MenuWhat is Financial Advice?
Financial advice is guidance provided by licensed experts to help individuals make smart decisions about managing their money and achieving their financial goals.
It can cover areas like investing, saving for retirement, managing debt, planning taxes, and protecting assets. This advice is personalised to fit the specific needs and aims of the individual seeking advice, and is designed to help improve their financial well-being and security.
Nothing! Financial Advisers and Financial Planners are the same. The same goes for Financial Advice and Financial Planning. These terms are used interchangeably in Australia and although professionals have different focus areas they all work towards the goal of helping their clients achieve financial freedom.
What can a financial advice professional help you with?
Investment management – advice on how to invest savings and assets to achieve financial goals, considering factors such as risk tolerance, time horizon, and financial objectives.
Financial planning – comprehensive planning to manage finances effectively, including budgeting, saving for retirement, tax planning, estate planning, and insurance needs.
Debt management – strategies to help you manage and reduce debt, which could include debt related to credit cards, loans or mortgages.
Retirement planning – saving for retirement, including setting retirement goals, choosing retirement accounts and creating income streams for retirement.
Estate planning – advice on how to plan for the distribution of assets after death to help with making sure your wishes for your estate are carried out.
Risk management – Wealth protection strategies to assist you and your loved ones through hard times and to help cover the unexpected.
The Money & Life website is operated by the Financial Advice Association (FAAA). The information in this article is not intended to influence the viewer to make a decision in relation to any particular financial product, class of financial product, or interest in either of these. The FAAA is not licensed to provide financial product advice. Nor is it able to provide legal or taxation advice. The FAAA does not assume responsibility for the information accessible via any links provided in this article. Please consider seeking advice from a qualified professional to ascertain how the information in this article and the links provided may relate to you.
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What is the difference between a Financial Planner and a Financial Adviser?