As part of the FASEA standards, a clear distinction has been made between different types of advice.

The first distinction made in the scope of financial advice is between:

1. Factual information - is objectively ascertainable information, the truth of which cannot be reasonably questioned. This factual information may be provided without holding an Australian Financial Services Licence (AFSL).
2. Financial product advice - generally involves a qualitative judgement about a product or its features.

The second distinction is between the two types of financial product advice:

1. General advice - does not consider the person's individual circumstances and does not recommend nor influence them to make a decision about a product or strategy.
2. Personal advice - is given when the adviser has considered the person's specific objectives, situation or needs, or could be reasonably seen to have done so, and includes a recommendation or opinion that could be reasonably be regarded as intending to influence a person to make a decision about a financial product or a class of products.

This great diagram and the full publication may be accessed courtesy of Industry Fund Services explains the distinction very well - just click here.

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au