Terry, I don't know if you have read 'The Property Puzzle' by Stuart Wemyss? I think this has the best examples of a property investment plan that I have read. I know his book helped me a lot.
Thanks Jingo, will pick up a copy - haven't read it.
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Terry, I don't know if you have read 'The Property Puzzle' by Stuart Wemyss? I think this has the best examples of a property investment plan that I have read. I know his book helped me a lot.
devank, what were you expecting? Compared to most financial planners, the fee proposed for all that appears to be fairly reasonable.
Sorry I should have update my list. I gave that based on the email attachment I received. Now I received the paper version and only the following are covered.Now that I think about your thread, I see about 3 different people to do what's on Devank's list.
Now that I think about your thread, I see about 3 different people to do what's on Devank's list.
I think there should be a market for it, b/w $3000-4500. IMO it would need to be ongoing advice where you should be available to be called and be asked/or emailed questions etc as they arise over the year. Some in a professional capacity and some in an informal capacity. It might have to be in a somewhat mentor role?! Do you agree, or is that too time consuming?
IMO a good way to market it would be exactly like the so called "property spruikers" market themselves, but in this case you would be a legitimate finance professional. Maybe an initial consultation is free and if as some people think upfront payment is too much, maybe ongoing payments would be better (?!). I really think the marketing and selling of this is the key, in an initial min. 1.5 hour (?!) consultation as a detailed presentation with a few case study clients & disaster stories to get it over the line (A Current Affair style) I.e., John Smith could have saved x amount if he did x, we can do this for you etc.
I, personally remember when I started "investing" 5 or so years back and didn't know much, I spoke to my accountant for 2.5 hours and paid $500.00 to have a formal meeting for generic property advice, and took notes which were quite helpful and set me really on the right initial path. So I do see it as valuable.
I didn't see Asset Protection in the the list (unless that's covered under Risk) Also as it's going to be tailored advice, I think something additionally useful to any potential client would be - How to analyze a good property deal. This may be a key to the presentation. E.g., show 3 properties, run the sums and projections and then show 3 properties with sums you would gravitate towards and project the 3/5/10 years sums etc?! Then the client obviously finds what they want and you offer additional informal advice there.
Vixs comment - "How many clients do you really have time to provide that level of service to on an ongoing basis?" - based on what I've stated above would be a key if this was viable enterprise for you, in addition to price per client.
Is what I stated in the scope of what you were looking at? I hope I was somewhat helpful
'Estate Planning and Family Succession Planning ' is kind of important to me. It is one the area where I don't have much knowledge either.
Sorry I should have update my list. I gave that based on the email attachment I received. Now I received the paper version and only the following are covered.
- Cash flow Management including Investment Funding
- Debt Management and Limited Recourse Borrowing Arrangements
- Tax Structures including Self-Managed Super Funds and other Business Structures
- Superannuation Review and Strategic Action
- Insurance Review
- Investment Modelling and Advice
- Salary Packaging and Redundancy Planning
Omitted ones are:
- Pension/Retirement Planning
- Business Risk Management and Insurance
- Estate Planning and Family Succession Planning
'Estate Planning and Family Succession Planning ' is kind of important to me. It is one the area where I don't have much knowledge either.
Devank, hope you didn't pay for the advice you didn't receive!
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...I am not convinced they solve the problem of appropriate "independent advice".
At least with the new rules you should know what those commissions will be.
At least with the new rules you should know what those commissions will be.
The major issue I have with free consults it that it ultimately forces the adviser to push people into products, structures, etc that arent necessarily suitable for them.
Look into the way Birch and Keshab Accounting do their stuff. First consultation free, then $300/hour for mentoring/planning and then lead into other products.