Financial Advisor Recommendation for Retirees? Prefer Western Sydney Location, Anyone Had a Great or Bad Experience?

Daniel Plainview on 02/03/2023 - 10:49

Hi All,

Caught up with some lovely friends of ours yesterday, both mid-60's and retired from employment within the past few months. Very middle class working folks but I recommended they speak to a financial advisor specialising in retirement options ASAP.

So they can be in the best position to understand their financial options with their super, assets etc & maximise their life style in the years ahead.

So I am wondering if folks have either recommend or also advise to AVOID any financial advisors in the Western Sydney area?

An advisor in this area that specialises in retirement advise would be ideal - so love to hear if folks have had or heard anything that may assist - as unfortuntely my own experience with advisors was less than ideal (found out advisor was getting huge sums from commissions they hadn't declared on top of significant fee from myself, it got quite ugly in the end! As they'd broken a lot of rules & undertakings).

Thank you in advance. :-)

Financial

Comments

  • JIMB0 on 02/03/2023 - 11:11
    +5

    They should have gotten advice well before retirement.

    • Daniel Plainview on 02/03/2023 - 15:19

      Yes, you're completely correct - though will ask you how is helpful to my post how?

      It would have been better still if they'd gotten financial advise at the beginning of their wage earning careers and continued to do so. But thats a moot point as well.

      I'm trying to assist good folks, not sure what your objective is?

      • tallkid123 on 02/03/2023 - 23:28
        -2

        though will ask you how is helpful to my post how?

        He's implying that its kinda too late to help your friends? Your friends would've been best placed to get advice earlier so that their finances would be optimised before retirement, not during it.

        I'm trying to assist good folks, not sure what your objective is?

        This is what I don't understand, OP….

        Why are you advising your friends to get a financial advisor when you had such a terrible experience with your own?

        Why are you even advising your friends on anything concerning finances? They're not even your family. It's not really any of your business what their finances are like in retirement?

        Maybe you should let your friends figure it out for themselves.

        • Daniel Plainview on 03/03/2023 - 10:49

          @tallkid123
          I think he's just stating the obvious - that yes doing something earlier would have been better. But this is such a daft thing to say - as it's neither constructive nor condusive to anything other than coming off like a smug individual. I mean are they going to post that in threads about folks finding out they have cancer? Had a housefire? etc

          Making a comment on threads isn't compulsary - but too many folks ar so full of themselves they just feel compelled to drop their editorial thoughts. Go figure.

          I am very financially savvy - these folks are not - and sadly you will find most Australians are in the latter category. Financial advice early in life is incredibly helpful, even I would be hundreds of thousands better off if I'd had it - same with them.

          But it's tossing the baby out with the bathwater to not get advice now (for them) their options will be lesser but it's still a valuable exercise .

          With all due respect when you get into the 'my experiences' stuff - it's complex and will not assist matters discussing here.

          Do you not feel it's ironic that you're feeling obliged to give me advice on how to act when you do not know me or these people or really any specifics? Thats very much the pot calling the kettle black. Its like if I was saying to you, what kind of a person are you NOT helping out people you care about in your life with financial advice (and I am saying to get it, NOT to get it from me - key difference).

          That would be me going to far - and so I don't do it but you do - why is that?

          • tallkid123 on 03/03/2023 - 11:15
            -2

            @Daniel Plainview: I can't believe your account is older than mine? You post like you've never been on the internet before.

            Making a comment on threads isn't compulsary - but too many folks ar so full of themselves they just feel compelled to drop their editorial thoughts. Go figure.

            Yeah, no shit….

            With all due respect when you get into the 'my experiences' stuff - it's complex and will not assist matters discussing here.

            With all due respect, since you didn't mention it in your original post, you've posted I assume a private discussion between your friends and yourself on a public forum concerning their financial situation. I again assume you did so without their knowledge or consent.

            Do you not feel it's ironic that you're feeling obliged to give me advice on how to act when you do not know me or these people or really any specifics?

            Yeah, I'm giving you advice. Mind your own business. Especially when it comes to financial matters that don't directly concern you. These friends aren't even your family members and even if they were family, I'd likely tell you the same thing.

            Its like if I was saying to you, what kind of a person are you NOT helping out people you care about in your life with financial advice

            I don't help out people in my life with financial advice. Because I'm not qualified and I'm smart enough to stay away from the financial affairs of others.

            That would be me going to far - and so I don't do it but you do - why is that?

            All I'm saying is stay out of your friends' financial matters.

            • Daniel Plainview on 03/03/2023 - 14:04

              @tallkid123: @tallkid123

              Your comments show that are without doubt the most arrogant individual I've ever had the misfortune to come across on here in over a decade of membership.

              I will keep it short (as none of your points need addressing but I will make time to get the key one), YOU ARE COMPLETELY WRONG, from start to finish - I literally asked their permisson to post on a forum to find them a suitable advisor and they said to do this and are waiting for my response - they know they made a mistake but feel lost in financial matters.

              Hence I am trying to assist them to find someone trustworthy and knowledgable in this area - as it's not my expertise at all.

              They want this assistance and emailed me only this mornign asking if I had any helpful responses.

              So go away as you are literally doing EXACTLY what you incorrectly accuse me of - minding others business, but the key difference is those people requested and want my help - I have scant regard for arrogant, know it alls like yourself so take your own advice eh?

