What Is a Fiduciary Financial Adviser? How to Find an Adviser Who Puts Your Interests First

Last Updated: August 31, 2026

What Does “Fiduciary” Mean?

Fiduciary describes a relationship where one party has a duty to act in the interests of another and to put that person’s interests ahead of their own.

The term is commonly used in countries such as the United States to describe financial professionals who have a formal fiduciary duty to their clients.

In Australia, however, “fiduciary financial adviser” is not a specific licence or professional designation.

Instead, Australian financial advisers providing personal advice to retail clients are subject to the best interests duty and related obligations under the Corporations Act. These obligations require advisers to act in the client’s best interests, provide appropriate advice and prioritise the client’s interests.

So, when looking for a financial adviser in Australia, the more useful question is not simply:

“Are you a fiduciary?”

It is:

“How do you ensure the advice you provide is in my best interests?”

That question goes to the heart of a good financial planning relationship.

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What Does Acting in Your Best Interests Actually Mean?

Acting in your best interests is more than finding an investment with a good historical return.

Your adviser needs to understand your relevant circumstances and objectives and use professional judgement to develop advice that is appropriate for you.

ASIC describes good-quality advice as advice that is tailored to the client’s circumstances, with the adviser considering whether the client is likely to be in a better position if they follow the advice.

This means your adviser should understand things such as:

The advice should then be built around your circumstances and objectives, rather than starting with a particular financial product.

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Comprehensive Advice Versus Product Advice

One of the clearest ways to assess an adviser is to consider what questions they ask you.

A product-focused conversation might begin with:

“Which investment would you like to use?”

A strategic financial planning conversation is more likely to begin with:

“What are you trying to achieve?”

For example, if you have $100,000 available, the appropriate strategy could involve:

There is no universally “best” option.

The appropriate strategy depends on your circumstances.

This is why good financial advice should start with understanding where you are now and where you want to be in the future.

How Veyron Approaches Financial Planning

At Veyron Wealth Group, our financial planning process is built around six stages:

Define → Gather → Analyse → Develop → Implement → Evolve

Define

We begin by understanding your financial objectives and what you want your money to achieve.

Gather

We gather the relevant financial and personal information needed to understand your circumstances.

Analyse

We analyse your current position, including your assets, liabilities, cash flow, superannuation, investments and other relevant areas.

Develop

We develop and present a financial strategy designed around your objectives.

Implement

Once you understand and agree with the recommendations, we help implement the agreed strategy.

Evolve

Your circumstances will change. Your financial plan should change with them.

Regular reviews allow the strategy to evolve as your income, family circumstances, investments, retirement plans and other priorities change.

This is an important distinction between financial planning and simply managing investments.

The investment portfolio is one part of the plan.

The plan comes first.

How to Check a Financial Adviser’s Credentials

Before engaging a financial adviser, check that they are appropriately authorised.

The ASIC Financial Advisers Register provides information about financial advisers and their registration status.

You can use the register to check information about an adviser, including their authorisation and relevant qualifications and professional details.

It is also worth asking the adviser:

Don’t be uncomfortable asking these questions.

A professional adviser should be able to explain how they operate and how they are remunerated.

Ask How the Adviser Is Paid

Understanding fees is an important part of choosing an adviser.

Ask for a clear explanation of:

The objective isn’t necessarily to find the cheapest adviser.

Instead, consider whether the service, expertise and strategic value of the advice justify the cost.

Veyron’s current Financial Services Guide explains that advice fees are discussed and agreed with clients before advice is provided, with actual fees depending on the complexity of the client’s circumstances, goals, needs and scope of advice.

Ask About Conflicts of Interest

Another important question is:

“What conflicts of interest could arise in the advice you provide, and how do you manage them?”

Financial advisers and their licensees have obligations relating to conflicts of interest and must prioritise the client’s interests when providing personal advice.

You should understand whether the adviser or their licensee has relationships with particular investment platforms, fund managers, insurers or other service providers.

For example, Veyron operates as a Corporate Authorised Representative of GPS Wealth Ltd. Veyron’s Financial Services Guide explains the relevant relationships and how potential conflicts are managed. It also states that Veyron is not subject to a sales target or obligation to recommend the Hub24 platform and will only recommend it where appropriate.

Transparency is important.

You should be able to understand who is being paid, how much they are being paid and why a particular strategy or product has been recommended.

Questions to Ask a Prospective Financial Adviser

Before choosing an adviser, consider asking:

1. How do you develop a financial plan?

You want to understand whether the adviser starts with your objectives or starts with products and investments.

