By Lara Sinclair
Summary
As the Federal Government last month announced reforms that will allow super funds to provide affordable, simple financial advice to more Australians, new research reveals who Australians trust to give them advice.
Super funds and life insurance firms would be able to provide more types of affordable, simple financial advice to more Australians under planned reforms announced by the Federal Government last month¹.
The announcement comes as new research shows super funds are the second most trusted professional source of financial advice – after financial advisers themselves².
The planned reforms include the creation of a new class of adviser who may provide simple financial advice on a range of topics that would initially be available through APRA-regulated super funds, such as CFS, and life insurance firms.
The new rules would also allow super funds to provide tailored advice to individuals by sending them targeted prompts.
The government confirmed the reforms, previously canvassed in 2024 as part of the Delivering Better Financial Outcomes package, aimed to ensure Australians have access to safe and reliable financial advice³.
“Good advice helps Australians navigate an increasingly complex retirement system and achieve better outcomes,” Assistant Treasurer Dr Daniel Mulino said in an address to the National Press Club last month.
Affordability the #1 barrier as Australians trust advisers and super funds to give advice
A perceived lack of affordability remains the biggest barrier to seeking financial advice, nominated by more than one in three Australians (36%) who have never had an adviser, according to CFS’ research on attitudes to financial advice, conducted earlier this year with more than 2000 Australians.
The research also showed financial advisers were the most commonly used and most trusted source of professional financial advice, nominated by 33% of respondents and 80% of respondents respectively.
They were followed by super or investments providers, which were the second most used source of professional financial advice (26%) and the second most trusted (73%), the research showed.
Super tops the list of topics on which we want advice
Super is the area in which more Australians would like advice, according to CFS' research.
It showed the topics about which Australians most want financial advice are:
Super – 45%
Investments – 40%
Preparing for retirement – 33%
Tax planning – 28%
Achieving financial milestones (such as buying a property) – 25%
Setting goals and budgets – 25%
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Financial advice ‘can make a difference to anyone’
The second biggest barrier to seeking financial advice among those who have never done so is a belief that their situation is not complicated enough to warrant advice. Just over one in three Australians (34%) holds this view.
Most Australians would benefit from financial advice, according to CFS Executive Director of Advice, Neville Azzopardi.
“Financial advice can make a difference to anyone's circumstances,” Neville says.
“Many people don't think their circumstances are complex, but our system is,” he adds.
"Financial advisers have a legal obligation to act in their clients' best interests and provide advice that is appropriate to their circumstances."
“For those people that miss out on the opportunity to get good advice, you’re possibly leaving opportunity on the table.”
Advice is available to CFS members
CFS connects members with a range of financial advice options including:
general advice provided by our trained guidance consultants,
simple super advice provided to members at no extra cost,
one-off, topic-based advice, and
- comprehensive financial advice.
Frequently asked questions
No, not all funds are licensed to provide financial advice. You must be authorised under an Australian financial services (AFS) licence to provide financial product advice.
Yes, CFS is licensed to provide super advice, through CFS Advice Services Pty Ltd (AFSL 564571). Eligible CFS members can access super advice through our online portal FirstNet at no additional cost. This advice can help with matters relating to your existing CFS super account.
If you need advice beyond your super, such as retirement planning, investments, insurance or broader financial strategies, you may need one-off or comprehensive financial advice from a licensed financial adviser. CFS can make this introduction for you.
General advice provides information about a financial product or strategy without considering your personal circumstances.
Personal advice takes your individual objectives, financial situation and needs into account. Because it is tailored to you, personal advice is subject to additional regulatory requirements and documentation.
If you're unsure which type of advice is right for you, an adviser can explain the differences and help you understand your options.
A financial adviser can help if you're making important financial decisions, navigating a life change or working towards specific goals. You might seek advice when planning for retirement, managing superannuation, investing, protecting your family with insurance, or building a long-term financial strategy.
Not everyone needs the same level of advice. Some people only need guidance on a specific topic, while others benefit from a comprehensive plan and ongoing support. If you'd like greater confidence in your financial decisions or your circumstances are becoming more complex, speaking with a financial adviser could help.
Financial advisers in Australia must be authorised to provide financial advice under an Australian Financial Services Licence (AFSL).
You can verify an adviser's credentials through the Australian Government's Moneysmart website, where you can view their authorisations, qualifications and any disciplinary actions.
Checking an adviser's credentials before engaging them can help you make an informed decision.
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¹ Protecting Consumers and the Promise of Superannuation in an Evolving Financial Ecosystem factsheet, The Treasury, published 18 August 2026.
² CFS commissioned research on Australians’ attitudes towards financial advice, conducted online with 2,058 Australians aged 18+ in April 2026.
³ National Press Club address and Q&A, Canberra | Treasury Ministers, 19 August 2026
Disclaimer
Super Advice by CFS Advice Services: AIL has appointed CFS Advice Services Pty Ltd ABN 52 682 119 651, AFSL 564571 (CFSAS) to provide one-off limited personal advice on specified topics to members of FirstChoice Superannuation Trust who access the Super Advice service. AIL and CFSAS are both members of the Colonial First State group of companies. CFSAS holds a financial services licence to provide personal financial product advice, and its financial advisers act under this licence when providing advice services to members. CFSAS is responsible for financial advice provided to you under the Super Advice service. Before you receive a financial service from CFSAS, you should read the Financial Services Guide (FSG) issued by CFSAS. The cost of providing the Super Advice service is collectively charged to all members of the Fund and is incorporated in the fees and costs shown in the PDS.
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and FSG carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.