Financial advisor - Mornington Peninsula Vic
- Thread starter chara79
- Start date
thanks i will look him up,
Without being funny most Financial Advisers and I have repeated this over the years on this and other forums would not have a clue about property and probably wouldnt recommend it as they are not normally remunerated for such advice.
A fee for service FP may indeed cover it in his Statement of Advice but i question from what you mention whether you really need the services of a FP.
Loan structuring and non advice related mortgage information can be given by a mortgage broker. I guess when it comes to alternative investment choices and mortgage offset accounts then a mortgage broker is limited but it is the same for everything in this world someone is happy to take your money off you for something that you probably didnt really need in the first place.
A fee for service FP may indeed cover it in his Statement of Advice but i question from what you mention whether you really need the services of a FP.
Loan structuring and non advice related mortgage information can be given by a mortgage broker. I guess when it comes to alternative investment choices and mortgage offset accounts then a mortgage broker is limited but it is the same for everything in this world someone is happy to take your money off you for something that you probably didnt really need in the first place.
Couldn't have said it better myself.
I wish they called themselves something other than Financial Advisor. The term is misleading.
chara79, an FP will not be able to give you an idea of how to structure your PROPERTY Investment Portfolio. You need a good accountant and mortgage broker.
Regards JO
I'm of the opinion that you have just as much chance getting good IP advice from an accountant and mortgage broker as you do from a financial planner.
Most accountants have no idea how to best setup an IP portfolio and neither do mortgage brokers. The trick is finding accountants that have had plenty of experience with IP's, same with mortgage brokers and I'm sure you'd find financial planners that have plenty of experience with property as well.
As you mentioned, your best chance of getting good advice is word of mouth.
Most accountants have no idea how to best setup an IP portfolio and neither do mortgage brokers. The trick is finding accountants that have had plenty of experience with IP's, same with mortgage brokers and I'm sure you'd find financial planners that have plenty of experience with property as well.
As you mentioned, your best chance of getting good advice is word of mouth.
I agree and disagree, but that is what freedom of speech is all about.
A good Accountant will give advice on how to structure your portfolio and how to distribute loss or gain, minimising tax while working within the boundaries of the law in regards to these matters.
A good mortgage broker will have the knowledge of how to structure your loans to your best advantage with your whole portfolio in mind, as well as future investments.
A good Financial Planner will give you advice on the best way to diversify your portfolios in regards to shares, manged funds, cash and property (property shares), while structuring your portfolio in such a way that you may receive the best return possible.
Chara79 is talking about purchasing direct property. A Financial Planner would not be dealing in Direct Property unless there was a financial benefit to be had from it. I would not say this is in the best interest of chara79.
Regards JO
not FAPoint taken.
Also illegal for an accountant to give financial advice too I believe, unless of course they're RG146 complied. Same with the broker and FP and anyone else for that matter.
I've noted that many FP's are accountants (C/A, CPA) as well, I think those that want CFP qualifications need to be or at least a degree qualified.
Again I'd say that doesn't make them a good FP anyway, but it helps.
Good point for discussion anyway, considering how many people go blindly to any old professional for specialist advice.
