Under s766B(3) of the Corporations Act, personal advice is given where the adviser has considered one or more of the client’s objectives, financial situation, or needs, or where a reasonable person might expect those matters to be considered. General advice, by contrast, does not consider any of these individual circumstances.
Key differences include:
| Obligation | Personal Advice | General Advice |
| Best Interests Duty (s961B) | Yes | No |
| Appropriate Advice (s961G) | Yes | No |
| Statement of Advice (SOA) | Required for retail clients | Not required |
| Conflicted Remuneration Prohibitions | Apply | Apply |
| Disclosure Requirements | Detailed, tailored | General disclaimers |
Advisers must ensure all communications accurately reflect whether advice is personal or general. ASIC has prosecuted cases where “general” advice presentations contained implicit personal recommendations. For a deeper exploration of general advice concepts, practical examples, and the associated compliance risks, see Assured Support’s General Advice article, which outlines how to communicate within the general advice framework while avoiding inadvertent personal advice.