To check whether your financial planner is properly licensed in Australia, search their name or their firm's Australian Financial Services (AFS) licence number on the ASIC Financial Advisers Register. A legitimate adviser must appear on this register and hold the correct authorisations for the advice they provide before you hand over any personal or financial information.
Why licensing matters before you trust anyone with your money
Choosing a financial planner is one of the most consequential decisions you can make for your long-term wellbeing. Whether you are planning for retirement, managing an inheritance, or simply trying to get your super on track, the person guiding those decisions must be properly authorised under Australian law.
Under the Corporations Act 2001, anyone who provides personal financial product advice in Australia must hold, or be authorised under, an Australian Financial Services (AFS) licence issued by the Australian Securities and Investments Commission (ASIC). This is not a voluntary code or an industry badge - it is a legal requirement. Advisers who operate without this authorisation are acting unlawfully, and any advice they provide carries significant risk for the consumer.
Unfortunately, unlicensed operators and outright scammers do exist. Some present themselves professionally, with polished websites and confident claims, making it easy to be misled if you do not know what to look for. Taking a few minutes to verify credentials before your first meeting could save you from serious financial harm.
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Step one: Search the ASIC Financial Advisers Register
Your first and most important step is the ASIC Financial Advisers Register. This is a free, publicly searchable database maintained by ASIC that lists every individual who is currently authorised to provide personal financial advice in Australia.
To use it:
1. Go to the register on MoneySmart. 2. Search by the adviser's full name or the name of their firm. 3. Check that their status shows as current, not suspended or cancelled. 4. Confirm the categories of advice they are authorised to provide match the help you are seeking.
The register also shows which AFS licensee the adviser operates under, their registration history, any banning orders, and whether they have completed the required education qualifications. Pay attention to each of these columns - they tell a more complete story than a first name search alone.
If the person you are considering does not appear on this register at all, do not proceed. Contact ASIC or seek advice from a confirmed registered planner.
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Step two: Understand what AFS licensing actually covers
Not every financial planner is authorised to advise on every product. An AFS licence (or authorisation under one) specifies the financial products and services the holder may deal with. Common categories include:
- Superannuation - advice on contributions, rollovers, and fund selection - Managed investment schemes - unit trusts, ETFs, and similar products - Securities - shares listed on Australian exchanges - Life risk insurance - income protection, life cover, TPD - Retirement income streams - account-based pensions and annuities
If you need advice on, say, self-managed superannuation funds (SMSFs) specifically, confirm the adviser holds the relevant SMSF authorisation. An adviser who is fully licensed for general super may not be authorised to advise on SMSFs. Similarly, if you want guidance on a specific investment product, verify it appears within their approved product list (APL) or ask them directly and in writing.
For more detail on what superannuation advisers can and cannot do, the Australian Taxation Office provides clear guidance on SMSF trustee obligations and professional requirements.
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Step three: Check qualifications and the Financial Adviser Standards
Since the introduction of the Financial Adviser Standards reforms, advisers must meet ongoing education and ethics requirements to remain on the register. As of 2026, these include:
- A relevant degree or equivalent qualification approved by ASIC - Completion of an approved professional year for new entrants - An ongoing CPD (Continuing Professional Development) requirement every year - Passing the financial adviser exam set by ASIC
You can see on the register whether each adviser has met these standards. Look for the "FASEA exam passed" notation and the education level listed against their name. Advisers who do not meet ongoing standards can have their registration suspended.
This matters to you because it means the industry has substantially raised its baseline since earlier decades. If an adviser entered the profession many years ago, they should still appear on the register as having met current standards - not just legacy qualifications.
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Step four: Look up the AFS licence of their firm
Individual advisers typically operate as authorised representatives of an AFS licensee - often a large financial planning group, a bank-aligned dealer group, or a smaller boutique firm. The licensee is legally responsible for the advice given under its banner.
You can search AFS licensees directly through ASIC's MoneySmart portal or through the ASIC Connect Professional Registers. Look for:
- Whether the licence is current and not suspended - Any conditions placed on the licence - The licence number, which should match what your adviser provides to you
Asking your adviser for their AFS licence number in writing before engaging them is not rude - it is standard practice and a sign of a professional who has nothing to hide. Reputable advisers will provide this immediately and without hesitation.
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Step five: Review their disclosure documents carefully
Before providing personal advice, a licensed financial planner must give you a Financial Services Guide (FSG). This document, required by the Corporations Act, sets out who they are, what services they offer, how they charge, and how to lodge a complaint if something goes wrong.
If they proceed to give you advice, they must also provide a Statement of Advice (SOA), which explains the specific recommendations made and why those recommendations suit your circumstances. Read both documents carefully and ask questions about anything you do not understand.
Key things to check in these documents:
- Confirmation of their AFS licence number and licensee name - How they are remunerated (fee-for-service, commission, or a combination) - Any potential conflicts of interest - Their internal and external dispute resolution processes
The ASIC MoneySmart guide on financial advice walks through exactly what these documents should contain.
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Step six: Use additional checks for extra confidence
Beyond the register, consider the following qualitative checks:
Professional association membership. Associations such as the Financial Advice Association Australia (FAAA) have their own codes of conduct and member search tools. Membership is voluntary but signals a commitment to professional standards. Complaints history. ASIC publishes enforcement actions against advisers on its website. Search your adviser's name alongside "ASIC banning order" or check ASIC's media releases. External dispute resolution scheme. Your adviser's firm must be a member of the Australian Financial Complaints Authority (AFCA). You can verify this at AFCA's website. If a dispute arises and internal resolution fails, AFCA provides a free, independent process for consumers. Ask for references. A well-established planner should be comfortable providing references from existing clients or professional peers.For peer-reviewed recommendations on advisers in your city, see our guide to best financial planners in Sydney, or explore our cost guide to understand what you should typically expect to pay. For details on how we evaluate advisers, read our methodology.
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Frequently asked questions
Q: What happens if I receive advice from someone who is not licensed? Any agreement or financial product acquired through an unlicensed adviser may carry additional legal risk, and you may have limited recourse through official dispute channels. Report unlicensed conduct to ASIC via their website. Q: Can a licensed accountant also give financial advice? Not automatically. An accountant must hold their own AFS licence or be an authorised representative of a licensee to provide personal financial product advice. Their accounting registration alone does not cover this. Q: Is there a fee to search the ASIC Financial Advisers Register? No. The register is free to use by any member of the public at any time via the MoneySmart website. Q: What is the difference between a financial planner and a financial adviser? In practice, the terms are often used interchangeably in Australia. Both must be registered on the ASIC Financial Advisers Register to legally provide personal financial product advice. The register does not distinguish between the two titles.---
Sources
- ASIC MoneySmart - Financial Advice - ASIC Financial Advisers Register - Corporations Act 2001 - Federal Register of Legislation - Australian Taxation Office - Super for Individuals - APRA - Superannuation - Australian Financial Complaints Authority
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Information in this article is general only and not personal financial advice. Verify the details with the linked sources or an appropriately qualified Australian professional before relying on them.
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