When do people seek help from "Advisors"

[The Y-man]

Looking at the many posts asking "Has anyone used xyz corp for advice on buying a property", I began wondering whether property was the only area such form of advice was sought in so often.

For those people who have, or are considering, getting property advice from organizations offering such services, do you also get similar advice for:

1. your shares/managed funds (the traditional offerings of "Financial Planners")
2. your car purchases
3. your superannuation
4. your electrical appliances
5. your furniture

Is it the level of money involved that draws the line between getting "face to face" advice vs just reading up on forums, books, magazines etc? Or is it the fact that there is a loan involved?

Cheers,

The Y-man

 

[oasis1frog]

I would love to meet a financial adviser that I feel actually have something to offer for my money, so far I have no luck !!!!!

 

[Perp]

I research all those purchases you mentioned, Y-Man. But I do that through "Choice", internet searches, product reviews, and asking other consumers. I don't usually pay for advice!

I have, however, been burnt by "property advisors" nearly a decade ago. This company that we were naive enough to get sucked in by basically did nothing but set us up with their real estate agent - who got a big commission - their solicitor - who got conveyancing fees - and their mortgage broker - who got a trailing commission on the mortgage. "Their" real estate agent was also really only acting for one developer, whose product they were selling.

I don't object to paying for the services of the professionals, and mostly we were victims of our own naivete, but I do object to the introducer having ALSO charged us about $7 or $8K (I think - and this is 9 years ago) for "helping" us, in the guise of providing us with "financial advice". And all they did was refer us on and promised us a very nice looking "folder" to keep all our paperwork in, which we didn't get anyway

We have since sold that property and fortunately did OK out of it even with all these charges thrown on top. And it was a valuable learning experience.

But if I can save somebody else the hassle: if you're thinking of buying an investment property and need somebody to "hold your hand" whilst doing so, then join a local investor's group, or ask a friend who's an investor. You'll find somebody who'll hold your hand for nothing but the satisfaction of helping you, and their advice is unbiased.

 

[HandyAndy888]

I research all those purchases you mentioned, Y-Man. But I do that through "Choice", internet searches, product reviews, and asking other consumers. I don't usually pay for advice!

I have, however, been burnt by "property advisors" nearly a decade ago. This company that we were naive enough to get sucked in by basically did nothing but set us up with their real estate agent - who got a big commission - their solicitor - who got conveyancing fees - and their mortgage broker - who got a trailing commission on the mortgage. "Their" real estate agent was also really only acting for one developer, whose product they were selling.

I don't object to paying for the services of the professionals, and mostly we were victims of our own naivete, but I do object to the introducer having ALSO charged us about $7 or $8K (I think - and this is 9 years ago) for "helping" us, in the guise of providing us with "financial advice". And all they did was refer us on and promised us a very nice looking "folder" to keep all our paperwork in, which we didn't get anyway

We have since sold that property and fortunately did OK out of it even with all these charges thrown on top. And it was a valuable learning experience.

But if I can save somebody else the hassle: if you're thinking of buying an investment property and need somebody to "hold your hand" whilst doing so, then join a local investor's group, or ask a friend who's an investor. You'll find somebody who'll hold your hand for nothing but the satisfaction of helping you, and their advice is unbiased.

What an awesome response...

 

[robert66]

Not yet tried!
Let me try it once.

 

[Sunfish]

Bought advice is more swank than sophisticated. But if you have never thought about it before, a few dollars (OK a few thou, sometimes) will seem small change if you find the key.

The key will, naturally, not be what they're selling but I think back to a sales pitch I went to (They even supplied the pizzas) and I took Mrs T back for a second helping of pizza for the next promo. She has never joined me in the sojourn I enjoy so much but she now accepys what I'm doing and doesn't "carry on". She signs where the yellow sticker points.

Listen, by all means, but add what you hear to what you already know. Don't displace it.

 

[our obsession]

I just love to research and learn about stuff...I am capable of making the quick decision, (and have done; when you just know it has all fallen together for the picking).

I have listened, researched, paid for knowledge or information on various things, and mainly from the desire to access more knowledge. Not necessarily going to use it.

I haven't paid any property advisors or groups, just prefer to source my info at my pace, and can follow the detours and sidetracks and tangents, how, when, why, if, maybes. That is the fun (for me) about property investing; apart from the obvious, (financial independence)...I just love to learn about stuff that interests me.

Although in the very beginning I did purchase some reference materials, cds, books etc from Steve McKnight (who had caught my eye with what he had achieved). The appeal was his info was very simple for me to grasp and I just seemed to understand him really well.. from there I sought to read as much as possible from other property investors that had done well and written books....and wandered into this forum; it is a very good resource, some of the people's thoughts and "other side of the story" are amazing, just a really good wander through folk's thoughts, experiences and knowledge..

 

[Deepmarine]

Looking at the many posts asking "Has anyone used xyz corp for advice on buying a property", I began wondering whether property was the only area such form of advice was sought in so often.

For those people who have, or are considering, getting property advice from organizations offering such services, do you also get similar advice for:

1. your shares/managed funds (the traditional offerings of "Financial Planners")
2. your car purchases
3. your superannuation
4. your electrical appliances
5. your furniture

Is it the level of money involved that draws the line between getting "face to face" advice vs just reading up on forums, books, magazines etc? Or is it the fact that there is a loan involved?

Cheers,

The Y-man

I'm the over-analysis king when it comes to purchases and I don't believe in using organisations because there is so much good free info out there once you learn to look (although I can understand that for some people who are less certain they may offer some re-assurance - but fundamentally I don't trust a lot of people who sell advice).

I tend to put a similar level of analysis into a 400K property purchase as I do into a stereo / TV purchase!!

I think that I drive my partner mad with my analysis of big spend items, but its been pretty effective so far. I tend to do all research myself though and only outsource taxation advice.

Shares + managed funds - I work in the field so do my own.

Car purchases - love cars so enjoy researching different models and staying up to date with what technologies are being brought to market.

Super - myself.

Appliances - I use the interenet to research people's opinions / reviews of certain products before purchasing (such as the Whirlpool forum for computers, the DTV forum for hi fi gear and TV's etc).

Although furniture I tend to leave to the better half. She's got great taste so I'm pretty happy doing that.