Hi All
In the interest of covering the whole gambit
I thought I would pull together a list of questions to ask your Financial Planner sourced from the CPAOnline website.
Questions to ask your Financial Planner
(1) Who do you represent
(2) What are your qualifications and professional designations?
(3) How long have you been in the industry and can you provide references?
(4) What services do you provide?
(5) How do you get paid for the services you provide?
(6) Do you disclose all fees and commissions in the report to the client?
(7) What research do you have to back up your recommendations?
(8) What ongoing services do you provide and at what cost?
(9) Do you have professional indemnity cover?
(10) What kind of clients do you mostly see? Young or old? Professional or unemployed?
(11) Experience in areasimportant to you: eg:taxation,superannuation, retirementplanning or social security.
How to choose a financial planner
(A) Ask family, friends and colleagues for recommendations.
(B) Set up obligation-free introductory meetings with several planners to find one with whom you are comfortable, who understands what you are after and who can satisfy your needs.
(C) Check on the planner's licence, current qualifications, and professional membership status.
(D) Don't be afraid to take your gut feelings into consideration. Gut feeling is not just an intuition, it is often the case that body language is not consistent with what is being said.
(E) As a general rule, you have to pay for good financial advice. The adviser is going to make their money somehow, and upfront fees/commissions are preferable to behind the scene perks, where the adviser may be influenced by incentives.
Main methods of charging
Plan preparation $450-$2500
Implementation & Maintenance
(a) Fee for service ($150-$350 per hour))
(b) Entry fees (up to 5% of funds being invested)
(c) Deferred entry fees (higher ongoing fee)
(d) Transaction fees ($25/switch)
(e) Brokerage
(f) Legal, accounting & other fees (ie: establishment of a family trust)
(g) Maintenance Management fees – retail (1.5-2.5% – normally deducted before return declared)
(h) Management fee – wholesale + administration fee ie: Wrap (1% wholesale fee + 1-1.5% admin fee)
CPA Australia
Kind regards
Corsa
In the interest of covering the whole gambit
I thought I would pull together a list of questions to ask your Financial Planner sourced from the CPAOnline website.Questions to ask your Financial Planner
(1) Who do you represent
(2) What are your qualifications and professional designations?
(3) How long have you been in the industry and can you provide references?
(4) What services do you provide?
(5) How do you get paid for the services you provide?
(6) Do you disclose all fees and commissions in the report to the client?
(7) What research do you have to back up your recommendations?
(8) What ongoing services do you provide and at what cost?
(9) Do you have professional indemnity cover?
(10) What kind of clients do you mostly see? Young or old? Professional or unemployed?
(11) Experience in areasimportant to you: eg:taxation,superannuation, retirementplanning or social security.
How to choose a financial planner
(A) Ask family, friends and colleagues for recommendations.
(B) Set up obligation-free introductory meetings with several planners to find one with whom you are comfortable, who understands what you are after and who can satisfy your needs.
(C) Check on the planner's licence, current qualifications, and professional membership status.
(D) Don't be afraid to take your gut feelings into consideration. Gut feeling is not just an intuition, it is often the case that body language is not consistent with what is being said.
(E) As a general rule, you have to pay for good financial advice. The adviser is going to make their money somehow, and upfront fees/commissions are preferable to behind the scene perks, where the adviser may be influenced by incentives.
Main methods of charging
Plan preparation $450-$2500
Implementation & Maintenance
(a) Fee for service ($150-$350 per hour))
(b) Entry fees (up to 5% of funds being invested)
(c) Deferred entry fees (higher ongoing fee)
(d) Transaction fees ($25/switch)
(e) Brokerage
(f) Legal, accounting & other fees (ie: establishment of a family trust)
(g) Maintenance Management fees – retail (1.5-2.5% – normally deducted before return declared)
(h) Management fee – wholesale + administration fee ie: Wrap (1% wholesale fee + 1-1.5% admin fee)
CPA Australia
Kind regards
Corsa
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