What is Financial Advice?

Some parts of your finances are sufficiently complex, or you might just feel so time-poor, that you would prefer us to just tell you exactly what best to do and to help you do it. In these cases we can provide formal "Financial Advice".

Financial advice is a regulated service

In Australia there are strict rules about what counts as financial advice, who can give it and how it has to be given. The recent Royal Commission into Banking and Financial Services has made it clear that the financial advice industry still has many issues to address in how we give advice. Our approach at Purpose Advisory is to set up our own strict compliance procedures to make sure that you as the client are fully informed about how we develop your advice. We also make sure we are not incentivised to recommend anything other than what is in your best interest. That is why we choose not to take commissions from referral partners or product providers.

For more reading about what you need to know when seeking out financial advice, check out ASIC's Moneysmart website.

Our license to give advice

Tristan Scifo, Harry Goldberg and Purpose Advisory Pty Ltd are all licensed to offer financial advice in Australia through a non-bank-aligned licensing company called AVALONfs. Avalon supports a well-connected community of 50 advice practices who support one another in our quest to serve our clients. Avalon holds their Australian Financial Services License (AFSL) directly with ASIC (the financial planning regulator) and we are Authorised Representative under this license. This means that whenever we give advice, it is actually Avalon who is giving the advice, and we are acting as for you as their representative.

We choose to be licensed through AVALONfs because of the quality family-like community of their small group of fellow advisers, and because of the strong emphasis on policy, procedures and compliance which they focus on. In future, it's our objective to acquire our own AFSL so that we'll be licensed directly with ASIC. This will ultimately leave us more responsible and more in control of the services we offer our clients.

Types of advice we offer

Through our licencing arrangement with AVALONfs, we can provide advice in a range of areas, including:

  • Salary packaging
  • Debt management
  • Cashflow & budgeting
  • Strategic property advice
  • Investment strategies
  • Life insurance & Income protection
  • Superannuation
  • Family planning
  • Estate planning
  • Business advice
  • SMSF advice

Looking for some Financial Advice?

Our Advice Process

We believe in taking the time to get things right for you the first time. Receiving advice is a process which spans a number of meetings and can last between 2 - 6 weeks:

  1. Education - Before we provide any advice to you, we first get you up to speed with what you need to know through our free to access Purpose Academy
  2. Strategy Meeting - we then work closely with you to explore and research your current situation, identify your goals and define the scope of the advice we'll be offering.
  3. Statement of Advice -  We then carry out further research and risk analysis on our recommendations, including thorough market comparisons on any products we recommend, to ensure we get you the most relevant outcome we can find for you. We document this in a Statement of Advice (SOA) which we send to you to read and digest.
  4. Action Meeting - We'll then meet with you again to discuss our advice and to address any questions or concerns you might have. Only when you agree and feel comfortable with proceeding will we assist you to implement our recommendations.

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Want to do the hard work yourself?