What is the difference between a Financial Adviser, a Financial Planner and a Wealth Adviser?
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In Australia these terms are used almost interchangeably. Financial adviser is the generic term for professionals who, as the name suggests, provide financial advice. In practice a financial planner will typically specialize in the overall financial strategy, while a wealth adviser will tend to focus on investments.
The provision of financial advice is Australia is highly regulated and advisers must be authorized to provide advice on specific product areas. For example, a wealth adviser may only be authorized to provide advice on shares and cash investments, while a financial planner may be authorized to provide advice on superannuation, insurances, managed funds and mortgages.
Before selecting a financial adviser, you should review their qualifications, ask about their experience and most of all review their financial services guide to see what areas they are authorized to provide advice on.
Luckily there is now an easy way to review information about your financial adviser online using ASIC’s financial adviser register (or the Adviser Ratings website). This information will help you determine whether your financial adviser, financial planner or wealth adviser is right for you.
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.