Looking for Advice

Viewing 5 posts - 1 through 5 (of 5 total)

Jolly Jumper
Member
@jolly-jumper
Join Date: 2008
Post Count: 1
July 21, 2008 - 10:15 pm
Advice !
Unbiased advise for my situation is hard to find.
Every bit of advice I get, I find is motivated from there area of expertise.
Albeit, a Mortgage Broker, OTP rep, Real Estate Agents.
But who is qualified to give me the direction I need to go based on
my Family needs, cash flow, tax implications.
Yes you could say " My Accountant, but I feel he is stuck in the dark ages"
To give you an idea:
We have three investment properties and the family home.
All are roughly half paid off.
Looking for Advice & Help
gibbo1
Participant
@gibbo1
Join Date: 2008
Post Count: 152
July 22, 2008 - 12:43 am
When ever you receive free advice there is always a risk of biase. If you are are going to seek the services of a mortgage broker find one who has extensive expirience in IP's who has mostly repeat clientile. If they are good at what they do they will want to do the best for you so that all future investments come through them. Every recommendation they make, ask them to justify why they are better then other options. Do some of your own research on products to keep them on there toes so they know they cant pull the wool over your eyes.
Moving away from free advice, look for a financial planner with real IP expirience. Choose a planner that you have to pay a fee for and who receives no commisions for there recommendations. This way commisions cant influence decisions and the advice they give will be taylored to your circumstances
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 22, 2008 - 4:02 am
JJ
I couldnt agree more with gibbo in that when choosing a professional to act for you make sure that individual has trodden the same path as you wish to and is not wet behind the ears.
So often i talk to clients who have felt that they now more than the mortgage broker or financial planner put together and are concerned about being steered in a particular direction because that suits the hip pocket of the individual giving the advice.
The way both the mortgage broking market and financial planning areas are going a fee for service over a commission is becoming more and more popular although until such time as it is widely accepted by the public then only then will professionals be able to offer a truly independant service.
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 22, 2008 - 6:20 am
I don't think there is really any one person who can do the whole package of advice for you. There is just too much for any one person to manage.You just have to keep looking until you find someone who comes close and then keep researching yourself and critically examine everything they advise you.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
July 22, 2008 - 1:41 pm
You might need a combination of services ie a full-service accountant which incorporates legal, financial planning, estate planning and accounting that way the information you are getting is coming from the one common source which has your best interests at heart (it is not trying to sell you a product but to structure your arrangements now and in the future).