Do I Need a Financial Planner?

• 

  SF3 on 07/08/2022 - 10:24

  +5

  I'm thinking of buying a house to owner occupy or invest in.
  as I thought prices were ridiculous and the market was a bit crazy

  I think you are looking for a crystal ball, not a financial planner.

  • 

    sparkanum on 07/08/2022 - 10:30

    Nah, the crystal ball part I'd still be managing myself.

    More so I'm wondering whether it's likely they will be able to help me structure things appropriately, or point me to pitfalls or risks that I wouldn't have identified by myself given what I already know.

• 

  chrisn26 on 07/08/2022 - 10:35

  +3

  What OP wants is a "fiduciary" i.e. a financial advisor that actually gives advice in YOUR interest. Good luck finding one…

  • 

    blocky27 on 07/08/2022 - 13:45

    +2

    Literally all planners in this country have a fiduciary duty to their clients

    • 

      plmko on 07/08/2022 - 14:20

      What the laws have become…..like you'd have to have massive balls not to.

• 

  elgrande on 07/08/2022 - 10:59

  +7

  I've never used a financial planner, my financial planner advised against it..

• 

  fprjet on 07/08/2022 - 10:59

  You might get some advice that is beneficial and you might get some advice that isn't….It's all risk honestly you seem smart enough to manage your own finances, just be real and don't bite off more than you can chew….

  I have heard of someone close to retirement being advised to put their money in super, when the crash happend they lost a shit load only to be told you have to wait out the market and it will come back. After the market crashed is when they needed the money though being in their late 70s early 80's they don't have the luxury on waiting for markets to bounce back…

  • 

    Mokr on 07/08/2022 - 11:21

    +5

    You can choose a super with a more conservative bond allocation.

    It's more the tax benefits of using super.

    • 

      SlickMick on 08/08/2022 - 10:07

      +1

      What a stuff up - paying for advice but not understanding it, getting them into worse trouble than doing nothing

    • 

      fprjet on 09/08/2022 - 10:15

      True but when you're old you don't have time to wait for the investments to mature, She needed the money then not 5 years time. She took a massive hit…..

• 

  CyberMurning on 07/08/2022 - 11:16

  +4

  If you work in finance industry and deal with the plaanners or advisers, you will know how bad they are.

• 

  AndyC1 on 07/08/2022 - 11:21

  Where is the poll? Yes as you need to ask.

• 

  cashless on 07/08/2022 - 11:34

  +1

  Who the hell (other than the desperate) needs a financial planner?
  OzBargain is going to be your primary source of advice

• 

  ozbargainerlife1 on 07/08/2022 - 11:39

  +1

  not in your situation atm, I would say. maybe just review your insurance. If you have deposit buy a house within the next 6 months.

  If your super balance is 250k+ then I would suggest meeting a planner

• 

  freefall101 on 07/08/2022 - 12:48

  While I visited a financial planner years ago for an initial session I couldn't see at the time what new info they'd be providing that I couldn't work out myself, so didn't go back.

  That's because they're targeted at people who don't understand that credit cards aren't free money or people who have $200k sitting in the account they've had since they opened a dollarmite account in primary school. They are more aimed at budgeting really, what are your goals and how are you going to achieve them.

  Unless you have enough money to start playing around in risk vs reward (i.e. millions, or at least a salary over $500k). It's not hard to figure out interest rates on a house (every bank has a calculator for that) or google the returns from ETFs vs fixed term accounts, or google your state revenue office to see what first home buyer grants you can get.

• 

  mbck on 07/08/2022 - 13:24

  +1

  Nah, just buy more shoes from the deals here.

• 

  screensaver on 07/08/2022 - 17:13

  Maybe an accountant with experience in property buying/investing to know all the financial tricks and advantages eg what you can claim like depreciation

  • 

    bbinc on 08/08/2022 - 10:25

    Yes. An accountant can’t give planning advice, but can answer specific questions of the type the OP is asking I think.

• 

  AustriaBargain on 07/08/2022 - 17:44

  An outside perspective can be useful.

  • 

    SlickMick on 08/08/2022 - 10:12

    This is true. You don't know what you don't know until someone shows you.

    However, I'm not convinced that a financial planner is the ultimate source of an outside perspective.
    Personally, I'd rank ozbargain higher.
    I hope this doesn't sound unfaithful, but google has provided me a lot of advice too.

• 

  Danstar on 07/08/2022 - 19:56

  No;

• 

  footscrayvic on 08/08/2022 - 08:50

  Maybe, depending on your situation.

  A financial planner is required by law to give you a full financial plan taking into accounts all of your situation. The planner will look at your insurances, consider wills, suitability of trusts, your tax situation, your financial goals, your comfort with risk… etc etc and draw up a plan for you. That has significant costs to the planner in terms of time and effort and so it will cost you a few thousand.

  You might need all of that, or not.

  But if you already have all of that covered you can contact a planner and ask targeted questions. That is called "specific advice" and the planner can answer those questions for you without considering the broader picture. But some planners wont do this.

  I also have financial training but dont work in the finance sector so I have used a financial planner and paid for a plan. It was helpful in the broader context. It also allowed me to go back to the planner every few years to seek further advice on specific issues to guide further investments. For me a financial planner was a godsend.

  However they are not for everyone. And it can be hard to find a good one. The Australian has a list of the 100 top fin planners that they produce every year. The other way is to ask around with people you trust to see which are the best planners in your area.

• 

  countryboy on 08/08/2022 - 08:51

  +2

  I am a financial adviser (although I mostly specialise in investments) and I think the answer is: maybe.

  That is, most financial planners don't really focus on property as it's usually not an area they can add much value to. If it's property in super or something complicated,then yes. But if you are just planning to buy an investment property in your name, then maybe not. Then again, a planner can possibly give your plans a once over and make sure you're not doing anything stupid, but it will cost you a few thousand for that (as can an accountant). Ask friends or family for a reference and go and ask and see what the planner says (many don't charge for the initial meeting, so where's the risk?).

• 

  kiwimex on 08/08/2022 - 13:37

  +2

  I ran from one when he wanted $3,800.00 (with the discount of course) to come up with a plan, then another $180.00 monthly management fee ongoing. Told him I was after sound financial advice not another mortgage.

  • 

    tensionday on 09/08/2022 - 10:19

    Lol rip off. Mine was free with my bank and managed to get me some good investment options that returned a guaranteed profit of at least 3% per annum.
    Paying $3,800 for advice you can get for free….