Table of Contents
- Start With the Questions That Matter Most
- What Is a Statement of Advice (SoA) and When Should You Receive One?
- Financial Adviser Fees in Australia: What You Need to Know
- How to Check a Financial Adviser on the ASIC Register
- How an Adviser Manages Your Interests and Conflicts
- Questions About Experience, Qualifications and Services
- Warning Signs to Look Out For
- Frequently Asked Questions
- What should I ask a financial adviser before engaging them?
- How do I check whether a financial adviser is registered?
- What is the difference between general advice and personal advice?
- Do I have to receive a Statement of Advice?
- What should I ask about financial adviser fees?
- Is fee-for-service financial advice better?
- How often should I meet with my financial adviser?
- Can I change financial advisers?
- What should I do if I don’t understand the advice?
- About Veyron Wealth Group
- Frequently Asked Questions
Last Updated: September 13, 2026
Start With the Questions That Matter Most
Choosing a financial adviser is an important decision.
You are not simply choosing someone to manage investments. Depending on the scope of the relationship, an adviser may be helping you make decisions about superannuation, retirement, investments, insurance, debt, cash flow, Centrelink, tax-related matters and estate planning.
That makes the first meeting important.
Rather than treating the initial meeting as a sales presentation, use it as an opportunity to understand how the adviser works, what they charge, what services they provide and how their advice is delivered.
You should be able to leave the meeting with a clear understanding of:
- who you would be dealing with
- who the adviser is authorised by
- what areas they can advise on
- how they are paid
- what services are included
- how conflicts of interest are managed
- what the advice process looks like
- what documents you will receive
- how you can end the relationship.
There is no single financial advice model that will suit everyone.
The important thing is that you understand the arrangement before you agree to it.
Key takeaway: Don’t choose a financial adviser based solely on an investment return, a website or a first impression. Understand the advice process, fees, services and relationship before you commit.
What Is a Statement of Advice (SoA) and When Should You Receive One?
A Statement of Advice (SoA) is a document that sets out personal financial advice provided to a retail client, including relevant information about the advice, the basis for the recommendations and remuneration and other required disclosures.
ASIC states that where personal financial advice is provided to a retail client, an SoA must generally be provided, subject to circumstances where other disclosure arrangements may apply.
The important distinction is between general advice and personal advice.
General advice does not take your personal objectives, financial situation or needs into account.
Personal advice involves consideration of one or more of those matters, or where a reasonable person might expect that consideration has occurred.
If an adviser is providing personal advice, ask:
What exactly is the scope of the advice?
A comprehensive advice engagement might cover retirement planning, superannuation, investments, insurance, cash flow, debt and estate planning.
A limited or scaled advice engagement may deal with only one or two areas.
Limited advice is still personal advice when the relevant circumstances have been considered. ASIC makes clear that limited advice is not a lesser standard of advice; the same best-interests and related obligations apply to personal advice within the agreed scope.
What will I receive in writing?
Ask what document will be provided and when.
Depending on the circumstances, this may include an SoA, an ROA for certain further advice situations, a Product Disclosure Statement or other disclosure documents.
Can I see an example SoA?
An appropriately de-identified example can help you understand what the advice document looks like and the level of detail you can expect.
However, a sample SoA is not a substitute for advice prepared for your own circumstances.
Pro Tip: Don’t just ask whether an adviser provides an SoA. Ask what advice will be covered, what will be excluded and how the recommendations will be explained.
Financial Adviser Fees in Australia: What You Need to Know
Understanding fees is one of the most important parts of choosing an adviser.
Financial advice can be charged in different ways, including fixed fees, hourly fees, percentage-based fees or a combination of arrangements.
There is no single fee structure that is automatically appropriate for every client.
The important questions are:
What will I pay?
Ask for the dollar cost as well as any percentage-based fee.
For example, a fee of 0.50% on $500,000 is $2,500 a year, while the same percentage on $1 million is $5,000 a year.
