The difficult gap between general and personal advice: Practical implications for advisers In May 2019, ASIC released its Mind the Gap report on financial advice, which explained that many consumers – that is, retail clients – are confused by the important distinction between general and personal advice. A Under the Corporations Act 2001, ‘personal advice’ considers the retail client’s objectives, financial situation and needs; alternatively, it is advice where a ‘reasonable person’ might expect the adviser to have considered one or more of those things. ‘General advice’ is advice that is not personal advice. The distinction matters because financial advisers’ obligations vary depending on whether the advice is general or personal. Among other things, general advice requires a general advice warning, while in the case of personal advice, the adviser must provide a ‘Statement of Advice’. Advisers would be aware that personal advice demands more detailed consideration of the client’s particular needs, and so it is costlier to provide.