an adviser is remunerated because that may influence the independence of the advice you are offered. In summary, it’s up to you to ask questions about the scope of the advice you require and the cost of getting it, noting that the arrangement you make is your responsibility and is a private one between you and the adviser. Last but not least, remember that self-education (as offered in our Money Guides and at moneysmart.gov.au) is never a waste of time because no one cares about your money as much you do.
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