invitation to see a Financial Planner free

My Bank just recently sent me a letter to see a Financial Planner or "Relationship Manager" is now what they call them.

I would like see a Relationship officer or whatever they call themselves however wouldnt they be more bias towards the Bank?

i would love to see someone who i can pay if its worth it to go over my financial affairs and tell me where to save tax, advice on borrowing ,advice on interest and tax etc,

last year i tried to speak to the accountant who was doing my taxation but she said i needed to make a appointment with her colleague as she was a tax accountant only,but i didnt bother.

anyone seen a Bank relationship manager before ?
obviously they will steer you to their Bank products ???

 

Are they flying you to the gold coast to look at OTP opportunities as well?

 

A 'Financial Planner' and a bank's 'Relationship Manager' are two different things, as is what you're asking for.

For tax advice, you usually need to see an accountant.
For loan advice, you need to see a mortgage broker or bank's lending manager.
For investment and insurance advice, you see a financial planner.

You're unlikely to get all of these in one package and any advice you get from someone at a bank is almost certainly going to give you very bias advice.
Thought brokers were bad? Try financial advisers

 

Banks are increasing selling or closing down their financial planning services due to conflict issues. Ditto their insurance arms . These conflicts can be through ownership and remuneration as well as KPIs. Some only sell their own products or have approved product lists that arent very independent eg CBA...Sell Commsec, Colonial and other products. Companies they own. Others have broad product capability but lack supervision and have done some aweful things with client funds.

There are also people who are member of the AIOFP...Independently owned financial planners. They aim to have no conflict through ownership etc
Our financial planning practice has that affiliation and offers a 1hr consult for free.

Peter summarises the issue well. Your needs may not be financial planning as much as you think.

 

Pay peanuts, get monkeys!
I love my wholistic financial planner, but wouldn't waste time with a bank employee.

 

Paul, Do you know what's the difference between the AIOFP and the IFAA? Both associations seem to have a very similar purpose.

 

The member skills and capabilities is more important than their memberships IMO.

The recent ASIC report was frightening about how the largest banks have basically ripped into their clients. And they havent reintroduced hanging. Shame.

ASIC found that in 75% of the advice files reviewed the advisers did not demonstrate compliance with the duty to act in the best interests of their clients

Download the full report here REP 562 Financial advice: Vertically integrated institutions and conflicts of interest | ASIC - Australian Securities and Investments Commission

- Advice was that 68% of products sold were inhouse to the adviser yet over 75% of their available products were external products.
- 65% of advice was non-compliant
- 75% of advice files reviewed were not compliant with best interest tests
- 10% of advice files were considered to have significant concerns