Financial Advice

Definition

Financial Advice. In the context of the Financial Competence Framework, Financial Advice is a topic in the Financial Landscape subject matter domain.

Competences

Mastering the role of Financial Advice in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
463	Aware that financial advice can be sought when making financial choices and knows when financial advice may be useful	Knowledge
464	Aware of the difference between independent and non-independent source of investment advice (as defined under EU law)	Knowledge
465	Aware that various sources are available to access financial advice	Knowledge
466	Aware of the existence of digital advising tools, including robo and hybrid advice tools that combine human and robo advice	Knowledge
467	Aware that advice is not always independent	Knowledge
468	Aware of financial advisors' obligation to ask clients about their sustainability preferences before giving advice	Knowledge
469	Where necessary, makes use of tools designed to provide advice when making financial decisions	Skill
470	Confident in one’s own ability to recognize trustworthy sources of advice	Attitude