Hi mums!!
Question Financial planner or Advisor???
And another edit from answers* possible Financial councillor rather then above??
Looking into getting some help to just get us back on track. We're living a bit week to week atm, we're okay with money but would like to be doing better.
Does anyone know how much we're ooking at to see one?
AND
bonus points for one in Forster/Taree/Port Area!!
Thanks ladies!!
Edit * We have and have read barefoot investor! He was great and got us started in the right direction but we're not quite where we want to be yet and we are definitely not accountants 😂
11 Replies
Spend $20 and buy the barefoot investor book
Thank you :) we have this and have read it.
We loved it, unfortunately we couldn't follow it to a tee but we did take lots on which has helped get us started in the right direction:)
Financial planners and advisors sell investment products. Beware.
Beware of what? My H is a planner & will show you investment products that fit your criteria ONLY if you ask for them. They don't 'sell' anything. They ADVISE. You choose. They also don't take commission any more & any bias must be disclosed. Mostly he helps people transition to retirement using Super & pension tactics so they live a better retirement.
Before you shove people into a box know what you're saying. They're so tightly regulated one tiny mistake can cost them their registration.
I’m not saying they are dodgy, just not what these people are looking for. I’ve seen people spend money looking for basic budgeting advice and it be money down the drain, cause it’s the wrong service for them.
Its good to hear both sides here. Thank you both :) we 1000% do not want anything to do with investment ect. We just want advice on budgeting ect
The industry has changed a lot, your comment is no longer relevant, hasn’t been for quite sometime, ongoing commissions on investment products are no longer allowed. Planners have to do a lot of justification if they replace a product and explain why it’s in the best interests of the client in a 30 plus page document. There’s no buyer beware, everything is disclosed.
To the lady who saw people throw money down the drain, I find that hard to believe, a planner wouldn’t take on a client who needs just budget advice, there’s no money in it. They are trying to make a living you know.
Fair enough. It just doesn't have context explained & I'm tired if people putting planners down. My H cares about his clients & would tell these people he's not their best option & why, free of charge. Unfortunately he can't even direct them to suitable services, because he's legally not allowed.
My DH is a planner. They are more about long term financial planning - like retirement & whole finance restructuring to reach your goals. They're not really for budgeting advice & are strictly controlled in what they can do.
Cost is prohibitive - in the thousands.
There's free budgeting advice on https://moneysmart.gov.au. or I'm sure countless people will direct you to a certain book. I haven't used it so can't recommend it.
Wow! Possibly in the thousands, I wouldn't have thought that. I'll have a look at the website, Thank you!
The cost of compliance in the financial planning industry means money is made from putting in place personal insurance (which is important and worthwhile), writing a statement of advice (30 plus page strategy document) or ongoing fees for investments. To add, the investments also need to be substantial to be worth it for both planner and client. It’s tough at the moment for planners to make money, compliance has made it very expensive and unfortunately it isn’t feasible for people who don’t have decent amount of assets and surplus cash to invest. You need a financial counsellor, not planner/adviser. I think places like the salvos offer that service. This is what financial planners warned, that low net worth people would be the ones to lose out. They could offer you a fee for service (non ongoing fees) but that would likely be in excess of 100 per hour.