Different professionals are able to give advice about a specific field – but who’s taking responsibility for looking at the big picture? How do you know if opportunities are slipping between the gaps? What if you have an issue/problem/question that bleeds over a few different fields?
Firstly, it is important to understand the what different professionals can and cannot talk about (by law).
Mortgage advice
To give advice about a mortgage, borrowing capacity, interest rates, products and so on the professional must hold an
Australian Credit License (or be an authorised representative of an ACL holder). You can search ASIC’s register of credit representatives
here.
Tax advice
Anyone that provides tax agent services (tax advice, lodge tax returns, etc.) for a fee must be registered with the
Tax Practitioners Board. You might find that some well-meaning professionals (such as mortgage brokers or buyer’s agents) offer you tax advice or express an opinion about how an item should be treated for taxation purposes, but you should always confirm this advice with a Registered Tax Agent. You can search the Tax Agents register
here.
Financial advice
To be able to provide financial advice, you must hold an Australia Financial Services License (AFSL) or be an authorised representative of a holder. Financial advice includes cash flow management/budgeting, investing in shares, superannuation, retirement planning, estate planning, risk management and so on. I have written previously about the importance of selecting a truly independent advisor. You can search the AFSL register
here.
Property advice
A person cannot recommend and help you purchase a property unless they are a licensed real estate agent. Licensing is State based and
this page provides a good summary including links to registers. General property investment advice is completely unregulated and I have written about why this is a problem in
The Australian Do you have a question? Email: questions@investopoly.com.au or for a faster response, post a comment on the episode's video over on YouTube: https://www.youtube.com/@investopolypodcast/podcasts
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