              The arrogance of you - knowing nothing to feel you have enough insight to make such comments is breathtakingly stupid.

              • tallkid123 on 03/03/2023 - 16:42
                -1

                @Daniel Plainview:

                Your comments show that are without doubt the most arrogant individual I've ever had the misfortune to come across on here in over a decade of membership.

                Not really. Ozbargain is pretty tame. Judging by the advice everyone has given you in this post and your refusal to acknowledge it, you're coming across as the most arrogant person between the two of us right now.

                YOU ARE COMPLETELY WRONG

                Lay off the caps lock. I did say 'I assume' previously.

                Hence I am trying to assist them to find someone trustworthy and knowledgable in this area - as it's not my expertise at all.

                Uhh…..

                Definitely agree with you here.

                They want this assistance and emailed me only this morning asking if I had any helpful responses.

                Here's a helpful response,

                "Dear friend(s), due to my own experiences with financial advisors, I feel I'm not the best person to assist you in this regard. It'd be best if you did your own research as I can't recommend anyone at this time."

                You're welcome :)

                So go away

                No.

                I have scant regard for arrogant, know it alls like yourself so take your own advice eh?
                The arrogance of you - knowing nothing to feel you have enough insight to make such comments is breathtakingly stupid.

                "The only thing more dangerous than ignorance is arrogance." - Albert Einstein

                I mentioned before that I am no financial advisor nor would I ever do anything to assist with or advise on other people's financial matters. Especially if I had a history of procuring poor advice (like you).

                I feel this is quite a humble view on the matter. The very opposite of being arrogant, so to speak.

                I feel like you should self-reflect, OP.

                In particular concerning your dismissive response to Seraphin7. What he said was perfectly valid and something I hope you relayed to your friends.

                Anyway, I'm done responding to you.

                • Daniel Plainview on 03/03/2023 - 17:00

                  @tallkid123: Is amusing as I knew that an arrogant know it all who had based his entire approach on a fundamental error - would only be allowed by his narcissistic ego to double down and continue to push his nonsense.

                  Your responses are near comical with your compulsion to act with near zero facts and force feed your advice to others that they don't assist others with 'advice' (which was actually requested - as opposed to your drivel!).

                  You strongly come across like that guy we all unfortunately know from some point in our lives who thinks he's so smart but really he's barely average intelligence and rubs everyone up the wrong way - and yet is the last one to realise this.

  • Seraphin7 on 02/03/2023 - 11:16
    +3

    The first thing I always say to people on these sorts of topics is that you need to understand what you are trying to achieve.

    If you just walk in … as many people do … and simply ask "what do I need to do", you're at risk of not getting an optimal outcome.

    • Daniel Plainview on 02/03/2023 - 15:23

      Honestly it's not that complex - and if what I believe they're trying to achieve isn't clear in the OP I'm not sure what you desire.

      They will if they follow my advise go and speak with a few people BEFORE moving ahead with any of them - if any at all - as I said I'm just seeking recommendations on advisors who people have had a good experience with OR ones they've come away with and thought, that was a mistake.

      Beyond that at this point is getting into the actual advise itself and unlike others I am not silly enough to ask on a bargains forum - nor do I know near enough of the specifics for them that would be essential to any meaningful, personalised advice.

  • cashless on 02/03/2023 - 11:21

    OzBargain

  • freefall101 on 02/03/2023 - 11:53

    Pretty much all advisors will tell you to give them all your money so they can invest it. It's simply how the industry works and how they make money for their time. My dad retired recently and had the option of an annuity or lump sum, every advisor he talked to said take the lump sum and give it to them to invest which destroyed any tax benefits (fortunately he didn't listen to any of them)

    It's not really that hard to figure out the basics with a spreadsheet. They have $x in assets and superannuation, they earn y% on their investments and they need a budget of $z a year to live on. Look at the minimum pension withdrawal rules and whether there is any taxable component to that as a starting point. Then if there's capital gains to trigger look at how best to stagger that to minimise tax in any one year (i.e. as close as possible to that $18,200 tax free threshold each). Ignore anyone who tries tell them how to "maximise returns" at this point, focus on security and stability.

    Beyond that there's not much that can be done at this point. No new income will come in, it's just drawing down.

  • ForkSnorter on 02/03/2023 - 11:59
    +2

    1. Live somewhere quiet and cheap (e.g. not Sydney, Melbourne, Brisbane, Gold Coast)

    2. Don't spend money

    3. Grow fruit, vegies and herbs in backyard

    4. Sell off investment properties and put the money into superannuation (less to worry about/manage in their retirement, and more properties on the market so younger Australians don't need to compete for limited stock of overpriced nasty dog boxes)

    • coffeeinmyveins on 02/03/2023 - 12:17
      -2

      and more properties on the market so younger Australians don't need to compete for limited stock of overpriced nasty dog boxes)

      Literally no-one is thinking like this. Property is for investment, not for living, pleb.

  • ihbh on 02/03/2023 - 12:01
    +1

    Prefer Western Sydney Location

    For convenience of travel? But what if the poorer quality ones mainly work there (on average their clientele would have less net assets)?

    I would ask to see the adviser's financial position and references from past clients and their results.

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