Financial Planner

Hi Guys

My wife and I are looking at retirement in the next 5 years and are looking at employing a FA to help us make sure we're on the right path. We won't be investing much more in property, maybe a bit more in shares and we salary sacrifice in Super already. Just want advice on the path we're going down and how to maximize the final years of our working life.
Any recommendations from those on the forum?
Cheers

 

Hi @RS Gumby , there is property chats very own @Alex Straker who I would personally recommend.

I was with an advisor prior to Alex for 3 years. While on this site late last year I came across Alex. Another member recommended I talk to him as I was questioning my current advisor arrangement. After speaking to Alex on the phone only twice I was very impressed with his knowledge and his understanding of what I was looking at achieve.

Have been working with him for almost 10 months now and can say I am very happy with our journey so far.

would recommend you at least reach out to him and have a chat. He is Qld based and I am Sydney based but that hasn’t been an issue for me. We regularly communicate over phone and email.

 

Thanks Big A will do

 

Try an independant financial planner - such as Kyle at
Millennial Independent Advice

 

An independent FP is hard to identify with under the Corporations Act rules imposed by ASIC. They cant receive commissions etc. Many dont but may receive fees....That can be misleading. Many therefore will charge a fee for service or a fixed fee. They may still receive product fees however - And some of these can still be asset based and still be OK and not a commission. What ? Confused ? Yeah.

Then there are independently owned practices with no ties to product issuers etc. eg AIOFP members

How independent is any adviser who may be paid a fee to recommend something ? They may already be bound to serve the clients best interests and offer a choice. It may also be more expensive to use such an adviser and yet the advice may be no more independent that say a adviser who recommends a panel of products which all pay the same product fee eg life insurance. This is the typical mortgage broker style model. So will the independence save you money ?

 

Check out

The Profession of Independent Financial Advisers
The Profession of Independent Financial Advisers guides Australians on how to find Financial Advisers who practice without incentive, and without conflicts. It also educates and promotes the Gold Standard of Independence™ for Financial Advisers in Australia.
PIFA

 

Nothing like PIPA!

 

Kyle worth having a chat to

 

Hi Terry, I had a look at Kyle's website and it seems he's classified as an independent financial planner because he doesn't take commissions. Is that the main requirement to be considered independent?

Does anyone know if Alex Straker is also considered an independent financial planner?

 

There are other requirements too. The word 'lmdependant' is regulated under the corporation's law for financial advisors so they can't use the word without being truely independent. The licence holder must also not be affiliated with product providers in any way such as being related to a bank or insurance company.

I think Kyle is a reader of this forum don't know if he wants to comment or not

 

Search on PIFA to see if someone is a member or not. But keep in mind that not being a member doesn't necessarily mean they are not independent. They could be independent but not be a member

 

Thanks I'll check out that site. I'm looking for someone who can guide me to sell property and invest the proceeds into something that can provide a better return.

 

Why do you want to sell property?

 

#1 did you end up finding a Financial planner?

 

I'd rather not but I want to get a better return.

 

Not yet, been busy with other things but I'll look into it soon.

 

Only deal with a financial planner if they are independent impartial and unbiased. The corps act defines those words.

Don’t take alternate forms of those words - it is like somebody telling your there product is a genuine imitation.

if a person, and their associated entities, is independent impartial an unbiased they are an advisor. Otherwise you have a person selling product - apartments, home loans, bonds, managed funds, shares or property.

 

So if a FA/P has a Restriction due to license, does that mean they get commission in recommending products on top of a SOA fee?

" I am restricted by my licensee to recommend only products that have been researched and approved for use. "

 

No. Commissions were banned years ago