ASIC launches new digital toolkit
The Australian Securities and Investments Commission (ASIC) has launched a new digital toolkit that aims to help navigate through the financial advice process and assist customers with their research in relation to the financial advice they receive.
Apart from providing an overview of the financial advice, ASIC's MoneySmart Financial Advice Toolkit would be expected to give guidance on:
- Identifying financial goals and advice needs;
- Tips on choosing an adviser;
- Preparing to meet a financial adviser;
- Understanding your statement of advice; and
- Reviewing your financial situation.
According to ASIC, customers could also use the toolkit to create ‘to do' lists which they could modify to suit their financial needs.
The toolkit would offer links to ASIC's Financial Advisers Register where they could check a financial adviser's credentials.
The regulator said that the new toolkit was expected to complement and support its regulatory and enforcement work in the financial advice sector and help improve "demand-side capability at critical financial moments".
ASIC's deputy chairman, Peter Kell, said the new toolkit was a practical resource to help Australians assess the quality of the advice they received and make better financial decisions.
"Australians face major financial decisions throughout their lifetime, many of which can be complex and confusing. Yet only one in five Australians obtain financial advice," Kell said.
"ASIC recognises the value that quality advice can deliver and wants to see the increase."
ASIC leads and coordinates the National Financial Literacy Strategy, which sets out a national framework for financial literacy work in Australia, and highlights the importance of providing people with tailored resources and tools to help them manage high financial stress and crisis.
ASIC's MoneySmart website provides trusted financial guidance and tools to support informed financial decision making.
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