A percentage can therefore look small while representing a significant dollar amount.
What does the fee include?
Find out whether the fee covers:
- initial advice
- implementation
- ongoing reviews
- investment management
- administration
- phone or email support
- additional advice
- changes to the financial plan.
Are there other costs?
The cost of financial advice may sit alongside other costs associated with your investments or superannuation.
Depending on the products and structures used, these may include:
- platform or administration fees
- investment management fees
- transaction costs
- buy-sell spreads
- insurance premiums
- product fees
- other applicable costs.
Ask for these costs to be explained rather than looking only at the adviser’s fee.
Are there commissions or other benefits?
The rules around conflicted remuneration are complex and vary depending on the type of financial product and advice involved. Many forms of conflicted remuneration are prohibited for retail financial product advice, although exceptions and different rules apply in some circumstances.
Rather than assuming how an adviser is paid, ask them directly:
“Who pays you, how much do you receive and could anyone else benefit financially from the recommendations you make?”
You should also understand whether fees can be deducted from an investment or superannuation account and the effect this has on your overall position.
Fee-for-service advice
A fee-for-service arrangement means the client pays for the advice or service rather than the adviser being remunerated through a product commission.
This can make the cost of advice easier to understand, but the label itself is not enough.
Ask exactly what you are paying for and whether there are additional product or investment costs.
At Veyron, we believe clients should be able to understand what they are paying for before they agree to proceed.
Pro Tip: Ask for the total annual cost in dollars, not just a percentage. Then ask what you receive in return for that cost.
How to Check a Financial Adviser on the ASIC Register
Before receiving personal financial advice, it is sensible to check the adviser’s regulatory status.
The Financial Advisers Register is a public register managed by ASIC and published through Moneysmart. It provides information about relevant providers who provide personal advice to retail clients on relevant financial products.
You can use the register to check information such as:
- the adviser’s name
- registration status
- qualifications
- experience and employment history
- the financial services they are authorised to provide.
ASIC also maintains an Authorised Representatives Register, which can help you identify the licensee associated with an authorised representative and the financial services they are authorised to provide.
This distinction is worth understanding.
An adviser may operate as an authorised representative of an Australian financial services licensee rather than holding their own AFS licence.
You should therefore check both the adviser and the licensee.
ASIC’s professional registers can also be used to check AFS licensees and other registered entities.
Key takeaway: Don’t rely solely on an adviser’s website or business card. Check their current regulatory status and the services they are authorised to provide.
How an Adviser Manages Your Interests and Conflicts
Australian financial advisers providing personal advice to retail clients are subject to the best interests duty and related obligations.
These obligations include acting in the client’s best interests, providing appropriate advice, warning the client where advice is based on incomplete or inaccurate information and prioritising the client’s interests where relevant.
Relevant providers must also comply with the Financial Planners and Advisers Code of Ethics 2019, which includes obligations relating to conflicts of interest, informed consent, fees and professional competence.
The practical question for a prospective client is therefore not simply:
“Do you act in my best interests?”
Most advisers will answer yes.
Instead, ask:
How do you identify and manage conflicts of interest?
For example:
- Does the business receive benefits from particular products?
- Does the adviser have ownership interests in related businesses?
- Are there related parties involved in investment management or administration?
- Does the business have preferred product providers?
- How are conflicts disclosed to clients?
A conflict does not necessarily mean that advice is inappropriate. What matters is how the conflict is identified, managed and dealt with in accordance with the adviser’s legal and professional obligations.
ASIC’s recent surveillance work has highlighted the importance of advisers properly identifying clients’ circumstances, assessing alternatives and managing conflicts rather than simply implementing a preferred strategy.
Ask what happens when you disagree
This can be a useful practical question:
“What happens if I don’t agree with your recommendation?”
A professional advice relationship should allow you to ask questions, challenge recommendations and understand the reasons behind them.
The objective is not for an adviser to make every decision for you.
