I am looking for advice on consolidating my 3 superannuation funds, is it possible for a financial adviser to limit their advice to this 1 area?
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Yes it is possible.
There needs to be an initial discussion around your circumstances, needs and objectives before any narrowing of scope can occur. The subject matter of the discussion should be as broad and deep as possible so that you have been provided with enough information to make an informed decision.
You should be informed of the risks and consequences of scoping the advice to a particular area, and the scope should be agreed to well before any statement of advice is provided. It should also be made clear as to why the advice was limited to a certain area.
Any topics that could be regarded as “Interdependant” and are subsequently left out of the advice (due to the scope) could result in the adviser failing to meet his/her legal obligations known as the best interest duty. An example could be superannuation consolidation without consideration to insurance cover held (insurance advice) or beneficiary nominations (estate planning advice).
Almost all personal financial advice is scoped to some extent; a quality financial adviser will acknowledge your request for advice, but will then seek to uncover other needs that may not be apparent. There may also be implications as a result of proceeding with your request, or alternative strategies that may be more suitable to your situation.
While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.