Forum Replies Created
Evolve, The issue I have is that most planners have never made any real money. They go around telling you how to invest and how you should have a diversified portfolio.
I own, through a variety of structures, 5 coffee shops, 7 radiologicy clinics, 2 newsagents and over 30 commercial properties. A planner never recommended any of them and they are not allowed to. Theyare useless in my opinion when they say oh you are too heavily invested in commercial property. well young man (im 62 and most of them are under 30) when you acquire some real wealth then you can advise me.
I do feel for you evolve as the industry is full of incompetent fools and being a chartered accountant you are not one of those. concentrate on your accounting, i pay my accountant over $100k in fees per annum, so there is good money in it. my accountant has helped enormously with my businesses and in fact the radiology clinic boomed from a few of his ideas. Keep up the good work. I have more respect for accountants than planners. Never dealt with a mortgage broker so no idea what they are like.
Agree. Financial planning should be free as most of the time it is wasted money. Financial planning is good for people with poor knowledge, low income earners, people who can't generate income from businesses or property developing. This is most people but fees should be small as value is small.
Most planners just put people into an industry fund and that is it. I went to a planner and saw him driving an old car in old offices. I am not going to take advice from someone who makes less money than I do. They never advise on private business acquisitions, never advise on property development and property joint ventures because they say ASIC cant let them advise. Well just ring up AMP and ask to be put into a balanced portfolio fund. Financial planners are a waste of time and hopefully these changes mean many go because they dont do much for their money.
