You can get information and help with your financial affairs from many different places. The following pages tell you about:
Financial Information Service
The Financial Information Service (FIS), provided by specialist Centrelink officers, is an education and information service available to everyone in the community. FIS is independent, free and confidential, and provides services by phone, by appointment and through seminars. For more information about FIS call Centrelink on 13 2300 or visit the Centrelink website. For information about seminars being held, call Centrelink on 13 6357.
Financial Information Service Officers can assist you to make informed financial decisions and help you to understand the consequences of those decisions in the short, medium and long term.
FIS Officers can talk to you about the benefits of:
- taking control of your finances
- actively planning for yourself and your family, and
- preparing for increased lifestyle choices in retirement, even while you are still in the workforce.
FIS Officers are not financial planners or counsellors and they:
- do not sell or give advice
- do not prepare financial plans
- do not recommend any particular type(s) of investment
- do not tell you how to invest your money
- do not purchase investment products
- do not make decisions about your pension or calculate the rate at which you can be paid. (FIS Officers have no authority to do this but may be able to work out approximately what your payments will be).
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National Information Centre on Retirement Investments Inc.
The National Information Centre on Retirement Investments Inc. (NICRI) is an independent body funded by the Australian Government to provide the public with free information on financial investments, financial industry services and saving for retirement. NICRI can assist people to provide for their retirement and to make the investment choices that are best for them. People can contact NICRI on FREECALLTM 1800 020 110, or visit the NICRI website.
How can NICRI help?
NICRI officers can help you by discussing any investment concerns you may have, or by giving guidance on seeking a suitable financial planner. They can take you through the financial planning process by explaining the different steps to take when seeking and using a planner. Any questions you have about specific investment products, for example, how the product works, and the implications it may have on taxation and social security payments, can be explained in a basic, easy-to-understand way.
Moneymap
NICRI has an online financial education tool known as moneymap which offers calculators to work out loan, investment and savings scenarios and links to relevant government departments, consumer agencies and information leaflets. It highlights issues surrounding the financial planning process such as prioritising investment needs and objectives and looking at your risk profile to determine how it fits with your investment objectives. Moneymap can be accessed at moneymap.nicri.org.au
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Financial Literacy Foundation
The Australian Government launched the Financial Literacy Foundation in June 2005 to give all Australians the opportunity to better manage their money. The Foundation provides a national focus for financial literacy issues and works in partnership with government, industry and community organisations to advance financial literacy in Australia. The Foundation is raising community awareness of financial literacy and its benefits through the Understanding Money media campaign. The campaign aims to kick start change in attitudes to money issues and ultimately, equip people to ask the right questions and make better financial choices.
For more information about the Foundation and the Understanding Money media campaign visit www.understandingmoney.gov.au or order a copy of the Understanding Money handbook on FREECALL™ 1800 236 235.
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Financial counsellors
If you are having financial problems, a financial counsellor can help you understand the size of your debt or any credit problems. They can offer solutions to help you deal with day-to-day budgeting problems.
They can discuss your rights and obligations in relation to financial commitments and negotiate with credit providers, if you are unable to do so. Generally, financial counsellors do not help with investment decisions or problems.
You may be able to contact a financial counsellor through your local community centre or other community organisation.
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Financial planners
Planners may be able to help you choose the right investments to achieve your investment goals. The Financial Planning Association (FPA) is a national industry association for financial planners that sets high professional standards for its members. Membership of the FPA is not compulsory and many planners who are not members may also meet similar high professional standards. The FPA provides information to consumers free of charge.
Not everyone needs to employ a financial planner, for example, if you have a relatively small amount that you want to invest in simple investment products, such as term deposits. However, if you do not believe you have this expertise or you do not want to manage your finances yourself, a financial planner can assist you.
ASIC licenses all businesses that offer financial products and advice. Make sure your provider holds an ASIC licence. Licensees may be corporations, companies or individuals.
The advice you get from a financial planner should:
- be in writing
- be without obligation
- indicate the level of income to be generated
- match your income needs
- take into account your need for ready cash reserves
- take into account your social security or Veterans’ Affairs and taxation situation, where applicable
- disclose all entry fees, exit fees and any other costs to you in dollar terms
- include the reasons for selecting the proposed investments
- state the risk potential clearly
- spread your investments between product types and investment companies.
ASIC offers information to protect investors and help them make decisions. To help you choose a planner and check your plan, get a free copy of ASIC’s Don’t Kiss Your Money Goodbye from its consumer website www.moneysmart.gov.au or phone its Infoline on 1300 300 630.
Remember that buying an investment plan is like buying a house or car. You should shop around until you find a planner with whom you feel comfortable.
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Other providers of financial services
Accountants and solicitors—unless they are licensed as financial planners, accountants and solicitors are only allowed to give very limited investment advice.
Banks, credit unions or building societies—most of these institutions offer financial advisory services either by being licensed themselves or by referring their clients to a pre-contracted advisory service. Often products recommended are provided by the institution.
Stockbrokers—the range of services stockbrokers provide varies. Usually they specialise in trading shares, but may also provide advice on retirement planning.
Consumer Protection Services—specific government agencies exist to help you protect yourself against scams, to investigate them and to take action against perpetrators. Each state and territory government operates a consumer protection agency, usually called Fair Trading or Consumer Affairs. The main federal government agencies are ASIC and the ACCC.
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Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) is an independent government body that enforces financial services and company laws to protect you. ASIC’s consumer website MoneySmart at www.moneysmart.gov.au offers free financial tips and safety checks, and helpful calculators for budgeting, super, retirement and more. Ask MoneySmart for help when you need to make a financial decision. You can also email ASIC through infoline@asic.gov.au or phone 1300 300 630 for the cost of a local call. ASIC also publishes award winning free booklets: Your Money (how to get more from your money), Getting Advice (how to choose a financial planner and check your financial plan) and Super Choices.
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Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission (ACCC) is an independent statutory authority formed in 1995. The ACCC administers the Trade Practices Act 1974 (Cth) (the Act) and its objective is to enhance the welfare of Australians by promoting competition and fair trading and providing for consumer protection. The ACCC has offices in all capital cities. Its Infocentre (1300 302 502) assists businesses and consumers to understand their rights and obligations under the Act, but staff cannot provide legal advice. The ACCC small business helpline (1300 302 021) was developed in 2005 to provide specific assistance to small business operators. The ACCC also provides a wide range of publications on consumer and business trade practices issues, including warranties and refunds, cartel conduct and product safety, all of which are listed on the ACCC website.
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Seniors information products
The Australian Government publishes a range of free products that provide practical and easy-to-read information on topics such as government programs and services to assist seniors, investment options, and accommodation choices.
The publications include:
- Seniors Information Kit—a comprehensive set of fact sheets highlighting a range of Australian Government services and programs available to seniors
- Australian Government Directory of Services for Older People—a concise and user-friendly guide to the many government programs and services developed specifically for older people
- Home and Residence Choices for Older People—provides helpful information on accommodation and care options for older Australians, and how different options may affect entitlement to payments and services
- Moving House—Your Choices—aims to assist people to improve their lifestyle during retirement through making informed choices about their housing.
To obtain copies of these products, you can:
- phone Centrelink on 13 2300
- visit Centrelink’s website
- phone the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) on FREECALL™ 1800 050 009
- visit FaHCSIA’s website
Please note that the Seniors Information Kit is only available from FaHCSIA.
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