Someone convince me that Financial Advisers are useful
- Thread starter onesixseros
- Start date
Would you like to buy some steak knives? ??
Depends on the paraplanner really.
Some are actually the brains behind the operation.
Good paraplanners are just as hide to find as good financial planners.
The more awards as "top financial planner" they have received, the worse the financial planner they are - generally speaking. They are top because they make the bank the most money.... usually at the clients detriment.
That is a difficult one, especially if you're not in the game itself.
There are two who post frequently on this forum.
I have not met or talked to them myself.
But from their posts, my instinct tells me they are probably two of the better ones.
Then again, I'm just some unknown guy on a random forum.
Personal risk insurances such as life, income protection and TPD are justifiable reasons to see an FP. They can also assist with taxation issues, SMSFs and succesion to retirement strategies.
Like all professions 60% are competant aka average, 20% are excellent and the remaining 20% are incompetant aka dangerous.
As Peter said wealth creation is an individuals responsability although others can certainly assist in the process.
Like all professions 60% are competant aka average, 20% are excellent and the remaining 20% are incompetant aka dangerous.
As Peter said wealth creation is an individuals responsability although others can certainly assist in the process.
Went to see a FP just before the GFC, a pimple faced kid trying to sell some of the banks products manly managed funds. Glad I didn't come back.
They are good for life insurance/income protection etc but I had the feeling it was just a sales pitch with some risk analysis thrown in. Much better information from brokers -Morgans etc IMHO compared to your vanilla bank FP. I am sure there are many excellent FPs from this forum though.
They are good for life insurance/income protection etc but I had the feeling it was just a sales pitch with some risk analysis thrown in. Much better information from brokers -Morgans etc IMHO compared to your vanilla bank FP. I am sure there are many excellent FPs from this forum though.
I've been to financial planners four times in my life ... first just offered to sell us some managed share fund ... the next two were on the insistence of the bank when we were taking out investment mortgages ... each time I knew more than they did and in the end they just threw up their hands and said "you don't need me" ... the last what from Chan and Naylor - cost me a few dollars for them to tell me to "just continue what you're doing".
In the end - the best advice I get is from an older accountant who is self funded semi-retired still dabbles to keep himself active ... and my conveyancer who's been around 40+ years and has seen everything to do with property.
Can't beat learning from skin in the game and experience ... doesn't need to be your skin or experience
In the end - the best advice I get is from an older accountant who is self funded semi-retired still dabbles to keep himself active ... and my conveyancer who's been around 40+ years and has seen everything to do with property.
Can't beat learning from skin in the game and experience ... doesn't need to be your skin or experience
The value you perceive will also be affected by how much investable cash you have and your earnings level.
If you have limited funds then you also have limited options and you probably dont need someone to advise you what they are.
Personally, i wouldnt bother with an advisor to work out where to invest $70k.
If you have limited funds then you also have limited options and you probably dont need someone to advise you what they are.
Personally, i wouldnt bother with an advisor to work out where to invest $70k.
Maybe have a poll for all those that have been along to a "F/P",and what was the difference between when you first walked in their door when you were sold money trees that are now ringbarked,shares that went nowhere, opt properties that made zero, and the last time you saw them and what you were told to buy this time around,that would be more interesting..
That's classic
I tend to avoid my local branch these days.
I do some fairly minor banking. And they ask "would yiu like a credit cards limit increase" "yes"
"Oh let's see what we can do for. ..............oh im sorry, that's a huge limit. ..... do you have any home loans?
"Yes" " how many and how many with this bank" "about 30, and none with this bank" "oh ok. Ill definitely get someone to call you"
A few days late r some enthusiastic person calls and by the end its add lizzie says "you don't need me"
Funny
*prints out in large bold type and sticks up on wall*
i went to one. they tried pushing me into all these income protections trauma cover disability and death cover.
by the end of it i would of been losing half my pay each week just to keep these insurances afloat.
and other than putting shares into a preset model they are given there was nothing about investing money.
i think they should be called financial protection advisers.
who would you go to for financial investment advice dealing with strategy with a wide range of investment options?
by the end of it i would of been losing half my pay each week just to keep these insurances afloat.
and other than putting shares into a preset model they are given there was nothing about investing money.
i think they should be called financial protection advisers.
who would you go to for financial investment advice dealing with strategy with a wide range of investment options?
There are advisers out there that provide this service, but they are few and far between.
Your best bet is to find an adviser that charges under a Fee For Service model (NOT % of FUM - that is just pseudo commissions). If you do a google for 'Personal CFO' you should be able to come up with a number of options. Up to you to determine who is good and who isn't.
But then why not use a savy accountant??
I dont really know any financial advisers that are guns at property investing per se or share trading.
This is the thing, what are they advising on exactly?? I dont get it, wont most successful property investors know more than the financial adviser because they are focusing on a specific asset class.
MTR
The majority of Financial Planners also do not recommend property investment because there is no financial incentives or gains in it for them. They are merely insurance, estate planning and managed fund etc products & services salespeople because that's where they derive their wages, trailing commissions & kick backs from to put food on their tables.
Most are not financially free themselves and are still working for income themselves.
I find it quite amusing that they are in the financial advising business themselves, however most still have to work for living...bit of an oxymoron if you ask me. How can they advise/plan if they have not reached the destination themselves.
I prefer to take the advice from someone who's walked the talk over someone who simply talks the talk.
Most are not financially free themselves and are still working for income themselves.
I find it quite amusing that they are in the financial advising business themselves, however most still have to work for living...bit of an oxymoron if you ask me. How can they advise/plan if they have not reached the destination themselves.
I prefer to take the advice from someone who's walked the talk over someone who simply talks the talk.
Yep, and will cost $10-15k per annum and upwards......so looking to invest $70k just not a viable client for these guys. Hence, their experience of planners will be of the product flogger type. The good ones are often CA qualified and can cover everything from structures, estate planning, tax management etc and then investments. They really do provide a valuable service but unless you have the $$ there isn't much of a point really for the average Joe and this kind of service is really for HNW family / individuals. This is the kind of service I am talking about ; http://fortitudepw.com.au/index.html
I can't see how a non lawyer could give estate planning advice. There is no point going to a planner and paying for advice which basically says "get a will done and a power of attorney". Pointless. Might was well go to an appropriate lawyer who can actually draft a will, plan for passing on your estate and control of non owned assets such as companies, trusts and super.
