How much are you paying for financial advice? It can be hard to find out but you can be sure it's not free.
And you're probably paying something, whether you're actually getting advice or not.
A ferocious argument is raging at present about the future of Australia's multi-billion dollar financial advice industry.
Central to the debate are new laws governing the behaviour of financial advisers introduced by the former Labor federal government.
When they came into force in 2013, the Future of Financial Advice or FoFA laws banned financial advisers from receiving conflicted remuneration, such as commissions which might influence the choice of financial products sold to consumers.
The Abbott federal government is seeking to roll back elements of FoFA, which it says is too complex and burdensome on the financial industry and will ultimately hurt consumers through higher costs.
Opponents of the changes say the proposed amendments favour big finance companies at the expense of consumers.
One of the proposed changes is a rollback of the ban on conflicted remuneration on general financial advice - meaning advisers will be allowed to offer products for which they are paid a commission, as long as they have not assessed the client's individual circumstances.
The rationale is that commissions - taken from consumers' deposits - pay for advice that consumers would otherwise not buy.
Consumer advocacy group Choice says relaxing the ban will "strongly impact consumers" particularly people who are disengaged or don't understand financial matters very well.
FoFA and the proposed amendments mean there are some basic questions for consumers to ask about financial advice.
1. Can I get free financial advice?
There are two kinds of financial advice, says Financial Planning Association general manager of policy, Dante De Gori, and what you pay depends on what you're getting.
Personal advice is where an adviser takes into consideration the personal circumstances of the client, while general advice is more likely to be based on a general assessment.
A first consultation with a planner for personal advice might be free but subsequently a fee would apply.
"If you are being provided with free advice that's likely to be because it's general advice that doesn't take into account your specific circumstances," Mr De Gori said.
"The reality is nothing is free, however - it's paid for in some way."
Superannuation members often have financial advice available through their fund but that service is paid for through fees, whether it's used or not.
2. If it's free advice, how good is it?
Mr De Gori said anyone offering general advice - such as a bank teller - has to be trained and authorised but the scope of advice is generally limited.
If a consumer has not had personal financial advice, the general advice might look good but, says Mr De Gori, "it hasn't considered many aspects of your personal circumstances".
Under the government's proposed FoFA changes, the tellers suggesting a financial product, such as superannuation or a managed fund, would get commissions for sales.
3. How do I know if someone gets a commission?
Disclosure of fees is required by law, Mr De Gori said.
For general advice, fees and charges will be in the Product Disclosure Statement.
A personal statement of advice must list all charges clearly in percentage and dollar terms.
4. What if I just don't get financial advice?
Research by the Australian Securities and Investments Commission shows less than 40 per cent of people have sought financial advice, for reasons including a lack of trust of financial advisers.
But as more people retire and start drawing down on Australia's $1.8 trillion superannuation reserves, more people will want advice.
Mr De Gori said it's in most Australians' interests for people to get financial advice.
"It would be great to think everyone had a financial planner like they had a doctor," he said.
