PAST SERVICE DOES NOT GUARANTEE FUTURE FINANCIAL ADVICE

A shared Service background can build trust, but it should never replace careful consideration when making financial decisions.

Members of the ADF and their families are encouraged to exercise caution when engaging financial advisers who promote their previous military service to establish credibility or engender trust.

The strong bonds formed through military service are an important part of the ADF community. An adviser who understands ADF life may offer valuable insights into the financial challenges facing serving members. However, previous ADF service does not automatically mean an adviser is qualified, independent or acting in your best interests.

A former rank, shared unit or common Service experience should never be the sole basis for choosing someone to manage your financial affairs.

Look beyond the uniform

Financial advice can have significant, long-term consequences, particularly when it involves superannuation, investments, insurance and retirement planning.

Before engaging an adviser, take the time to:

• Check their credentials using the Australian Securities and Investments Commissioner (ASIC) official resources.
• Understand their interests, including how they are paid and whether commissions or other commercial arrangements may influence their recommendations.
• Question their advice and ensure recommended products suit your circumstances and financial objectives.
• Avoid pressure to sign documents, transfer superannuation or invest before you fully understand the risks and costs.

Be particularly cautious if an adviser relies heavily on their Defence background, personal connections or claims of exclusive opportunities to encourage you to make a financial commitment.

Loyalty should not compromise financial wellbeing

The ADF community is built on loyalty, trust and mutual support. However, these values should never prevent members from asking difficult questions or independently assessing financial advice. A reputable adviser should welcome scrutiny, clearly explain their recommendations and respect your right to make informed decisions.

The ADFFSCC recognises that many former ADF members make valuable contributions to the financial services industry. The concern is not their military background, but the possibility that shared service may be used to establish trust without sufficient consideration of the quality and suitability of the advice provided.

Our message is simple: respect the service, but assess the advice.

Your financial future is too important to rely on a shared military connection alone. Check credentials, understand the costs and risks, ask questions and make decisions based on what is right for you.