Do you use a Financial Planner

There is such a wealth of knowledge in this forum! I’ve taken quite some time off from investing/reading forums in the past 6 years. I’ve been going through some old posts in the past weeks and I’ve learnt so much as well as picking up that I had incorrect knowledge of some things. Such a fantastic resource for many different strategies and investment choices!

 

Lol
Diavolo

I only started paying attention to share threads about 18 months ago. Very helpful.

 

"Retirement" is personal. How much you need depends on your age, health, whether or not you are fully retired (i.e. might still earn some $$ working a few hours), and most of all it depends what your lifestyle will look like in retirement.

Most Aussies do not need $1million to have a 'comfortable' retirement. They will receive part or full Age Pension from the Government, plus an income from super (say $10k - $25k pa), and this will be plenty. When I say 'most' aussies, the stereotype would be: Own their home outright, "holidays" are mainly domestic travel (usually caravan), and things like new cars, going out for dinner etc. are not a priority.

If your retirement means a lot of overseas travel, cruise ships, regular car upgrades, helping kids or grandkids buy properties, etc. etc. then yes, you will want more than a mill.

 

Would you include industry fund single asset class indexed options? They can be had for under 0.2%

 

Well there is one mistake you never made.

 

My thoughts as well. E.g. sunsuper index funds.

 

TBH I think you are missing the point

There are quite a few successful people on this forum that have never used a FP. Of course your money, your choice

You are making assumptions that a FP is the only person that will provide a superior outcome, could be the opposite.

Pretty much everything you mentioned a savvy accountant should know all this stuff, its not rocket science

As far as insurance goes, its not that difficult just requires time to nut it out. I personally never had an issue with insurance companies coughing up. Except pet insurance

Also FP receive a trailing commissions for insurance

 

Same as forums

 

But do they have winning lotto numbers

I agree with you about value???

I like the share threads, some great info and tips on structure. I get alot of info here and then do my research

However, no one has a crystal ball

 

@wylie I am an investor who has shares in different structures and (now) a small amount of property. We sold one last week! While we do not have a financial advisor I can understand why you are going to see one. It is very important to get the structures right

 

It certainly is

My accountant set up my trust?

Before you spend your money on a FP, I would be chatting to your accountant on your structure and what you are trying to achieve

 

So here is clarity

CFP vs. CPA: What's the Difference?

 

like you @MTR I have been a long term investor - more than 40 years. Our accountant is amazing and we have been with the same person for the last 20 years. No matter how good the accountant is with tax advice they can not give financial advice and there is a lot to be said for having conversations with both when you are setting up these structures. The structures are to take you into retirement, estate planning and anything else that is relevant to the individual. It is one of those times when you don't know what you don't know.

 

Just posted a link

Depends on the license. My accountant can give advice on SMSF.

Have had a lawyer involved in estate planning for us

I agree, you dont know what you dont know.

You can get check lists on estate planning, lots of info on this, its a good start.