Just What is a Financial Counsellor
So many people looking at restructuring their finances make the mistake of confusing financial planners and/or advisors with financial counsellors – and as such get in to more money strife as a result.
Financial planners and advisers provide advice to people who have money to invest whereas financial counsellors work with people who are in debt, facing bankruptcy or are simply unavailable to pay their bills.
Financial Counselors Melbourne, Victoria, Perth, West Australia, and Other States and Territories
Financial counsellors in Australia don’t need a license to offer financial counselling because they operate under a licensing exemption from the Australian Securities and Investments Commission (ASIC), which is why it is so important to know the qualifications of any financial counsellor whether they be in in Melbourne Victoria, Perth Western Australia (WA) or any other state and territory.
Debtassist.com, financial counsellors based in Melbourne, Victoria, explains that financial counsellors have specific knowledge around debt financial consultants may not, such as understanding their rights and access to legal assistance.
Qualified financial counsellors are proficient in developing money plans and restructuring debt and negotiating with creditors as well as understanding how to access grants or concessions which could assist with turning around credit.
Debtassist.com’s financial counsellors in Perth, WA, point out one of their experts are also trained in counselling and have strong negotiation skills, both important factors considering the stress involved when clients are experiencing financial difficulties.
They suggest that before anyone looks at hiring a financial counsellor in Australia to firstly, make sure they are qualified. The Australian Financial Security Authority website www.afsa.gov.au is a good start especially if seeking a debt administrator.
Other sources include: the National Consumer Credit Protection Act 2010, the Corporation Act and an Australian Financial Services Licence – ASIC Instrument 2017/792 and Action Law centre report April 2013.