Parts of this article were initially shared on Pearler’s fantastic exchange for investors.

Getting personal financial advice in Australia

As a new investor, you’ll hear the common phrase, “this is general advice only, get in touch with a financial adviser for personal advice tailored to you and your circumstances.”

Why does this phrase appear on repeat across every website, video and podcast that has anything to do with money?

In Australia, in an effort to protect consumers, our financial regulator ASIC only allows licensed professionals to provide you with personal advice, that is tailored to your life circumstances and goals. 

So if you’re looking for personal advice, a great place to start is the ASIC MoneySmart Adviser Register. This will give you details of qualified advisers, and they’ll usually offer a free intro chat so you can see if it’s the right fit.

But if you’re a new investor with only $1,000 to start with, you might not be in the financial position to seek advice right now.

It’s a challenging spot to be in as a new investor, when you don’t have enough money to pay for personal financial advice (initial advice costs can vary between $3,000 and $5,000), and you don’t know quite enough to take the first step on your own. 

In this situation I recommend taking it slow, doing your research, asking lots of questions and taking in information from a variety of sources.

Start Here: ASIC MoneySmart Website

I’d recommend reading through the ASIC MoneySmart website as a solid starting point.

It’s a balanced and high level overview of the main financial topics that are of interest to Australians, put together by one of the main government regulators in the financial space.

Where to Next? Podcasts, websites, books & communities

Now that you’ve laid down your foundations, it’s time for the fun part. Exploring all the different options, ideas and strategies out there.

This process will quickly show you that there’s no one perfect financial strategy, because it all comes down to your goals, values, timeframe and tolerance to risk. But you’ll start to see some common threads throughout your research journey.

You could:

  • Try podcasts like The Australian Finance Podcast, Get Started Investing or Financial Autonomy
  • Read books like The Barefoot Investor, The Psychology of Money, The Simple Path to Wealth or Money School
  • Check out websites like the ASX, Rask Education, Mr Money Moustache or Four Pillar Freedom

Consume widely, question motives and biases (we’ve all got them) and remember that investing can be simple.

Also, acknowledge that it’s a learning journey, and you won’t figure it all out overnight. No one’s going to care as much about your financial future as you will, so take it a step at a time, and enjoy the journey.

All the best for your investing journey!

Kate