You might want financial advice when you need to make important decisions about money. This can be helpful during big life changes, such as leaving the ADF, getting compensation or a lump sum payment, or planning for the future. 

Financial advice can help you understand your options and make choices that suit your needs and goals. 

What is financial advice? 

Financial advice is help from a qualified financial adviser about money decisions and financial products. Personal financial advice is advice that is based on your own situation, goals and needs. 

Depending on your situation, financial advice may help you: 

• understand DVA payments, pensions or lump sum compensation 
• plan for retirement or future financial security 
• manage your super 
• make decisions after leaving the ADF 
• understand the money impact of major life changes 

It helps to know the difference between financial information, general advice and personal advice. Financial information gives you facts. General advice may suggest a financial product, but it does not look at your personal situation. Personal advice does. 

When financial advice may be useful 

Personal financial advice may be useful if you are: 

• leaving the ADF 
• getting a DVA lump sum payment, pension or ongoing compensation 
• making decisions that could affect your finances for a long time 
• planning for retirement or the future 
• dealing with big changes to your income, health or family life 

You do not need to have everything sorted before you get advice. A financial adviser can help you work out what decisions you need to make and what information you need. 

Choosing a financial adviser 

In Australia, someone who gives personal financial advice must be authorised under an Australian Financial Services (AFS) licence. You can check an adviser’s registration, qualifications and the products they can advise on through ASIC’s Financial Advisers Register. 

MoneySmart, ASIC’s consumer website, has practical information about how to choose a financial adviser and what to expect. 

Before you choose an adviser, think about: 

• what you want help with 
• whether you need general information or personal advice 
• whether the adviser is registered and authorised 
• what services are included 
• whether the advice is one-off or ongoing 
• how fees and other costs work 
• whether the advice suits your needs and goals 

MoneySmart, ASIC’s consumer website, has practical information about choosing a financial adviser, understanding fees and knowing what to expect. 

You can also use ASIC’s Financial Advisers Register to check an adviser’s registration, qualifications and the products they can advise on. 

DVA and financial advice 

DVA provides information and support to help veterans and families of veterans make money decisions after service. In some situations set out in law, veterans and dependants may be able to get back the cost of professional financial advice they need to help make a choice about compensation or related payments. 

The Department of Veterans’ Affairs also provides information about finances, payments and support after service through its Sort your finances page. 

Financial advice, counselling and support 

Financial counselling is not the same as financial advice. If you are stressed about money, debt or hardship, free and confidential financial counselling may be a better fit than paid financial advice. 

Bravery Trust provides free, independent and confidential financial counselling for current and former ADF members. A financial counsellor can help you understand debt, sort out bills, look at your options and talk with creditors. 

You can find free financial counselling through Bravery Trust financial counselling. 

Helpful resources 

These services can help you learn more, check an adviser, or get support if you are under financial stress. 

• MoneySmart – choosing a financial adviser 
  Practical guidance on choosing an adviser, understanding fees and knowing what to expect. 
• Financial Advisers Register 
  Check an adviser’s registration, qualifications and the products they can advise on. 
• Department of Veterans’ Affairs – Sort your finances 
  Information about payments, support and financial choices after service. 
• Bravery Trust financial counselling 
  Free, independent and confidential financial counselling for current and former ADF members. 
• National Debt Helpline 
  Free financial counselling if you are dealing with debt, bills or financial hardship.