2. How do you determine whether a recommendation is appropriate for me?

The adviser should be able to explain how your circumstances and objectives influence their recommendations.

3. How are you paid?

Ask for the total cost of both initial and ongoing advice.

4. What happens if my circumstances change?

A financial plan should be capable of evolving as your life changes.

5. How often will we review my strategy?

Understand what ongoing service you will receive and what is included.

6. What experience do you have with people in my situation?

Relevant experience can be particularly important if you have complex superannuation, significant investments, a business, UK pension interests or are approaching retirement.

7. Who will I actually deal with?

Ask whether you will have a direct relationship with the adviser responsible for your financial strategy or primarily deal with other members of a larger team.

Understanding Your Statement of Advice

When personal financial advice is provided to a retail client, an adviser generally needs to provide a Statement of Advice (SoA), subject to the applicable legal requirements and exceptions.

An SoA documents the advice and explains the basis for recommendations, together with relevant information about fees, benefits, risks and other required disclosures.

When reviewing your SoA, ask:

Area What to Consider
Your circumstances Does it accurately reflect your financial position and objectives?
Your goals Are the recommendations connected to what you actually want to achieve?
Recommended strategy Is it clear what is being recommended and why?
Basis for advice Does the reasoning make sense to you?
Risks Are the important risks and disadvantages explained?
Fees and costs Do you understand what the advice and implementation will cost?
Alternatives Does the advice explain relevant alternatives where appropriate?
Implementation Is it clear what will happen next?
Ongoing advice Do you understand what ongoing service you will receive?

Don’t feel pressured to accept advice simply because an SoA has been prepared.

You should understand the recommendations before agreeing to implement them.

A Good Financial Adviser Should Be Willing to Challenge You

Putting your interests first doesn’t necessarily mean agreeing with everything you say.

Sometimes good financial advice involves challenging your assumptions.

For example, you may believe you should:

A good adviser should be prepared to explain the advantages, disadvantages and alternatives rather than simply agreeing with the client’s preferred solution.

The role of the adviser is to provide professional judgement, not simply to implement instructions.

Fiduciary Thinking Is About More Than a Label

The word “fiduciary” can sound reassuring, but the label itself should not be the basis for choosing an adviser.

In Australia, the important questions are whether the adviser:

Understands you → Understands your objectives → Properly investigates your circumstances → Provides appropriate advice → Explains the reasoning → Manages conflicts → Discloses fees → Puts your interests first.

These principles are much more meaningful than a marketing label.

ASIC’s best-interests framework applies to personal advice whether the advice is comprehensive or limited in scope.

Choosing an Adviser Is Choosing a Relationship

Financial planning is not a one-off transaction.

Your financial circumstances can change significantly over your lifetime.

You may buy a home, have children, change careers, receive an inheritance, start a business, accumulate substantial superannuation or move towards retirement.

Your financial strategy needs to evolve with you.

At Veyron Wealth Group, our approach is based on developing a long-term relationship with our clients and helping them make informed financial decisions as their circumstances change.

We believe the starting point is simple:

Understand the person. Understand the goals. Understand the financial position. Then develop the strategy.

That is what putting your interests first should look like.

Finding the Right Financial Adviser

If you are considering engaging a financial adviser, don’t just ask whether they call themselves a fiduciary.

Ask whether they can demonstrate that your interests are at the centre of their advice process.

Check their credentials. Understand their fees. Ask about conflicts. Understand how they develop recommendations. And, most importantly, make sure you feel comfortable that the adviser understands what you are trying to achieve.

At Veyron Wealth Group, our goal is to help clients understand all aspects of their financial world and establish a sensible path towards their financial objectives.

The right financial adviser should not simply tell you what to invest in, they should help you understand how your financial decisions fit together — and why the strategy is right for you.

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General Disclaimer

The information contained in this article is general in nature and provided for information purposes only. Any references to investment returns, performance, asset classes or market conditions are not intended to constitute personal financial advice. While reasonable care has been taken in preparing this material, no liability is accepted by Veyron Wealth Group or Count, its related entities, agents or employees for any loss arising from reliance on this information. Past performance is not a reliable indicator of future performance and investment returns are not guaranteed. Clients need to assess the appropriateness of any information in light of their individual circumstances, consider the relevant Product Disclosure Statements (PDS) and other disclosure documents, and obtain personal financial advice prior to making any investment decision.

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