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Services Australia, which includes Centrelink has a range of free financial support services and their latest addition to their service offering are free webinars (live interactive videos hosted over the web) that will provide financial planning information.
Financial planning webinars
The webinars, which are part of Services Australia’s Financial Information Service, cover topics including retirement, aged care, retrenchment, understanding money, and disability and carers.
You can send questions during a live webinar and have these answered by an expert.
The webinars are available to all members of the community. You can either book and join a live webinar or watch a past session at a time and place convenient to you.
Find out more and book a webinar session here.
Government Financial Information Service
Along with webinars, the Government Financial Information Service provides a range of other services to help older people to make informed decisions about their finances.
Some of the areas they can assist with include:
Increasing your confidence with financial matters like investment, salary sacrifice and superannuation.
Understanding your own financial affairs and options.
Understanding financial planners and how to use their advice.
How to use credit sensibly and the benefit of reducing debt.
Saving and planning for the future through investing and the risks of certain financial products.
Planning for your retirement and increasing your overall retirement income.
Understanding what happens when you move into aged care.
Understanding government payments and how a change in your circumstances may affect your entitlements.
How to find resources to help you with financial matters and how a range of government and community services can help.
You can learn more about the service in this video or speak with one of their Financial Information Service officers via one of the methods outlined here.
National Seniors Financial Literacy Service
National Seniors members can also access up-to-date independent information on retirement options, Centrelink benefits, aged care, superannuation, estate planning, investment choices and more through our Financial Literacy Service.
The Financial Literacy Service is an independent, confidential service funded by National Seniors Australia and Caxton Legal that aims to improve the investment information available to older Australians including:
Centrelink questions, clarification, and suggested benefits
COVID-19 payments
Home Equity Access Scheme, and other ways to access equity in the home (reverse mortgages)
Superannuation and super insurance
Defined benefits and super taxation
Downsizing
Selling the family home
Moving into aged cared
Estate planning.
Paid financial advice and what to look for
While the Government Financial Information Service can provide information to help you better understand topics, they cannot provide financial or investment advice.
If you’re looking for financial or investment advice, you may want to consider getting a qualified financial adviser.
A good financial adviser works with you to understand your needs, set your financial goals, and create a plan to help you achieve them.
Anyone who gives personal financial advice and most general advice providers must have an Australian financial services (AFS) licence.
Decide what you want from financial advice
Before you get financial advice, decide what you want to get out of it. This depends on your stage of life, how much money you have, and what you're trying to achieve. A financial adviser can help you make financial decisions and plan for the future. This might include advice about budgeting, investing, super, retirement planning, estate planning, insurance, and taxation.
Choose the right financial advice for you
You can choose to get either general or personal financial advice from an adviser, depending on what you need.
General financial advice doesn't take into account your personal situation or goals, or how it might affect you personally.
Personal financial advice is tailored to your financial situation and goals, and is in your best interests.
It can include:
Simple, single-issue advice: Help with one financial issue, for example, how much to contribute to your super, or what to do if you inherit shares.
Comprehensive financial advice: Help to develop a financial plan to reach your financial goals. This covers things like savings, investments, insurance, super, and retirement planning.
Ongoing advice: Regular monitoring and review of your financial plan and affairs.
To find out more about what financial advisers can do for you, see working with a financial adviser.
Finding a financial adviser
Once you know what you want, you can find a licensed financial adviser who offers the right services for you through:
A financial advice professional association
Your super fund
Your lender or financial institution
Recommendations from people you know
Search by postcode on Services Australia’s Financial Advisers Register to find a licensed adviser near you.
Financial Services Guide
The best way to see what a financial adviser offers is to read their Financial Services Guide (FSG). It should be on their website, or you can ask them for a copy.
The Financial Services Guide shows:
The services they offer · How they charge (see financial advice costs)
Who owns the company
Any links to product providers
Their AFS licence number.
Meet and compare financial advisers
Ask the financial adviser if they charge for the first meeting. Many don’t.
When you meet an adviser, ask them about:
Their qualifications, main client base, and specialty areas · What fees you will pay, how often and what you'll get in return
How they'll manage your money
How often you'll meet
What information you'll receive and how often
How they'll consult you on decisions
How they'll monitor and manage your investments
What commissions or incentives they receive from financial products, and how they'll choose products to recommend to you
Who'll look after your account when they're away · How they'll deal with complaints (see problems with a financial adviser to learn about the complaints process)
How to end your agreement with them (including any penalties or notice periods).
A good adviser will get to know you, keep you informed, and help you achieve your goals. They'll also discuss how much risk you're comfortable with.