Do you use a Financial Planner

For sure, and goes for any service provider

I have had discussions with a few investors who have given negative feedback

I have also had a bad experience

 

Don’t forget, the “P” in FP is for Planner/Planning, not Product .

 

I got this from accountants. Accountants will tell guide you on the tax benefits / outcomes on using different structures such as company / trusts. I have then spent many hours doing my own homework.

Other than tax benefits of utilizing such structures asset protection was another key consideration. This would be the domain of lawyers and not accountants. This doesn’t mean accountants can’t work along side lawyers who will advise the accountants on this aspect.

Lucky last ( for me anyway ) when it comes to considering suitable structures is estate planning. This is something I am working through just now and I have reached out to specialist estate planning lawyers.

While it’s great for everyone to recommend you seek out expert advice in each field, you really need to consider the cost to benefit ratio. Engaging a team of experts between accountants , financial advisers and lawyers is not cheap. What’s the size of your portfolio and how much of your returns will get eaten chewed up in fees.

That’s something each individual will need to assess and make a decision on.

 

Forgot to add that at one point I did reach out and received professional advice on my structure for our very own @Terry_w .

Keep in mind that the structures that I have in place are a little more complicated than what the average investor has or needs.

 

Thanks BA
This is really helpful.

There are some posts on this thread that are real gold, this is one. Cuts to the chase

 

My guiding principle is:- a service provider should make/save me more money than I pay them.

I apply that principle whether they are a gardener, a house cleaner, an accountant, a FP, …

When I owned businesses, I applied the same principle to employees.

One would have to be an idiot to do otherwise .

 

I always focus on VALUE, whether I pay peanuts or macadamia nuts

 

Sometimes you pay in macadamia yet end up with Monkeys anyway.

 

Lol
Very true

Thanks for sharing your insights very helpful and also REITs/share threads.
Why this forum is a great resource

 

most probably already know how the product thing works.

 

Like what? Can you clarify?? Am interested

 

bugeting for one?

 

If you can find one. Some FP firms are shedding low value clients. Not because they want to but due to increasing compliance costs and they are unable to cross subsidise for much longer. As a consequence a reasonably simple Statement of Advice may now have a cost of up to $3k as a result.

Throw in the number leaving the industry because of the requirements to remain an FP and the direct costs to them cannot be justified.

Some firms are still providing advice to clients who have been with them for a long time and are viewed as low-value but I think those clients could be left out on a limb if and when the FP decides to retire. Some are due to do that within five years or earlier.

 

So what are you saying??? They screwed low value clients??

What’s a low value client?

 

What do you think I am saying? I made it clear.

Where did I say they screwed low value clients? That's you making things up.

What do you believe is a low value client? It isn't difficult to work it out.

 

i don’t know ? You raised it and I am asking for clarification….

 

Read the first paragraph of my post third above yours and think about.

 

Ok I re read it, Sorry I really just don’t understand this, not getting it
No problem.