It is to give you enough information to make informed decisions about your financial affairs.
Key takeaway: Good advice is not simply about what an adviser recommends. It is also about whether you understand the recommendation, why it has been made and what alternatives have been considered within the agreed scope.
Questions About Experience, Qualifications and Services
Experience matters, but it should be considered in context.
An adviser who has worked with thousands of clients may have a different experience from an adviser who specialises in a particular type of client or advice problem.
Ask questions such as:
How long have you been providing financial advice?
Ask about the adviser’s experience and the types of clients and circumstances they regularly deal with.
What qualifications do you hold?
Financial advisers who provide personal advice are subject to professional standards and registration requirements. ASIC’s current framework requires relevant providers to meet applicable education, professional development and registration requirements.
What areas can you advise on?
An adviser may not be authorised or experienced in every area of financial advice.
If you need advice about superannuation, retirement, insurance, aged care or a UK pension transfer, for example, ask whether the adviser is authorised and experienced in that particular area.
How many clients have circumstances similar to mine?
Experience with a similar type of client can be more relevant than simply knowing how long the adviser has worked in the industry.
What happens after the initial advice?
Ask about:
- review frequency
- ongoing advice
- communication
- implementation
- additional advice
- investment monitoring
- changes to the financial plan.
What happens if my circumstances change?
Your financial plan may need to change if you:
- change jobs
- receive an inheritance
- buy or sell property
- have children
- divorce or separate
- retire
- receive a redundancy payment
- experience a significant change in income or expenditure.
Ask how the adviser deals with advice outside the original scope.
Pro Tip: Don’t just ask how experienced an adviser is. Ask whether they have experience dealing with circumstances similar to yours.
Warning Signs to Look Out For
There is no single list of characteristics that determines whether an adviser is suitable for you.
However, some behaviours justify asking additional questions.
| What to look for | Questions to ask |
|---|---|
| Pressure to make a quick decision | Why do I need to decide now? What happens if I take time to consider the advice? |
| Unclear fees | What will I pay initially and ongoing? Are there any other costs? |
| Unclear scope | What exactly are you advising me on, and what isn’t included? |
| Unclear authorisation | Which licensee are you authorised by, and what are you authorised to advise on? |
| Promises about investment returns | What assumptions are being used, and what are the risks? |
| A focus on one product | What alternatives have been considered? |
| Difficulty explaining the recommendation | Can you explain the recommendation in plain English? |
| Unclear exit arrangements | How can I end the advice relationship and are there any costs? |
| Requests for significant commitments before understanding your circumstances | What information do you need before making a recommendation? |
Be particularly cautious about statements that imply investment returns are guaranteed or that a particular investment will always perform in a particular way.
Investment markets involve risk and returns are not guaranteed.
Likewise, an adviser should be able to explain the scope and cost of the engagement before you agree to proceed.
Key takeaway: You don’t need to understand every technical aspect of financial advice before meeting an adviser. But you should be able to ask questions, understand the answers and take time to consider the proposed arrangement.
Frequently Asked Questions
What should I ask a financial adviser before engaging them?
Start with the basics:
- What services do you provide?
- What are your qualifications?
- Who is your licensee?
- What are you authorised to advise on?
- How are you paid?
- What will the advice cost?
- What ongoing costs will I pay?
- What is included in the service?
- What will I receive in writing?
- How do you manage conflicts of interest?
- How can I end the relationship?
The answers should give you a clearer understanding of whether the advice service is appropriate for your circumstances.
How do I check whether a financial adviser is registered?
You can search the ASIC Financial Advisers Register through Moneysmart. The register provides information about relevant providers who provide personal advice to retail clients on relevant financial products.
You can also check the ASIC Authorised Representatives Register to identify an authorised representative’s associated licensee and authorised services.
What is the difference between general advice and personal advice?
General advice does not take your personal objectives, financial situation or needs into account.
