Hi Everyone,
I have been a little underwhelmed with the financial planners/advisors I have dealt with so far in life. I will share my experience/expectations and am interested to find out whether I am dealing with the wrong people or am expecting too much.
The first advisor that I dealt with wanted a 4% annual commission for their services (shares/managed funds investments) This was reduced to 1%. I thought this was strange to ask for 4 times what they were willing to accept.
The same advisor then recommended borrowing 3:1 using a margin loan to purchase managed funds. I was concerned by this level of risk and went for a 1:1 ratio instead. This was a few months prior to September 11. Had I gone 3:1 as advised I could have been in a bit of trouble with the subsequent market volatility.
Now I have an advisor who gets 1% again of the value of our shares. Because he doesn't get anything from our property investment there's a bias towards buying more shares. Now that we have got our mortgage under control and are considering buying some more shares I am sure he will be more excited.
We are interested in what others get from their advisers and what it costs them.
Do you have an accountant and adviser who work together to get you the best results? Do they advise on both property and shares? How do you pay them for property advice (ie a flat fee for the whole financial plan?)
We are based in Perth and would be interested in speaking with such an advisor/accountant combo over here who other readers on this forum are happy with. Otherwise, an interstate adviser/accountant would be fine with sykpe/emails etc.
If others are willing to share any positive or negative experiences they had with advisors I'd be very grateful.
Many thanks.
I have been a little underwhelmed with the financial planners/advisors I have dealt with so far in life. I will share my experience/expectations and am interested to find out whether I am dealing with the wrong people or am expecting too much.
The first advisor that I dealt with wanted a 4% annual commission for their services (shares/managed funds investments) This was reduced to 1%. I thought this was strange to ask for 4 times what they were willing to accept.
The same advisor then recommended borrowing 3:1 using a margin loan to purchase managed funds. I was concerned by this level of risk and went for a 1:1 ratio instead. This was a few months prior to September 11. Had I gone 3:1 as advised I could have been in a bit of trouble with the subsequent market volatility.
Now I have an advisor who gets 1% again of the value of our shares. Because he doesn't get anything from our property investment there's a bias towards buying more shares. Now that we have got our mortgage under control and are considering buying some more shares I am sure he will be more excited.
We are interested in what others get from their advisers and what it costs them.
Do you have an accountant and adviser who work together to get you the best results? Do they advise on both property and shares? How do you pay them for property advice (ie a flat fee for the whole financial plan?)
We are based in Perth and would be interested in speaking with such an advisor/accountant combo over here who other readers on this forum are happy with. Otherwise, an interstate adviser/accountant would be fine with sykpe/emails etc.
If others are willing to share any positive or negative experiences they had with advisors I'd be very grateful.
Many thanks.