What should you ask before you get superannuation advice?

What should you ask before you get superannuation advice?

Choosing who advises you about superannuation affects your retirement outcomes, tax position and compliance obligations. This checklist gives precise, testable questions and verification steps you can use at a first meeting or on a phone call. It also explains how to check licences and complaint routes, who does what between accountants and licensed advisers, and when an SMSF may be appropriate.

Regulators are strengthening protections across the superannuation and advice ecosystem, so verify an adviser before you act. For an overview of current policy work on consumer protections, see the Treasury summary on reforms to the superannuation and advice system.

Seven essential questions to ask before you accept superannuation advice

Ask each of these at first contact. Keep answers short and testable so you can verify them later.

  • Are you authorised to give personal financial product advice?

    Clarify whether the person will give personal financial product advice and whether they act under an Australian Financial Services Licence holder or their own AFSL. If they are not authorised, they must not provide personal financial product advice.

  • What are the total fees, exactly how are they charged, and who receives them?

    Insist on a breakdown of initial fees, ongoing fees, platform or administration fees, any exit fees or commissions, and which legal entity receives each payment.

  • Will I get a written Statement of Advice or service agreement?

    For personal recommendations you should receive a Statement of Advice that explains the reasons, assumptions and costs in writing. For ongoing services, ask for a service agreement that lists deliverables and frequency.

  • Do you have any conflicts of interest or commissions to disclose?

    Ask about commissions, referral payments and related-party products or incentives that might influence recommendations.

  • How will you coordinate with my accountant, SMSF administrator or tax agent?

    Good advice is coordinated. Ask who will prepare tax documents, lodge BAS or STP if relevant, and whether the adviser will obtain permission to speak with your other advisers.

  • What complaints and dispute processes apply if I disagree with your advice?

    They should explain internal complaint procedures and confirm external review is available through the Australian Financial Complaints Authority if the matter is unresolved.

  • Why are you recommending this solution for my situation?

    Ask for the specific financial facts and client circumstances that justify the recommendation, and whether lower-cost or simpler options were considered.

How to verify an adviser is authorised and registered

Follow these concrete checks before you accept any advice or transfer funds. Consumer-facing bodies publish searchable registers and guidance on what authorisations mean and which products an adviser can recommend.

1. Search the Financial Advisers Register

Use the Financial Advisers Register to confirm an adviser’s authorisations, the classes of products they can advise on, and whether they are an authorised representative of an AFSL holder. Record the search result or take a screenshot for your files.

2. Confirm AFSL and ASIC details

If the adviser says they act under an AFSL, check that licence holder’s status with ASIC and confirm the adviser is listed as an authorised representative for the relevant services. Ask the adviser to provide that confirmation in writing.

3. Request documentary proof

Ask for written evidence such as a letter from the AFSL holder or a registration screenshot. Keep copies of any Statements of Advice, agreements and fee disclosures you receive.

Fees, conflicts and the written scope: what to demand in writing

Fees, conflicts and the written scope: what to demand in writing — superannuation advice

Fee structures and undisclosed conflicts are common sources of misunderstanding. Before you sign anything, insist on:

  • A full fee schedule showing upfront, ongoing and exit costs, and any platform or product fees.
  • A disclosure of all commissions, referral payments and related-party interests that could influence advice.
  • A clear Statement of Advice or service agreement that lists actions, deliverables and the timeframe for review.

If the adviser cannot or will not provide these in writing, treat that as a practical red flag.

Common red flags and mistakes people make when choosing superannuation advice

  • High-pressure transfer requests. If an adviser urges you to move your super immediately without a written SoA, pause and verify credentials.
  • Guarantees of returns. Any claim of guaranteed investment returns for superannuation is unrealistic and should be treated with caution.
  • Opaque fee statements. Vague answers like "fees are minimal" without a written breakdown are a warning sign.
  • Advice from unlicensed individuals. Receiving personal financial product advice from someone who is not authorised is a regulatory breach.
  • No complaints pathway. If the adviser cannot describe internal complaints handling and external review through AFCA, do not proceed until you have that information.

These mistakes cost time and money. If you spot them, step back, run the register checks above, and seek a second opinion.

Accountant, SMSF administrator, or licensed financial adviser: who should you talk to?

