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What are the different types of financial advice?

Like aviation, superannuation is a highly regulated industry. A suite of comprehensive regulations governs everything that super funds can do and say, including the types of advice that we can provide to members and when we can provide it.

If you’ve ever come across one of our friendly Super Advice team in the workplace or had a chat with them over the phone, you may have noticed that they could only answer certain types of questions on specific topics relating to your superannuation.

Now, this isn’t because they don’t know the answers – rather, it’s because by law they’re only licensed to chat about certain things.

Like aviation, superannuation is a highly regulated industry. A suite of comprehensive regulations governs everything that super funds can do and say, including the types of advice that we can provide to members and when we can provide it.

So, what are these different types of advice?

Factual information

This type isn’t exactly ‘advice’, per se; rather, this is simply providing facts about super and how it works. For example, factual advice could be explaining that Qantas Super has a range of different investment options or how to switch your investments online.

Our Helpline staff are only allowed to provide factual information. This means that they will have to refer you to a Super Adviser if you need more in-depth assistance.

General advice

General advice is essentially what it says on the lid: general. It goes just a step further than factual information, but it doesn’t take into account any of your personal information such as your objectives, financial situation, or needs.

For example, in a general advice conversation, an adviser could explain the difference between Qantas Super’s investment options, including the profile and risk tolerance of the typical investor that an option was designed for. This can help you get an idea of what option may be right for you, but the adviser has spoken generally and has not given you a personal recommendation.

If you make a booking to chat to one of our team about ‘Simple questions’, this means you’re booking in to receive general advice.

Personal intra-fund advice

If you make a booking to chat to one of our team with the booking note ‘Super Advice’, the member of our team that you’ll be speaking to will be able to provide you with personal intra-fund advice.

This type of advice goes a step further than general advice, as the adviser can give you recommendations based on some of your personal information, but it still has a limited scope – it’s limited to advice about your super in the specific fund through which you are receiving the advice; in this case, Qantas Super.

This service comes at no additional cost to you .This is because this advice is provided to members of a super fund, with the cost of providing this service built into the administration fee that you pay as part of your membership. This means a Super Adviser isn’t able to take into account your wider financial situation outside super, such as your mortgage or other investments you may have.

In this type of conversation, a Super Adviser could provide advice on topics such as;

  • Investment choice – they could not only explain the difference between Qantas Super’s investment options, but they could also provide you a recommendation on which options you should invest in based on factors such as your age, your tolerance for risk, and the age at which you aim to retire.
  • Contributions (pre- and post-tax),
  • Simple super to pension retirement strategies; and
  • Considering your insurance needs

When you receive personal advice, it will be documented in a Statement of Advice (SoA), which explains the advice, the benefits, risks and costs. You will receive your SoA by email unless you request a paper copy.

If you have superannuation or insurance policies outside of Qantas Super this can impact your ability to receive personal advice from a Qantas Super adviser. As this service is provided at no additional cost, by law, we can only advise you on your Qantas Super account. However, it may be in your best interests to receive advice on the bigger picture and not just your Qantas Super account. In these cases, we will generally suggest you speak to a financial adviser and receive fee for service advice.

Comprehensive advice

When people say they have a financial adviser, this will most likely mean that the type of advice they’re receiving is holistic or comprehensive advice. Like the name might suggest, this advice takes into account someone’s whole financial situation, from super and beyond.

If you choose to receive comprehensive advice, you will work with your adviser to understand both your current financial situation and your goals, and put in place a plan to reach those goals. This could mean anything from setting up investments outside super to budgeting, helping you buy a property, more complicated retirement strategies (including your spouse, Centrelink, debt repayment), and more.

You could choose to work with an adviser on an ongoing basis, with the financial adviser then providing regular monitoring and review of your financial plan.

This service is based on a fee for service model, where the adviser will charge a fixed fee for this service.

How to find a comprehensive adviser

The Government’s MoneySmart website has information about how to choose a financial adviser.

Qantas Super’s general and personal intra-fund advice service is licensed through our independent advice partner, Guideway Financial Services Pty Ltd AFSL #420367, who can also provide comprehensive advice.

Meet our Super Advice team

You can book a one-on-one appointment with our Super Advice team online – sessions are available face-to-face or over the phone.

Superannuation financial advice about your super is provided by our employees who are Authorised Representatives of Guideway Financial Services Pty Ltd, ABN 46 156 498 538 (Guideway), Australian Financial Services Licence #420367 – view the Guideway Financial Services Guide.  No additional fees are payable for general or limited personal/intra-fund financial advice (i.e. simple advice) as the cost is part of the Qantas Super administration fees and costs. Financial advice services are also available directly through Guideway Financial Advisers for an additional fee, such as comprehensive retirement planning or advice on issues beyond your Qantas Super account. In some circumstance this fee can be paid through your Qantas Super account. Qantas Super does not receive any commissions from Guideway as a result of members using their financial advice services.

We're here to help

If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face-to-face. It's included as a part your membership so there's no extra cost.
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