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  • Profile photo of figuringitoutfiguringitout
    Member
    @figuringitout
    Join Date: 2012
    Post Count: 8
    April 19, 2012 - 10:16 am

    Just wanted to get your opinions on team building, accountant, broker, etc.

    As I am just starting out I want to surround myself with people who know what they are doing, I dont know any investors for personal referrals.

    I have come across alot of adds for "wealth advisory firms" and the like who offer the full team of specialists (accountants, financial planners, mortgage brokers, investment advisors, etc) and wonder whether this would be a good starting point for me.

    Are these kinds of firms generally trying to push a particular product?

    I would appreciate your thoughts, I am also open to any referrals you may have. I am based in Melbournes East.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 19, 2012 - 11:07 am

    Often those socalled specialises aint really specialists but just sales people who get kickbacks from referring to others.

    One of my friends signed up with an expensive accountant with inhouse fin planners an borkers where they all work together etc etc. But in reality it is a just an average accountant who refers loans to his local bank an who also has a distant referral relationship with a fin planner.

    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

    Profile photo of figuringitoutfiguringitout
    Member
    @figuringitout
    Join Date: 2012
    Post Count: 8
    April 19, 2012 - 11:49 am

    Thanks Terry,

    I thought that may be the case.

    Everything I read tells me to get on board with people who have done it themselves but I wonder why they would still be working as acountants, etc if they have been so successful….

    I suppose I will need to start interviewing and see who I feel most comfortable with in each profession. 

    Profile photo of RazzRazz
    Member
    @razz
    Join Date: 2012
    Post Count: 14
    April 19, 2012 - 12:56 pm

    I’m also currently starting out but in NSW. I’m already using my normal accountant as he is very good I’ve had him for years. He was referred to me by a friend for business tax and for getting out of potential tax trouble. My solicitor/conveyancer was referred to me by my sister who used him 3 years ago when she had some trouble with her PPOR contract. And yesterday I just walked into Aussie, put my idea across, spend 2.5 hours there crunching numbers and going through loans so I’m also very happy with them. They also showed me how I can half my LMI (lenders mortgage insurance). After the financial year I’ll get my account to project the numbers for following year.

    I personally prefer to go for independent professionals who are referred through friends & associates. They seem to me to be more personal, not phoney or clingy after your money. They may cost a little more but you get a better service. Once you have one good person, ask them or recommendations. Previously I almost signed up for an IP through a one stop shop investment company. Doing it myself and learning and slowing down looking through everything I’m saving over 10k they would of whacked on top to manage everything.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 19, 2012 - 1:30 pm

    Hi figure

    Firstly welcome to the forum and I hope you enjoy your time with us.

    i am with Terry be very wary of any Professional who happens to share his office with an Accountant, FInancial planner etc. They spin you the yarn that whilst you are in here being sold one of their overprices properties they can get their in-house mortgage broker to help you and the Accountant can do up the Tax variation before you leave.

    What you have to realise is they work together with a common goal and that is to make money out of you at every stage.

    Look for someone indepentant with experience and has purchased the odd property or two.

    As i responded to Razz's post earlier concerning Aussie you are normally dealing with someone who has very limited experience due to the Aussie model of engaging staff and franchisee's. (By the way halving your LMI is not quite right and like anything comes with a cost)

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    April 20, 2012 - 9:56 am

    Hi there

    I’m not a fan of the one stop shops who claim to offer everything in house.

    I’d be searching for a decent broker to arrange the finances, a decent accountant and if required, an independent buyers agent to locate the property. All of these professionals can work together on your behalf – all are independent of one another which eliminates any conflicts of interest that may present in a one stop shop.

    A handy legal person is always good to have on board too. Wouldn’t want to upset our resident legal eagle ;-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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