Independent financial adviser ?

Discussion in 'Investment Strategy' started by doublebrick, 28th Apr, 2020.

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  1. doublebrick

    doublebrick Well-Known Member

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    Hi all, I’m looking to get strategic financial advice from an fee for service independent adviser who knows property but also not necessarily “pro” property and is wholistic about life planning. I’ve just sold an IP (yes bad timing) to reduce leverage and put more funds in home offset, and wanted someone to objectively assess if it’s better to buy a less expensive IP eg 1 bed (and potential downsize retirement pad after selling PP 10-15 years down the track), OR avoid Sydney and buy in Brisbane for something cheaper and avoid exceeding my land tax threshold, OR skip property altogether and not worry about low rents, low buffers and tenant hardship and put money in more liquid but volatile ETFs and then accumulate for 5-10 yrs then sell to pay PP and IP mortgage without the property transaction costs. In hindsight I should have consulted an adviser before I sold to coolly assess all the options instead of veering from one thought to another.

    I like Stuart Weymes of ProSolutions and I listen to his podcast but he’s based in Melbourne, and Michael Yardney’s Metropole (but he sounds more pro property to give me all financial options). There’s also a financial adviser/mortgage broker who I’ve spoken to (I also listen to his podcast) but his business is based on commission off mortgages so he basically said no thanks unless I bring my loan to him. I know there’s valuable advice here but sometimes you need personal advice to get you on track and someone to ring up and run through decisions.

    Appreciate any thoughts.
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Hey and welcome :)

    There is a definitely gap in the market for this kind of situation - it's really hard to find people to help with property who aren't actually trying to sell you a property in some way...

    Which is exactly why we started our coaching program.

    You'll find a lot of this comes down to being really clear on your end goal, and we take you through a process that goes through a whole strategic goal setting and planning process to determine the best course of action in regard to individual property....or not, as the case may be.

    It might be a good fit - we have zero vested interest in whether you buy a property or not, because we run it completely separately to our mortgage business, and the process allows for other wealth creation aspects as well, so property doesn't have to be a part in it at all, if it's not a good fit for you.

    Important to note this is a coaching program for DIY investors, not 'advice' - we help you get clear on your own situation and solution so you can avoid chasing after all the shiny objects! ;)

    Happy to have a chat about it if you think it would fit the bill.
     
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Property is not considered a financial product so this won't involve financial advice and won't necessarily need to be done by a licensed planner but this is what financial planners do basically so a planner might be worth consider. I would recommend Kyle at Millennial Independent Advice
    he is into property but is fully licensed and trained as a planner too as well as licensed for giving tax advice.

    Edit - I note you mention EFTs - advising on whether to invest in these is financial advice so you would need a planner for that.
     
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  4. FrivolousPanda

    FrivolousPanda Well-Known Member

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    Hi doublebrick, there's a couple of Financial Planners mentioned in this thread Financial Planner if you missed it.

    I have not used any of the FP's mentioned.
     
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  5. doublebrick

    doublebrick Well-Known Member

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    Wondering if an adviser charging $7k-$15k for initial advice (review investments, develop long term strategy, financial models, asset protection and wills, review super etc) plus $500-$1k monthly retainer is reasonable in your opinion? Of course good advice doesn’t come cheap. May sound a lot but then again, my selling agent just earned $20k for a few phone calls and opens in a couple of weeks. Makes me think there is nothing like self education at the end of the day but having that independent person does have its value to help steer the course and avoid making bad decisions. It’s like paying for a personal trainer vs having motivation to do exercise yourself.
     
  6. Never giveup

    Never giveup Well-Known Member

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    For me.- Nooooooooo
     
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  7. willair

    willair Well-Known Member Premium Member

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    ..Village Idiot...
    Maybe just ask one question,outside giving paid advice what part of the income factor ''AFTER-Tax'' comes from investments as one only needs to say no once..
     
  8. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    I'd pick and choose what I actually need out of that. The return would have to be huge OR have a huge amount to invest with normal return to make it worthwhile.
    $6-12k ongoing is a lot unless you have a very large asset base.
    $6k might be worthwhile for the initial review, just depends what you actually need - high risk occupation, for eg? Complex family structure?
     
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  9. doublebrick

    doublebrick Well-Known Member

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    Yeah I’m not thinking of engaging further despite the extraordinary value I’m going to get (sarcasm), also they’re boutique so they need to sift through the right clients so they’ve politely communicated they’re choosing me as a client as well to have the perfect fit in values in addition to these fees. Fair enough and I understand fee for service advisers can’t be cheap, but it could’ve been before I’ve spilled my whole financial situation plus half my life story to them and all the options I want to have assessed (okay that’s on me, I tend to over share when I’m on a roll).
     
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  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    The danger with most DIY self wills and personal risk insurance work, is that that we dont know what we dont know.

    Yes, one can extract their own tooth or move their own Grand Piano...................

    ta
    rolf
     
  11. doublebrick

    doublebrick Well-Known Member

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    Not complex at all, no structure or multiple ownerships etc, just IPs plus PPOR really. The value I see is to have someone with a cool head to float financial decisions by, but it was actually helpful for me during that vetting process to write down all my thought process and financials. I just need to hunker down and do the analysis myself and not outsource it to someone and hope for the best.
     
  12. doublebrick

    doublebrick Well-Known Member

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    Yes of course, I’m not saying to scrimp on expert judgement at all.
     
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    You don't even need a financial planner for that.
     
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  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    I know but what I am saying is many peops treat their most valuable asset with contempt.

    ta

    rolf
     
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