Can Accountants Give Financial Advice? 5 Key Facts You Need to Know

David Meffert, Director and Principal Adviser of Discover Financial Partners weighs in to help understand when Accountants can advise you and when its best to seek out a licensed Financial Adviser.

Accountants play a key role in managing finances, but their ability to give financial advice is limited by regulations. In Australia, financial advice is governed by the Corporations Act 2001 and regulated by the Australian Securities and Investments Commission (ASIC).

Accountants must hold an Australian Financial Services (AFS) licence or operate under an authorised representative to provide financial advice beyond basic accounting services.

What Financial Advice Can Accountants Give?

David Meffert, Director and Principal Adviser of Discover Financial Partners says “Accountants are trusted advisers—but when it comes to financial products, licensing ensures clients are protected and advice is tailored to their full financial picture.”

What Accountants Can Do Without an AFS Licence

1. Tax Advice – Accountants can advise on tax-related matters, including deductions, tax planning strategies, and compliance.

2. Business Structuring – They can help choose the right structure for businesses, such as sole trader, partnership, company, or trust.

3. Cash Flow and Budgeting – Accountants can offer insights on managing cash flow, reducing costs, and improving financial efficiency.

4. Compliance and Reporting – They can assist with financial statements, BAS lodgements, and regulatory obligations.

There are definitely things that require someone to have an Australian Financial Services (AFS) Licence, so if you're after guidance on any of those it's really important the person you're speaking with is appropriately licensed, says David.

"After all, you want to make sure the people who are managing your money are qualified and giving you advice for right aspects of your finances. We often work alongside clients' Accountants and together we can provide a holistic approach to your advice".

What Requires an AFS Licence

Investment Advice – Recommending specific shares, managed funds, or other investment products.

Superannuation Advice – Advising on superannuation contributions, withdrawals, or fund selection.

Retirement Planning – Developing strategies for wealth accumulation or pension management.

Insurance Advice – Recommending life insurance, income protection, or other financial products.

To offer these services, accountants must obtain the necessary licensing. The exemption that previously allowed recognised accountants to provide advice on self-managed superannuation funds (SMSFs) without an AFS licence was repealed on 1 July 2016. Since then, all accountants must be covered by an AFS licence to advise clients about acquiring or disposing of an interest in an SMSF.

When Should You See a Licensed Financial Adviser?

If you’re looking for support with investments, superannuation, or building wealth, a licensed financial adviser is best placed to help. Accountants also play an important role, especially when it comes to tax planning and business structures. If you're receiving financial advice, it’s worth checking whether your accountant holds an AFS licence or operates under an authorised firm. This helps ensure the advice you receive is compliant and aligned with your needs. You can learn more about financial advice regulations or check an adviser’s credentials on the ASIC website.

Discover Financial Partners has a team of expert Financial Advisers, licensed to give you the help you need, breaking down the complex ensuring you have complete clarity on the right moves for you.

Book a Consultation with a Licensed Financial Adviser Today

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.