[AMA] Hi Ozb - I'm a Private Wealth Advisor

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    Splice89 on 19/02/2025 - 14:39

    +1

    I'm sorry - what questions have I been evading. I'm trying to get to as many as possible whilst working fulltime. I also do not wish to advertise my firm because the sole purpose of this discussion is to help and not to obtain client work.

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  Foggy Fluoride Stare on 18/02/2025 - 16:27

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  I hold my Private Wealth Advisor to the highest standards of professionalism. When I observe unethical behavior driven by insignificant financial gains, I am left questioning what they would do if entrusted with managing my actual wealth.

  It raises concerns about how they may be treating ordinary individuals and families since they have low requirements.

  It is essential for everyone to carefully consider how many in the industry are merely posing as competent professionals.

  This individual’s actions warrant disciplinary action and should lead to their permanent removal from the profession.

  You have an ethical issue. End of Story. Honestly, you should delete your OzBargain account to save yourself.

  You aren't fooling any of my wealthy peers, my child. If I find out who you are, I will make sure you never work in the industry again.

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  Foggy Fluoride Stare on 19/02/2025 - 14:06

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  100%. This is a breach of professional ethics.

  This person is representing the profession in this AMA.

  Look at the code, in particular Rule 12. It has clearly been breached. It is a disciplinary matter. You are glad no one has decided to report the matter because it will be easy for the regulators to obtain metadata and find out who this person really is.

  Some people's perspective may be that it is alright to do anything to receive a bargain, but that is far from the truth once you ask the broader public that is not involved with bargain hunting. This is where my perspective comes into play because frankly you can already tell I am not on OzBargain to find deals.

  Furthermore, I know OzBargainers can come up with all sorts of excuses about unethical behavior, but regardless of any reasoning you may have, it is, in fact, not appropriate.

  End of story. Go ask your friends that are not bargain hunters. Is that behaviour acceptable? You will find the answer is almost always a "No". You are representing the profession…

  If this were a yard sale or casual conversation at a pub, it might be understandable. However, this is not the case. You are here representing yourself as a professional financial advisor, in particular a private wealth advisor… No matter how you twist it, this person screwed up.

  This is important because you are managing millions of dollars. Why would you conduct yourself in a manner that undermines your professionalism, and which shows you are an person unfit for the profession?

  I am not being harsh. There are professional ethics requirements and courses which have been undertaken for this person to gain their accreditation, all of which has clearly been overlooked.

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  ksaff on 19/02/2025 - 16:05

  Hi
  Thanks for the advice and sharing experiences.

  I have few questions:

  Context:
  I own a townhouse (with $500k left in loan), in a good suburb, it is old, bit it works for us, close to school and nice neighbours. However, it does not grow like a house.
  I also purchased an IP recently, with 10y interest only plan.

  Should I try to sell or convert my TH to an investment and buy a bigger house (for a better growth of PPOR)? My TH has high strata rate, which makes it a bit less beneficial for renting. We have also done some renovation in it to make it more appealing for ourselves.
  If I want to buy a house, which I can afford, I have to go like 10-15k further from my place, which make it hard to go to work and also we lose access to good schools.
  What do you think?

  If myself and partner are earning well as PAYG, would it still make sense to have trust? I always thought, trust is good for traders or low-income families to get better leverage around distributing money (which is still taxable). I think you can still do that in a Pty Ltd company by paying income to the other partner to distribute it in a nice way.
  What do you think?

  At what point, it makes sense to have an SMSF? is there any threshold for the amount that you have in super to decide about that?

  Do you suggest investing in cryptocurrencies?

  Thanks

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  Benana on 22/02/2025 - 15:28

  Should you top up your super up to the concessional limit every financial year?

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    Splice89 on 25/02/2025 - 15:28

    This is not a simple one to answer. If you are very close to retirement, have no non deductible debt, have assessable income above the tax free threshold and essentially paying more than 15% tax then yes in that situation it would most likely make sense. If you are a while away from accessing superannuation, have non deductible debt to pay off and aren't on the top tax bracket, then maybe it is best to just rely on the 11.5% mandated government super contributions from your employer without the need to top up. Of course you could do a balance of paying down debt and increasing superannuation if you are in the middle.

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