Types of Advice

From Tuesday 29th January, when placing an order with Patersons, you will receive a communication (via email or post) outlining the type of advice you received from your adviser.  If you have received general advice the communication will state the general advice you have been given.  If you received personal advice you will receive a Record of Advice confirming the personal advice you were given. 


Advice Types

Execution Only    

When an order is placed on an ‘execution only’ basis it means you were not provided with any advice. It is therefore your responsibility to determine if the investment is suitable for your financial situation, objectives and needs. 

General Advice    

General advice is a recommendation or opinion that does not take into account your particular circumstances, such as your objectives, financial situation and needs. For example, if an Adviser gives you information or an opinion about a financial product that might be of interest to you and does not consider your objectives, financial situation or needs it is considered general advice and you will need to determine whether the advice is appropriate to you. 

Personal Advice    

Personal advice takes into consideration one or more of your objectives, financial situation and needs before making a recommendation.
 
If any of the details you receive on your communication are incorrect, we ask for you to contact us immediately.