It is time to out the banks!

[Marty McDonald]

I am not a planner, thought about it, even started the course a few years ago but then realised I had issues with the dogma of the whole thing. Such as the definition of a "balanced" portfolio being an asset allocation of 70% into shares for a start. Then the total gloss over of direct property as an investment class.

Problem is there IS a real need for advice on things like pensions and centrelink implications etc for those approaching retirement. The people who need it most are the ones who can't afford to pay for it. What's the answer? No idea!

 

[Aaron_C]

I think the people who need it can pay for it - as mentioned in the other thread about those people in senior positions without $1 next to their name.

 

[Terryw]

It's in stone, look out for fee for service......

Many of the clients that come through my office did not know they where paying a commission to a planner. They did not even realise they paid a contribution fee in same cases. This brings up another point. Is ASIC making life more difficult for people? Who can really understand the PDS of financial product if your not in the game? What happened to KISS!

One of my friends had a SMSF invested in a Colonial State fund. He didn't know his accountant was making $18,000 pa fees and commissions from this. The accountant also charged him huge fees such as $8000 pa for a SMSF tax return (just for the colonial). I think he was paying $40,000 pa in fees for a few companies, trusts and SMSF and personal and this is just a no name suburban accountant. He ended up moving accounants and the old one wasn't happy to lose him and all that income.

 

[josko]

Hi birchcorp,

A person that is a Mortgage broker AND a Financial Planner, will benefit from the purchase of property in an SMSF and/or shares, either way. I would think/hope that his/her advice would not be bias, working on both sides of the fence.

Alternatively, the trick for Mortgage Brokers now is to find a Financial Planner to work with that won't talk their client out of purchasing property and into buying shares.....

ASIC is a farce, it seems the courts can't understand their rhetoric either..

http://www.theaustralian.com.au/bus...t-andrew-forrest/story-e6frg8zx-1225813293783

On November 18, ASIC's civil action against One.Tel's Jodee Rich and Mark Silbermann was sensationally dismissed by a NSW Supreme Court apparently thoroughly unimpressed by the regulator's management of its case.

.....

Because the evidence of the past few months alone says either the Corporations Law is far too complicated to effectively enforce, or that ASIC is simply not up to the job.

How about both.

What's the alternative...sack ASIC and have all FP Services Government funded.

Regards JO