Looking for fin advisor in Melbourne

[Evil_hitman]

Hi guys and girls,
I've been lurking for a little while and doing lots of reading.

I've now gotten to the point where I want to sit down with someone to work out how to achieve my financial goals for the next 10 years.

I've tried a couple of people (meeting with one and email with another) and when it came down to the crunch, they weren't willing/able to give specific advice.

What I am after is some who can assist planning a specific strategy for tax minimisation whilst also setting up for retirement. My main interest is in property (obviously or else why would I be here) but I am open to other ideas. I am also keen in exploring a SMSF.

What I do not want is someone who is out to sell me one their products as this makes me uncertain whether the advice is best for them or best for me.

If anybody can recommend anyone I would greatly appreciate it. I am in the eastern suburbs of Melbourne so would prefer someone local but am willing to travel to the right advisor.

Thanks everyone.

Cheers
Matthew

 

[DaveM]

Peter / PT Bear from the forums

 

[one world]

I don't mean to be cynical.

I remember a time, not so long ago, when qualified, accredited Financial Advisers were recommending tree farms, olive oil plantations and emu egg investments.......totally disastrous investments.

Financial advisers will tell YOU what best suits THEM. No matter what, THEY will get a commission. Caveat Emptor old boy. Do your own work and go in with your eyes open.

Remember this: he who wears a suit and speaks assuredly may not be as wealthy as you or i who wear rags. Best you ask them their net worth before they start dispensing 'advice.'

 

[Evil_hitman]

I hear you. But I do need someone to help me make a plan.
I have a 10 year goal, and I think it is achievable (100 k passive after investment expenses in today's money) and I'm focused on property but I'm always willing to listen to ideas and make my own judgement.

Stuff like, how much equity do I need in order to have an income of x after investment expenses (mortgage etc) what mix do I need of CF + & - to achieve my goals and at what point in acquisition do I get each type of property. What sort of things can I claim ( for example, until I started reading this forum I did not realise that depreciation was claimable on IPs. I thought it was interest repairs and rates)

I want to legally minimise my income tax but this isn't my main goal. Something that was always drummed in to me by my father, a claimable expense is still an expense that you need to pay for with your own money.

I do find amusing those who get a car allowance and automatically think that means they "have" to get a new car on lease and when the lease runs out they have to get another. All great I say if you want/need another vehicle, but if what you have is good enough, why do it. It's extra claimable expense, but if you had kept the existing car you end up with more money in your pocket even though you have less to claim.

But I digress.

Thanks guys.

 

[Rolf Latham]

In general, I dont think you need a financial planner.

Especially when you look at the Cert of planning qualifiation training spends about 2 % of its time on direct property investment.

A decent broker who can model your end position and work backwards to show you what where when and how, and then find a decent accountant and solicitor to look at the taxation and asset protection issues.

Find folks that you relate to and that can build a global view for you.

ta

rolf

 

[Peter_Tersteeg]

I don't mean to be cynical.

I remember a time, not so long ago, when qualified, accredited Financial Advisers were recommending tree farms, olive oil plantations and emu egg investments.......totally disastrous investments.

Financial advisers will tell YOU what best suits THEM. No matter what, THEY will get a commission. Caveat Emptor old boy. Do your own work and go in with your eyes open.

Remember this: he who wears a suit and speaks assuredly may not be as wealthy as you or i who wear rags. Best you ask them their net worth before they start dispensing 'advice.'

As of July financial planners will longer are able to receive commission. The charge a fee for services rendered. The majority of planners have already adopted this model.

In truth, I think the planners role should be more about structuring properly to take advantage of tax breaks and risk analysis and mitigation and less about specific investment advice. The problem with investment advice is the specific investment often doesn't perform as expected. Nobody seems the have an issue with it when it performs really well, but there's a flip side to that too...

If you're property focused, that's great. What you probably need is a financing plan (domain of finance brokers) and a risk mitigation plan so that if something goes wrong in life, you can still execute your plans.

 

[Evil_hitman]

Sorry for the delay
Thanks to those that also pm'd
I've had a chat with a couple of people so far and am slowly getting the plan together.

Cheers
Matthew