Hi guys,
can someone recommend an accountant in the Newcastle area that is switched on re property investment. We have been with the same accountancy group for over 13 years now and have always been pleased with their service, although sometimes slow at getting tax returns completed etc.
Recently we applied for a SMSF Home loan with StG and were required to have a 'Financial Adviser' sign off before the loan could proceed. I approached my accountant who in turn recommended X Financial Services. Off, I go and long story short, the form is signed and I am encouraged to make another appointment to discuss planning for retirement etc. After 2 more meetings it is obvious to me that Mr Financial Adviser wants to sell my husband and I Life/TPD and Income Protection insurance. Now I don't mind buying these essential insurances BUT I thought I was there for advice and was willing to pay for that (I have been charged $500). Not once did he mention any long term planning except to emphasize how important these insurances were.
So there I am, last night reading through the 'Statement of Advice' and low and behold on the page marked Disclosure/Fees is the statement that Mr Financial Adviser will receive 114.95% initial commission and an ongoing commission of 10% of the premiums. Also, there is a reference to the Referral partner (our current accountants) to receive 10% of the initial fees and commissions received.
Call me naive, but I actually thought our accountant had recommended X Financial Services because of feedback from other clients etc etc. So, I think it is time to switch accountants.
PS - I did email a letter to Mr Financial Adviser this morning, saying thanks BUT no thanks, I'll source my insurances myself.
Thanks
Elfsmum
can someone recommend an accountant in the Newcastle area that is switched on re property investment. We have been with the same accountancy group for over 13 years now and have always been pleased with their service, although sometimes slow at getting tax returns completed etc.
Recently we applied for a SMSF Home loan with StG and were required to have a 'Financial Adviser' sign off before the loan could proceed. I approached my accountant who in turn recommended X Financial Services. Off, I go and long story short, the form is signed and I am encouraged to make another appointment to discuss planning for retirement etc. After 2 more meetings it is obvious to me that Mr Financial Adviser wants to sell my husband and I Life/TPD and Income Protection insurance. Now I don't mind buying these essential insurances BUT I thought I was there for advice and was willing to pay for that (I have been charged $500). Not once did he mention any long term planning except to emphasize how important these insurances were.
So there I am, last night reading through the 'Statement of Advice' and low and behold on the page marked Disclosure/Fees is the statement that Mr Financial Adviser will receive 114.95% initial commission and an ongoing commission of 10% of the premiums. Also, there is a reference to the Referral partner (our current accountants) to receive 10% of the initial fees and commissions received.
Call me naive, but I actually thought our accountant had recommended X Financial Services because of feedback from other clients etc etc. So, I think it is time to switch accountants.
PS - I did email a letter to Mr Financial Adviser this morning, saying thanks BUT no thanks, I'll source my insurances myself.
Thanks
Elfsmum