Update on my FP
I sent an email to my hubby's FP 2 weeks ago...
Just wanted to let you know we are going down the path of starting a SMSF. We saw our Accountant today.
Rationale...
1. Hubby received a letter for XXXX Super Personal Plus advising that the Administration Fee will be .6% of daily balance.
2. Super money is currently invested in cash and increase of balance each week since Hubby retired with no admin fee was very low eg. just over $100 per week.
3. We can invest HUbby's $xxx,000 at 4.3% for 4 months and receive $ 4142 into the account 3 times a year ( or $12,426 per year before costs).
4. Above return is much better than the expected return of approximately $6,000 minus the low administration fee of $1,700 = $ 4,200.
5. We will probably do a combination of shares, property and cash.
A sincere THANK YOU for all help over the years XXXX.
I have had appointments and spoken to at least 6 Financial Planners over the years from eg. First State, Bridges, Suncorp, Count, Retireinvest to name a few and you have been the only Financial Planner that spoke sense.
Best wishes for the future.
Kind Regards
Sheryn
Link to previous thread on FP's
http://www.somersoft.com/forums/showthread.php?t=51988&highlight=Financial+planners&page=2
My post from above thread...
Personally, I have been through quite a few FP's Bridges, Retireinvest, First State, Telstra, Suncorp (must be getting old as I had trouble remembering the 5th one). Actually I went to a 6th one Count financial.
Ohh then i had a discussion with a FP at my brothers wedding
All taught me something or re-inforced my own knowledge...
You have live on one wage and save second wage for 10 years.
Consolidate your different super funds into one.
One company never came back to us.
One FP told me I was a sofisicated investor and could not offer any advise.
One talked the same language for 2 years until I asked about SMSF and then could not offer any advise except that SMSF were lumpy, hard to manage, expensive and needed auditing each year. (although did mention if any of his clients could manage a SMSF it would be me).
One FP had to get information out of his office waste bin twice ( as he had thrown out, out of date pamphlets out)
Oops - just remember I took son to his FP. FP could come up with a FP for 19 year old on minimum wages.
Yes - I have learn't because I have been open to learning.
Come July 2009 - we will be opening a SMSF.
Edit - I am a bit late SMSF started in August and should be finalised in September
Bottom line are you always 100% happy with service or knowledge given in any industry eg retail, health, construction etc.
Cheers
Sheryn