Choosing a Financial Adviser in Australia

Last updated 19 May 2026. Reviewed by George Iacovou, Principal Financial Adviser, Authorised Representative (000429693) of Akumin Financial Planning Pty Ltd, AFSL 232706.

The five things that matter when choosing a financial adviser

When you choose a financial adviser in Australia, five things matter most. Check each one before you sign anything.

1. AFSL number. Every licensed adviser works under an Australian Financial Services Licence. Great Advice operates under AFSL 232706 (Akumin Financial Planning Pty Ltd).
2. Qualifications. Look for AQF Level 8 or higher in financial planning. That is the Graduate Diploma standard set under the post-2019 education reforms.
3. Fee model. Initial fee, ongoing fee, hourly, percentage of funds under advice, or a mix. Ask for the dollar figures in writing.
4. Scope of authority. The Financial Services Guide lists what advice areas the adviser is authorised to give advice on. If a topic is outside scope, the adviser cannot help on it.
5. Complaint process. Every licensed adviser must give you the AFCA contact details and explain how complaints are handled.

1. AFSL number

An Australian Financial Services Licence (AFSL) is issued by ASIC. The AFSL holder is the legal entity responsible for the advice and the product recommendations. Some advisers are direct employees of an AFSL holder. Others are authorised representatives of an AFSL holder, which means the licensee has authorised them in writing to give advice on the licensee’s behalf.

You can verify any AFSL number on the public ASIC Financial Advisers Register. Type the adviser’s name, see the licensee, and see the date they were first registered, the qualifications listed, the areas they are authorised in, and any past misconduct on record.

George Iacovou is an Authorised Representative (number 000429693) of Akumin Financial Planning Pty Ltd, AFSL 232706. Dan Hutchison is an Authorised Representative (number 001269382) of the same licensee. Both are listed on the ASIC Financial Advisers Register.

2. Qualifications

Under Australian law, new financial advisers must hold a degree approved by the relevant standards authority and pass the financial adviser exam. Existing advisers had to meet the same education standard or step out of the industry. The standards apply to anyone giving personal financial advice to retail clients.

The plain-English benchmark is AQF Level 8 (Graduate Diploma) or higher in financial planning, on top of a passed exam and continuing professional development each year. AQF Level 8 is one step above Advanced Diploma (AQF Level 6) and one step below Master’s (AQF Level 9).

George Iacovou and Dan Hutchison both hold an AQF Level 8 Graduate Diploma of Financial Planning. They have each passed the financial adviser exam, and both maintain the CPD hours required under the Code of Ethics every year.

3. Fee model

Fees in financial advice are typically structured one of four ways:

• Initial advice fee. A one-off fee for preparing the Statement of Advice. Quoted in dollars before you sign.
• Ongoing service fee. A fixed annual or monthly fee for the ongoing relationship, the annual review, and the implementation support. Quoted in dollars and consented to under the annual renewal rules.
• Hourly rate. Used by some advisers for one-off scope work or specific tasks. Quoted in dollars per hour with a written estimate.
• Percentage of funds under advice. A fee charged as a percentage of the assets the adviser advises on. Less common since the 2019 reforms and now subject to specific consent rules.

Whatever the model, the fee must be set out in writing. The Statement of Advice has to disclose the exact fee. The annual renewal notice has to disclose the ongoing fee in dollars. You can read more about adviser costs in our financial adviser fee guide.

Ask the adviser to walk you through every fee that will appear on a statement once you start working together. Initial, ongoing, and any product-level fees. Get the dollar amounts in writing before you sign anything.

4. Scope of authority

An adviser can only give advice in the areas their licensee has authorised them to advise on. This is set out in the Financial Services Guide (FSG) that every adviser is required to give you. The FSG lists the licensee, the AFSL number, the areas the adviser can advise on, the fees, and the complaints process.

Plain example. An adviser authorised for superannuation and retirement income but not for personal insurance cannot give you personal insurance recommendations. They have to refer that part of the work to someone authorised for insurance, or you have to find a separate adviser for insurance.

Great Advice operates under Akumin Financial Planning Pty Ltd, AFSL 232706. Our FSG sets out the advice areas we are authorised on. Ask for the FSG at the first meeting and read it before you decide to engage.

