Do you recommend having a financial planner? I am interested but unsure about the cost? I googled around, and how do you find a good one? What is the cost involved? Are they worth it?
Do You Have a Financial Planner? What Is The Cost Involved? Is There an Ongoing Cost?
chrismatt on 24/01/2022 - 14:31
Last edited 24/01/2022 - 15:12 by 1 other user
Last edited 24/01/2022 - 15:12 by 1 other user
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Car salesmen and real estate make up the trio.
Nah not even close…real estate agents for sure!
Ignore this advice. Financial planners helped me a lot. Just do your due diligence first and go to an independent planner who has a good reputation.
There are very strict controls on the term "independent". You'll find that many aren't legally independent but are still fine to use. You can always ask why they aren't independent. Sometimes the reason why they are not independent is very reasonable.
There are very few "independent" advisers.
Firstly, ask your friends family for a referral. Most advisers do the 1st appt for no or low cost. It is more to see if you are compatible.
Secondly, go to the moneysmart financial planning register and pop in their name. You will see everything about the adviser. Their full work history, education, disqualifications if any. If they have moved around so many times, then you'll have to make a choice whether you want to be part of that.
3. It is a long term relationship. A good adviser will know more about you (financial and personal) than most if not anyone else. Find someone you get along with even if it costs more.
4. There is so much misinformation online or at the pub. You pay for a professional opinion.
5. Try to look for conflicts of interests and ask questions to determine conflicts. Eg an employee working for a super fund for example is unlikely to recommend another provider. This is called vertical integration. An Australian super phone adviser for example may only recommend Australian super and invest into an Australian super investment option. This person could be perceived as a person employed to retain funds / build inflows. I would be more inclined to find someone who has a much wider if not open approved product list.Goodluck.
Thanks so much for this wonderful info.
Whatever you do, strongly suggest you ONLY contact truly independant financial advisors. I.e member of PIFA
I believe there would be some (many?) who are classified as not independent through no fault of their own. They could have a client from ages ago, paying commission, and not be able to move them into no commission policy without negative consequences to client. Ask questions and you'll likely understand.
Such a long thread :). Lots of info but seem anyone really answered OP's original question :)
Useless, I went to one whose only advice for me was keep saving to buy a house. 8 years later I'm still on that treadmill.
Hey, I'm a financial adviser myself so feel free to ask me questions,
Here's a few statements to clear up confusion about previous posts.To preface this I'm still pretty green to the industry <3 years + uni
To become an adviser/planner (same thing) you need to:
* Hold a relevant degree, bachelors or higher
* Work under an adviser, as a postgrad for 12 months full time
* Within that year pass the FASEA examOlder advisers (before recent reforms) need to pass the FASEA exam to continue working.
Those that do not hold a bachelors or higher need to go back to university.Due to these requirements, a lot of older advisers are dropping out of the industry
The November exam marked the worse pass rate yet at 52%.
Yes it is an open book exam, but the one of the resources is Chapter 7 of the Corporations Act, almost impossible to use in an open book exam, unless you knew what you were looking for, Ctrl+F did help a bit.Pretty much an advisor is one that helps you achieve your financial goals, and if you don't know what they are, a good adviser should be able to assist you in defining them.
I'm not going to recommend you to see an advisor since I believe a lot of people are smart enough to sort out their own financial goals, but still a lot of people use lawyers and accountants.
Unfortunately we are not financial analysts, we won't help you select stocks to improve your portfolio, but we work parallel to them to provide you with an appropriate portfolio based of your goals and timeframes.
Unfortunately we are not financial analysts, we won't help you select stocks to improve your portfolio,
Thank you for setting the record straight. 👍
Just to clarify, we often suggest a whole portfolio including stocks, ETFs, bonds etc. to invest in. Timeframe and ongoing management of your portfolio is always taken into consideration. But we're not going to tell you to invest in a particular stock(s), (This may change with higher end profiles, and always backed by financial analysts)
Also with current regulations, advisors cannot advise on direct crypto investments, but we hope to see that change in the near future.
Also with current regulations, advisors cannot advise on direct crypto investments, but we hope to see that change in the near future.
This is interesting to hear. Is this just a quiet rumour or is it the talk of the town?
@rektrading: What we're going through now with crypto is similar to forex once fiat currencies were introduced. It took the government a while to authorise forex advice, but this time there's a more vocal community to push for the authorisation of crypto advice.
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Chiropractors seem to be OzBargains most hated profession.