What does a financial adviser do?

ARTICLE
28 April 2025 dot 4 min read

If you’ve never received professional financial advice, you might not know exactly what it entails or why it’s worth paying for. So let’s take a closer look.

A financial adviser (also known as a financial planner) is qualified and accredited to provide advice on various aspects of your financial situation to help you achieve your goals. Think of them like a coach or personal trainer for your financial fitness.
 
A comprehensive financial plan may include: 
 
  • Establishing clear goals and a plan for how to achieve them
  • Reviewing your superannuation, consolidating multiple accounts and checking your risk appetite is aligned with the fund’s investment options
  • Building your wealth with investment advice
  • Ensuring you have adequate life and income protection insurance to protect you and your loved ones if the unexpected happens – this includes any cover you may have within your super
A financial adviser can also help you plan for your retirement, ensuring you can take advantage of any government benefits you are entitled to, and are in the best position you can be to fund your retirement lifestyle.

Rapport and trust are key – it’s all in the communication

While the nuts and bolts of financial advice certainly have technical aspects and can seem very complex, at the heart of what a good financial adviser does is to connect with you to build rapport and earn trust. They take the time to listen and understand what’s important to you.
 
When your adviser understands your situation, needs and goals, they are in a much better position to provide appropriate advice – and you’ll have the peace of mind of having a good financial plan in place. 

How does it all work?

  1. Consultation: this is where you meet your financial adviser for the first time and tell them what you need help with. Your adviser will ask questions to learn more about your current situation, your life aspirations and goals, and anything you might be worried about.

    You may be asked to complete a ‘fact find’ to provide details of your current financial situation – such as income, assets, debt, living expenses, superannuation and any insurances you hold (e.g., health and life insurance). This is essential background information for the adviser but can also be a really useful exercise for you to get a clearer view of your situation.  

    If need be, the consultation stage may take place over more than one meeting. Your adviser will also talk you through the next steps, their fee for service, and seek your agreement to proceed with researching and preparing your advice.

  2. Research: your financial adviser will research various financial strategies and product options, looking for the best fit for your situation and needs. This is where their expertise and experience comes into play – this is what you pay a professional for.

    They will formulate a strategy which takes into account any regulatory considerations, government benefits and tax impacts, to help put you in a better financial position. They will also assess the quality of each product, cost, and whether it meets your needs and goals. This stage may take a few weeks.

  3. Advice presentation: Your adviser will walk you through the Statement of Advice (SoA) they have prepared for you, explaining why certain strategies and products have been recommended in line with your needs and objectives, and how they benefit you.

  4. Implementation: if you are satisfied with your SoA, your adviser will help you implement the advice. For example; changing or consolidating super funds, setting up investment options, and applying for insurances. They will guide you and keep you updated along the way so you know what’s happening.
Feeling in control of your finances with a plan to reach your goals – that’s financial wellbeing, and it’s a great feeling that helps you get the most out of life.

Ready to take the next step?

Disclaimer:
Copyright © 2025 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situations, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.

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