Hi
I'm just wondering how many people out there use financial advisors.
It's written that only YOU can make the right decisions for your aims and goals and for what you want out of life.How they can actually help you in making the right decisions for you to climb to financial freedom..
What i'm trying to say is…….
I've got my financial advisor that i've used for a couple of years now (a highly recommended man) and he's certainly helped me get my share portfolio up and running and my business in operation.
He's given me guidence on the do's and dont's and warned me about little issues that i may have been thinking about. He's been good for warnings on what i can potentially make a loss on and has saved me money.The problem is….. when ever i bring up ideas about real estate and +cashflow propertys, he seems to shy away from it.
Eather he doesn't think i have the strengh to commit to it and or find propertys to work on to turn into +CF? I am a carpenter by the way. Or is it that he's woried about loosing the income stream for looking after my shares? If i get a good taste of property and what it can do for me, i might remove my shares all together to use in real estate and he loose the income?
Maybe he's had a personal bad experience in the past or he just doesn't have the knoledge behind him in that field?I know ultimatly, it's MY choice.
Just a small issue…. Damn financial advisers…… that should stir someone
Sounds as though your F.A is like so many others (unfortunately) – well versed in shares as a wealth creation vehicle, but not in property.
Many of them make money out of you from their trailing commissions on the shares or Managed Funds, but not out of property advice, so, guess what? no property advice.
Thanks L.A Aussie.
I guess i've only got you guys…..
cheers
If you haven't got a clue at all then they are useful to get the basics right.
At my stage I feel I am more informed than any of them I have spoken to.
They should rename themselves Managed Fund Brokers. Even that is a service I don't need as I use a discount broker that rebates the upfront and all the trail after $396 worth annually.
Read and network.
Don't invest in anything you don't understand.
Take the long term view of investing.
Wish someone had told me those things 20 years ago!
Cheers,
I don't mean to hijack the thread, but I'm interested in speaking with a financial advisor myself.
I was just wondering if anyone has any recommendations for advisors in Melbourne? I could just go down to my bank and see someone there, but I'm not sure if they would have their own agenda.
I just need some general advice at this stage. Is there a standard/average fee they usually charge?
i was put onto hewison and associates in south melbourne. no: 96821900
Great company with really good people. Have certainly helped me get me on the way.
They haven't actually charged me for chats and questions and meetings due to (my parents wealth) with them.
Prices $ i don't know..mark
Hello there,
I accidently placed a post on financial advisors without realising this one was already up. OK so write what I've been told when it comes to financial advisors.
Firstly, don't hire one who charges commissions. Mortgage Hunter – I noticed you pay a flat annual fee. I've heard this is the way to go.
Is it a myth that it's imporatant to have a good financial advisor and that it's a good idea to pay good money for them?
I agree that it's the individual's responsibility to be informed but surely it's good to have another informed opinion to consider as well? You don't see any proffessional golfers waling around without a caddy…
Dan
Well i believe that it's best if the advisors does get a commision or a percentage out of your earnings (investment). This way they have more of an interest in your money and if it doesn't grow then THEY dont make any more money…
If it's just a flat annual fee, what do they care if you lose your money year to year……. The advisor needs an incentive to help it grow.
I actually work for an investment bank (am a qualified planner) and sell/introduce our products (mgd funds, cash, listed stocks, alt assets etc) to financial planners. A few points to note about planners are
1. They are only trained in offering advice on mgd funds, shares, property trusts etc etc etc. They have no formal training in physical property and giving advice as to where you should or shouldn't be purchasing. They can provide you with an analysis on how the property has performed based on your rental return and outgoings etc – but that is something I'm sure you can do yourself.
2. In my opinon a good investor doesn't hold all of his/her "eggs in the one basket", which should be the philosophy of any decent financial planner out there – having a mix of investments ensures that as different assets go up and down (and yes that includes property – trusts and direct) your overall portfolio's returns are balanced and you don't suffer from any significant falls in the value of your portfolio – unless all the asset classes head south at the same time which is very rare. Also a big plus in having a diversified portfolio is that some of these investments are liquid – you can access your cash at any time if required.
3. A financial adviser is governed by very strict laws governed by ASIC to ensure that they only offer advice that is relevant to your situation and they should do a fact find to work out what your objectives are and then provide you with a Stmt of Advice to show what they are recommending, you will need to agree and sign that you understand what you are being offered. Like any industry there are the dodgy advisers and it pays to shop around. The industry is slowly moving to a Fee for Service structure – however sometimes this can be more expensive than a straight commission – it pays to do your sums.
4. Finally – Financial Advisers are there to provide you financial advice on investments and assist you with your journey to retirement – the sooner the better and the earlier we become financially independant the sooner we retire. It is up to you to find a financial planner you are happy with, can trust and who can confidently help you acheive your goals. Just like direct property investing, taking an active interest in all areas that you are invested in and working with your business partners (Adviser, Accountant etc) will only help you in attaining your goals
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