ASIC launches financial advice toolkit

The new financial advice toolkit, created by ASIC’s MoneySmart, lets consumers identify goals, receive tips on choosing an adviser and the fees involved, understand a Statement of Advice and review their financial situation at least once a year.

Consumers can use the toolkit to create a customised 'to do' list while links to the Financial Advisers Register are included so consumers can check adviser credentials or bannings, ASIC said.

ASIC deputy chairman Peter Kell said, "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.

"ASIC's new toolkit is a practical resource to help Australians assess the quality of the advice they receive and make better financial decisions."

The MoneySmart Financial Advice Toolkit is available on ASIC’s MoneySmart website.