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Are you confused about general advice versus personal advice when talking to a financial planner?

Updated: Feb 21

There are two types of financial advice: general and personal. General advice is not tailored to your specific situation, while personal advice is.

Which type of advice is right for you depends on what you need. If you're starting out, general financial advice can be an excellent way to learn the basics. But if you have more complex financial needs or are making a significant financial decision, seeking personal financial advice from a qualified adviser is a good idea. A competent fiduciary financial adviser can help you save money, make better financial decisions, and reach your financial goals faster. Here are some examples of general financial advice:

  • Whether to put more into the mortgage or super

  • The different types of super contributions

  • How to save for retirement

  • How to invest your money

  • How to choose the right insurance policy

  • How to get out of debt

  • How to create a succession (estate) plan

Here are some examples of personal financial advice:

  • How much extra mortgage payments to make

  • How much extra to contribute to your superannuation

  • What type of super contribution to make

  • What type of investment portfolio is right for you

  • How to reduce your tax bill

  • How to plan for your retirement

  • How to protect your estate and your partner and kids

Choose a qualified and experienced fiduciary financial adviser if you seek personal financial advice. You can ask for referrals from friends, family, or colleagues. You can also search for advisers online or through professional organizations.

Once you have found a few potential fiduciary advisers, meet with them to discuss your needs and get a feel for their personality and investment style. Choose the adviser you feel most comfortable with and who you believe will give you the best advice.

Email clientservice@providencegroup.com.au if you would like a copy of our Financial Health Check. The checklist is a great starting point to determine in what areas you need help, making it easier for your fiduciary financial advisor to know whether you seek general or personal advice so you can get an idea of costs and benefits.

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