Financial adviser vs accountant vs mortgage broker: who does what

"I'll just ask my accountant" and "my mortgage broker mentioned I should invest more in super" are both common things to hear, and both point to a genuine source of confusion — financial advisers, accountants and mortgage brokers are three separate, separately regulated professions, even though their work can overlap in practice and some professionals hold more than one relevant licence.

A financial adviser's core role is holistic financial planning — helping bring superannuation, investment strategy, retirement planning, insurance and, where relevant, estate planning considerations together into a coherent plan. To provide personal advice to a retail client, an adviser must hold an AFSL or operate as an authorised representative of one, and that personal advice must generally be documented in a Statement of Advice and meet a legislated best-interests duty. A financial adviser is generally who you would see for a question like "how should my super and my other investments work together to support my retirement," where the answer depends on your whole financial picture rather than one isolated decision.

An accountant's core role is different — tax return preparation, tax planning, business structuring and bookkeeping are the everyday work of most accounting practices. It is worth knowing that accountants used to have a limited exemption allowing them to give some advice on self-managed super funds without an AFSL, but that exemption was removed in a 2016 reform. In practice this generally means an accountant now needs to also hold an AFSL or operate as an authorised representative, or refer the client to a licensed adviser, before giving specific advice on superannuation products or strategy. An accountant remains the right person to see for a question like "how do I structure my business or minimise my tax legally," which sits squarely within their regulated scope.

A mortgage broker's core role is arranging home and investment property loans across a panel of lenders, comparing options and handling much of the application process on the client's behalf. Brokers must hold an Australian Credit Licence or operate as a credit representative under one, and a legislated best-interests duty for consumer loans has applied to mortgage brokers since 2021. Brokers are most commonly paid via a commission from the lender rather than a direct fee charged to the client, which is worth understanding when comparing how each of these three professions is typically remunerated. A mortgage broker is generally who you would see for "which loan and which lender suits my borrowing situation."

Some individuals and firms hold more than one relevant licence and genuinely operate across two of these areas — but holding one licence never automatically extends to another regulated activity. The straightforward way to avoid confusion is to ask directly which specific licence covers the service being discussed in front of you, rather than assuming that a professional you already trust for one thing is automatically licensed for another.

This article is general information only. It has been prepared without taking into account your individual objectives, financial situation or needs, and it is not personal financial advice. Before engaging any financial adviser, confirm they currently hold an Australian Financial Services Licence (AFSL) or are an authorised representative of an AFSL holder, using ASIC's Financial Advisers Register at moneysmart.gov.au. Our directory lists financial advisers and superannuation specialists across Australia by area if you are ready to start comparing your options.

Frequently asked questions