What’s the difference between a financial counsellor and a financial planner?
Financial counsellors generally work with people in financial difficulty, particularly those with limited income. They are trained to work in the community sector to provide a free, impartial and confidential service.
Financial counsellors can offer full independent financial counselling services without being licensed under the Corporations Act because ASIC has exempted them from holding a licence. However, they must meet certain conditions such as no fees, charges or commissions.
Financial planners, on the other hand, assist people to manage their assets by providing investment advice. Financial planners charge fees and work for businesses that hold an Australian Financial Services licence.