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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.