5. Complaint process and AFCA

Every AFSL holder and authorised representative must be a member of the Australian Financial Complaints Authority (AFCA). AFCA is a free, fair, and binding external dispute scheme established by Federal legislation. You can raise a complaint with AFCA at no cost to you if a complaint you have raised directly with the adviser is not resolved.

The licensee’s internal complaints process must be set out in writing in the FSG. Step one is always to raise the complaint in writing with the licensee. If you are not satisfied with the response, step two is to lodge with AFCA at afca.org.au or by phone on 1800 931 678.

Great Advice’s AFCA membership runs through Akumin Financial Planning Pty Ltd. The full complaints process is set out in our Financial Services Guide.

Our first-meeting process

If you decide to meet with Great Advice, here is exactly what the first meeting looks like, in seven steps.

1. Step 1, Book a meeting. You book a first meeting, usually 45 to 60 minutes. It is free, with no obligation. Use the booking link on our contact page or call the office on 07 3290 0393.
2. Step 2, Pre-meeting questionnaire. We confirm the meeting and email a short pre-meeting questionnaire. It covers basics like your goals, your current super, and the topics you most want to discuss.
3. Step 3, Bring what you have. Bring documents you already have on file: super statements, last year’s tax return, any existing insurance policies, and any current investment statements. You do not need to bring everything. We can ask for missing pieces later.
4. Step 4, Meet your way. We meet at Shop 1/50 Chatswood Rd, Springwood QLD 4127, or on Zoom, or by phone. Pick what is easiest for you. We see clients across South East Queensland, including Brisbane south-side, Logan, and the Gold Coast.
5. Step 5, Scope the work. We discuss your situation, your goals, and the scope of advice that might suit you. No personal advice is given in the first meeting. We focus on understanding the picture and agreeing what advice work would help.
6. Step 6, Written engagement and fee. We follow up with a written engagement scope and a Statement of Advice fee in writing. You decide whether to proceed. There is no pressure to engage.
7. Step 7, Statement of Advice. If you proceed, we prepare the Statement of Advice. It sets out the recommendations, the products, the fees, and the disclosures in writing. We walk through it together before any implementation.

Frequently asked questions

1. How do I check if a financial adviser is registered in Australia?

Use the ASIC Financial Advisers Register at moneysmart.gov.au. Type the adviser’s name. You will see the licensee they work under, the AFSL number, the date first registered, the qualifications, the areas they are authorised to advise on, and any past misconduct on record. Always check the register before you engage.

2. What qualifications should a financial adviser have?

New advisers must hold an approved degree, pass the financial adviser exam, and complete a professional year. The plain-English benchmark is AQF Level 8 (Graduate Diploma) or higher in financial planning, on top of a passed exam and continuing professional development each year. Both advisers at Great Advice hold an AQF Level 8 Graduate Diploma of Financial Planning.

3. Are financial advisers required to act in my best interest?

Yes. Under section 961B of the Corporations Act, a personal financial adviser must act in your best interests in relation to advice given. This is known as the Best Interest Duty. It applies to all personal advice given by AFSL holders and their authorised representatives in Australia. Advisers must also give priority to your interests where there is a conflict, and they must provide advice that is appropriate to your situation.

4. What is the difference between general advice and personal advice?

General advice is information that has not been tailored to your personal circumstances. A general advice warning has to accompany it. Personal advice is advice given after the adviser has considered one or more of your objectives, your financial situation, or your needs. Personal advice triggers the Best Interest Duty and is documented in a Statement of Advice. The website pages here are general information, not personal advice.

5. What does the first meeting cost?

The first meeting is free. No obligation to proceed. If at the end of the meeting we agree there is scoped advice work that would help you, we will follow up with a written engagement scope and a Statement of Advice fee in dollars before any paid work starts. You can read more about adviser costs in our financial adviser fee guide.

6. What is AFCA, and how do I lodge a complaint?

The Australian Financial Complaints Authority (AFCA) is the free external dispute resolution scheme for financial services complaints. Every AFSL holder must be a member. Step one is to raise the complaint in writing with the licensee. If you are not satisfied with the response, you can lodge with AFCA online at afca.org.au or by phone on 1800 931 678. There is no cost to you.