The right professional depends on the question you need answered:

  • Tax, BAS, payroll and reporting issues: speak to a qualified accountant or tax agent. Accountants handle the tax consequences of contributions, employer obligations and reporting.
  • SMSF establishment and administration: speak to an SMSF specialist or administrator for compliance and trustee duties. For a practical primer on trustee responsibilities and common costs, see our article on self managed superannuation fund basics.
  • Personal investment strategy and product recommendations: you need a licensed financial adviser authorised to provide personal financial product advice under an AFSL, who must provide a Statement of Advice for tailored recommendations.

Professionals often work together. Ask any adviser how they will coordinate with your accountant or SMSF administrator and obtain written consent forms if they will share your information.

When an SMSF may be appropriate and decision criteria to use

When an SMSF may be appropriate and decision criteria to use — superannuation advice

An SMSF gives trustees more control, but it brings extra administration, compliance and costs. Consider an SMSF if:

  • You want direct control over investment choices and are prepared to meet trustee duties.
  • Your retirement savings are sufficiently large that ongoing administration costs are reasonable relative to potential benefits.
  • You have the time or professional support to meet annual compliance, audit and reporting requirements.

Before committing, ask any adviser recommending an SMSF to provide a detailed comparison of expected fees, administration tasks, compliance milestones and long-term tax implications. For a practical primer, read our article on self managed superannuation fund basics which outlines typical costs and trustee responsibilities.

Consumer protections, complaint routes and policy changes to watch

If something goes wrong, the Australian Financial Complaints Authority provides an external dispute resolution service for complaints about financial advice and superannuation. Their process explains what information to include and typical timeframes.

Regulatory change is ongoing. The Treasury is pursuing reforms to strengthen consumer protections across superannuation and advice, so keep records of all written advice and fee disclosures and check an adviser’s authorisation status over time; see the Treasury summary for the latest policy direction.

Local next steps: verifying advisers in Parramatta and Liverpool and a low-friction option

Practical pre-meeting checklist:

  • Search the Financial Advisers Register for the adviser’s name or business and save a screenshot of the result.
  • Ask the adviser to email a sample Statement of Advice and a written fee schedule before any commitment.
  • Bring identity documents and recent super statements to the meeting so the adviser can give specific, testable advice.
  • If an SMSF is discussed, request a written comparison of expected ongoing administration fees and audit costs.

For a local, compliance-focused option you can test with no obligation, Advanced Accounting Taxation & Business Services offers a free initial consultation and works with clients across Parramatta and Liverpool on accounting, SMSF support and tax planning. Learn more on the company homepage or explore our SMSF basics to decide whether an SMSF is the right next step.

Frequently asked questions

How do I check whether a superannuation adviser is licensed to give personal financial product advice?

Start with the Financial Advisers Register to confirm individual authorisations and product classes. Then verify the AFSL holder’s details with ASIC and ask the adviser for written proof that they are authorised to provide the specific advice you need.

Can my accountant give superannuation advice or set up an SMSF for me?

Accountants can advise on tax and compliance matters and often support SMSF administration, but personal financial product advice about investments usually requires a licensed adviser authorised under an AFSL. If an accountant provides investment recommendations, confirm they are authorised and expect a Statement of Advice for tailored recommendations.

What should be included in a Statement of Advice for superannuation recommendations?

An SoA should state the recommendation, the reasons and assumptions, alternative options considered, fees and commissions, and any conflicts of interest. It must be written and provided before you act on personal financial product advice.

How do I make a complaint about poor or misleading superannuation advice?

Raise the issue with the adviser’s internal complaints process first and keep written records. If unresolved, lodge a complaint with the Australian Financial Complaints Authority which offers external dispute resolution for financial advice and superannuation disputes.

What are the ongoing costs and compliance obligations if I switch to an SMSF?

Ongoing costs typically include administration fees, accounting and tax preparation, annual audit fees, and any custody or platform fees. Trustee obligations include record keeping, annual audits and ensuring investments meet the sole purpose test. Ask any adviser for a detailed cost estimate and read our SMSF basics article before deciding.

Advanced Accounting Taxation & Business Services offers a free initial consultation to discuss your superannuation questions, help you verify advisers, or explore SMSF readiness without obligation.

What will you ask first when you contact an adviser?