Finding a financial planner

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  Mimbula on 19/01/2014 - 13:22

  -2

  We also consider ourselves a little smarter than the average person out there and would hate to spend a $100 to have someone give us the same information which is on the ATO website or to tell us it is important to save money.>

  If you are so much smarter than "average people", why not read the ATO website and familiarise yourself with the free advice there?

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  sinalot on 19/01/2014 - 13:40

  This is a good starting point:

  https://www.moneysmart.gov.au/investing/financial-advice

  It also doesn't hurt to book in a complimentary financial planning consultation with one of the major banks.

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  [Deactivated] on 19/01/2014 - 13:42

  Not much advice on how to find a "good" financial planner, but I know the unbiased, commission-free ones are often affiliated with a bank.

  I sent friends of mine to a financial planner my husband knows through work, and they were pretty happy with the advice (though they're young people with property investment issues mainly looking for future planning advice, so your situation is obviously different).

  I guess you could start by going to your bank's website and looking to see if they've got financial planners.

  Alternatively, if you've got a good accountant (or know one) you could ask them for a referral.

  • 

    Blockey on 30/01/2014 - 12:12

    Often the bank affiliated financial planners tend to be bias toward the bank products (understandably).

    But I do agree, speak to your accountant however we tend to have affiliations with certain providers so again we may encouraged to refer you to the firms "strategic partner" which is not neccessarily a bad thing. Accounting firms choose carefully as anything that strategic partner does is a reflection of that accountants business.

    I believe you should look for two things in a financial planning firm:

    1. Transparency. They need to be open, honest and upfront about what they are going to do for you and what they will receive for doing it.

    2. Service. Does your financial planner return your calls and emails same day? Or next business day? If they don't I find it's an early sign they are not going to give you the service you need. But you may have different standards (eg: you may be comfortable with weekly responses).

    And obviously confirm any licenses or professional memberships they have with the issuing organisation.

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  1ch1go on 19/01/2014 - 17:30

  You can always look at the FPA website and try to find a financial planner near you
  http://www.fpa.asn.au/default.asp?action=article&ID=21995

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  peterw1 on 19/01/2014 - 18:17

  You could try the independent financial advisers association of Australia http://ifaaa.com.au/

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  jzx100 on 19/01/2014 - 18:31

  These guys helped me retire at 35:

  http://www.youtube.com/watch?v=VsEpjTcWkyw

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  phr0 on 19/01/2014 - 19:21

  +1

  Jokes aside.

  1ch1go mentioned the FPA website. This is an excellent starting point. Look for some local planners, and preferably with CFP accreditation.

  One way of obtaining good quality advise is by contacting your superfund, especially if you belong to an industry super find. They will usually point you in the right direction to planners that can help you on various issues (not just your super), you will also find that some industry super funds will pay for the full financial plan, while others will allow you to deduct the fee (or part of the fee) out of your super balance.

  Do not go the DIY route, as taxation + retirement + age pension is far more complex then the average ozbargainer thinks. This is more difficult then a Officeworks pricematch people!

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  CleverCounter on 27/01/2014 - 17:51

  Make sure you use a firm that can provide tax and financial planning advice as there are different requirements for both. If you think the returns on one of these strategies will significantly out weigh the cost of advice, I wouldn't worry too much about the cost. $100 doesn't sound like much. Just be really specific with the consultant on what you expect to cover in the session before you go and give them your financial details so they work on a real scenario. Control the topics and don't worry about being too direct to save time. What strategies are you considering?

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  Baysew on 29/01/2014 - 21:25

  +1

  Where do you get your Tax done ? Maybe that is a good start to figure out tax implications.

  Interesting article about CBA financial planners SMH

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  clucky on 30/01/2014 - 10:01

  I would say if you go in to a meeting with fees being the biggest on the agenda and are money orientated, then you're not going to find a 'good' financial planner.

  Everyone has different definition of what 'good' is. I would say find yourself a financial planner that works for you! someone who you are comfortable with talking to and have a ongoing relationship with.

  There's always good and bad in any firm, I would have to say the best in my books is someone who is genuine and will go to the extra mile, no one knows everything and you'll have to understand that. But at the end of the day, it doesn't hurt to go see a few different planners to get a feel of what you like, because most firms now do have free initial meeting to uncover your needs first, check with them when you make an appointment and when you do go in, just make sure you're in the driver seat letting them know exactly what you're in for.

  It is now all fee for service , so until you sign up in the meeting , you still have the choice to choose between planners. If at the end, money is still something heavily weighted on your mind, then you can try AMP horizons, they are newer planners but that doesn't discount their abilities and they do have a lower fee schedule than what you find out there. As with the bank financial planners, they are very limited to their advice and their own products are all highly 'sold'.