What is Financial Advice?

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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".

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.

Tristan Scifo, Harry Goldberg, Werner Jansen and Purpose Advisory Pty Ltd are all licensed to offer financial advice in Australia through a non-bank-aligned licensing company called Cobalt Advisers. 

Cobalt supports a small group of approx. 15 advice businesses, many of which offer similarities in the combination of both advice and coaching services to us. The average age of the advisers in this group is younger, and the typical age of their clients is more similar to our own. We share ideas, resources & tools to make sure we bring the most value we possibly can to our clients.

Through our licencing arrangement with Cobalt Advisers, 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