Personal advice involves consideration of one or more of those matters, or where a reasonable person might expect that consideration has occurred.
The distinction matters because different legal and disclosure obligations apply.
Do I have to receive a Statement of Advice?
Where an adviser provides personal financial advice to a retail client, an SoA will generally be required, subject to the applicable exceptions and alternative disclosure arrangements.
An SoA is intended to explain the advice and provide relevant disclosure so that the client can make an informed decision.
In some circumstances, further advice may instead be documented through a Record of Advice or other permitted arrangements.
What should I ask about financial adviser fees?
Ask for both the fee structure and the dollar cost.
For example:
- What is the initial advice fee?
- What will ongoing advice cost?
- Is the fee fixed, hourly or percentage-based?
- Are there implementation fees?
- Are there investment or platform costs?
- Are there other costs I should know about?
- Are any commissions or other benefits received?
- What services are included?
You should be able to understand the total cost of the arrangement before agreeing to it.
Is fee-for-service financial advice better?
There is no single fee structure that is appropriate for everyone.
Fee-for-service advice can make the relationship between the client and adviser easier to understand because the client pays an agreed fee for the advice or service.
However, the important issue is not simply the label attached to the fee.
Understand what you are paying, what you receive and whether there are other costs.
How often should I meet with my financial adviser?
There is no universal review frequency that applies to every client.
Some clients may need regular ongoing advice, while others may need advice only when a significant financial decision arises.
Ask what the proposed service includes, how often reviews occur, what communication is available between reviews and what happens if you need additional advice.
Can I change financial advisers?
Yes. You can generally end an advice relationship, although the specific terms of your engagement should be checked for any outstanding fees, notice requirements or other contractual matters.
If your adviser is providing ongoing advice, ask how the ongoing arrangement can be cancelled and what happens to any ongoing fees.
What should I do if I don’t understand the advice?
Ask questions.
A recommendation should be explained in a way that allows you to understand the relevant benefits, risks, costs and implications.
You should not feel pressured to agree to advice you do not understand.
If necessary, ask the adviser to explain the recommendation again in plain English or provide additional information before you make a decision.
About Veyron Wealth Group
At Veyron Wealth Group, we believe financial advice should be understandable.
Our role is not simply to talk about investments. Financial decisions often involve competing priorities — building wealth, managing debt, protecting your family, preparing for retirement and enjoying your money along the way.
Our financial planning process brings those decisions together into a structured strategy that can be reviewed and adjusted as your circumstances change.
We provide tailored financial advice across areas including superannuation, investments, retirement planning, wealth creation and other financial planning needs, within the scope of our authorisations.
If you are considering financial advice, the first step is to understand what you need help with and whether our services are appropriate for your circumstances.
Boring money, exciting life.
General Disclaimer
This article provides general information only and has been prepared without taking into account your personal objectives, financial situation or needs. It is not personal financial advice, tax advice or legal advice. Financial planning, superannuation, investments, insurance, taxation, social security and estate planning involve complex rules and considerations that may change over time.
Before making a financial decision, you should consider whether the information is appropriate for your circumstances and, where appropriate, seek professional advice. Investment returns are not guaranteed and past performance is not a reliable indicator of future performance.
Where Veyron provides personal financial advice, the advice will be provided within the agreed scope and based on the information relevant to your circumstances.
Frequently Asked Questions
What are the most important questions to ask a potential wealth manager?
Focus on how they are paid, their qualifications, and their approach to managing your money. Ask about their fees, whether they have any conflicts of interest, and how often they will review your plan. Also request a sample Statement of Advice (SoA) to see what you will receive. These questions help you judge whether the relationship will suit your needs.
How do I verify if a financial adviser is registered with ASIC?
You can check the ASIC Financial Adviser Register online. Search by the adviser’s name or their Australian Financial Services (AFS) licence number. The register shows their current status, any bans or disqualifications, and the products they can advise on. Always verify before you commit to any advice.
