Recommendation for Independent financial advisor !!

Hi Folks

Any recommendations for an independent financial advisor?

I am looking for someone who can provide advise on wealth creation using multiple asset types i.e. commercial property, residential property and shares and recommend setup optimal holding structure for different asset types to minimize tax / maximize profit / asset protection.

Looking for someone who is truly independent and not into selling specific investment instruments for commission. I have heard few episodes of investopoly podcast by Stuart Wemyss . He sounds impressive.

Anyone got experience dealing with him? I am based in Sydney and open to hearing other recommendations as well.

Thanks in advance.

 

Kyle
www.miadvice.com.au

 

Also you have a directory listing independant advisors here
Directory - PIFA

 

Just a pointer that you probably don't need your advisor to be in the same city as you are. Similar to many other professional services like tax accounting and mortgage brokers, they can help you remotely. There can even be an advantage from time zone differences. (This took my slow brain quite a while to realise)

I have spoken to Simon Duigan (www.coreifa.com.au, [email protected]) in Tasmania. I was quite happy with the time and thought he put into the introductory exploratory discussion. I am yet to work with him as we agreed to delay for 6 months.

Also just because they are independent doesn't not mean they are automatically good to work with. I have experience with an independent advisor who I wasn't thrilled about the outcome.

 

We provide financial advice, can we call it "Independent financial advice" What does this actually mean?
As a financial adviser our role is to listen to you and understand your needs and then assist you to achieve these needs.
Everyone's needs are different, some prefer property, some prefer shares, others want more security.
I have an interesting case at the moment, an elderly client has $1.6 million available to invest and yet $200,000 is carrying the heavy lifting of his portfolio and the rest is earning peanuts. He has over $1 million invested in a Commonwealth Bank Term Deposit and I have suggested that he buy $1 million in CBA shares. The risk is relatively the same however the return is significantly different. He does not believe that the CBA will go broke, yet he is reluctant to buy their shares.
There is a real issue for investors in understanding risk and our role is to explain this concept in terms that our clients understand and more importantly not to worry about market corrections.
When you buy are share in Commonwealth Bank, it is different from buying a share in a smaller company as the risk is different. Commonwealth Bank is unlikely to go broke, whereas the smaller company has a much higher risk and it may reward the investor with a higher profit.
This is the value of advice.

 

+1 for Simon.

 

Hi Chris
We are both accountants and financial advisers and we can help you to achieve what you are seeking. We offer our clients the option of "Client directed portfolio's" and what this means is you make the choice on the actual investments and we provide the research, structure and strategy.
We can do what you cannot do and that is access to IPO's and wholesale opportunities.
William Mills

 

Interesting response. When you say wholesale opportunities- do you mean private equity funds or vanguard wholesale types of account ? Can you not access IPO using brokers like CommSec?

 

At PFI we have access to professional investment opportunities including new IPO's shortfall opportunities where we bid for stock and receive preferences over retail investors. There are institutional offers made to us on a regular basis from major brokerages across Australia.

 

I'd like to point out, that after going through 2 family members' financial plan from financial advisers, I'd vastly prefer fee-for-service with no commissions financial advisers

 

Yes, very true. My experience is that financial planners will try to lean towards SMSF in order to get get commissions from you getting external in-super insurances.

 

That's not my experience

 

Hi Chris21

At Price we run both an accounting practice together with financial advice practice and most importantly we provide advice on all asset classes including Commercial & Residential Property, setting up an SMSF to hold these assets and much more.
We have the option available to allow clients to select their own investments and we provide the structure together with research on the investments.
We DO NOT receive commission or fees from any investments as this is a conflict of interest.
We have not recommended Unlisted Managed Funds since the early 1990's as they hold liquidity risks in negative markets. We DO USE ASX listed securities and they are fee of commission and fees.
You will note from our posts on Property Chat that we provide advice on suitable investments based on the potential returns provided by that investment.
We can provide you with the support you will need to grow your wealth through these difficult times.
William




.

 

This stands out for me. Can't agree more.

 

This is not accurate.

Most planners will favour retail insurance policies for clients, rather than in-built industry super fund policies. This is for good reason. Retail policies are generally superior, and often cheaper.

Retail policies are medically underwritten at the time of application and Guaranteed Renewable (i.e. the super fund can't just cancel your policy or change the terms & sums insured whenever they like. Retail policy will renew every year with the same terms).

Retail policies are not just purchased via SMSFs, they can be funded personally (outside super), or can be super-owned, and paid using any super fund (including industry funds).

 

Hi Structurelover
Firstly at Price, we have not taken commissions from the late 1980's as we could see then that they were a conflict of interest. We also ceased distributing Unlisted Managed Funds as the 1987 Crash showed us that they held a massive liquidity risk.
We don't take commission from developers either and where a client chooses a developer we ask the developer to discount the property for exactly the same reason, its a conflict of interest.
We were fee for service long before the government made it mandatory.
We offer all new clients, the first hour is free and there is no obligation to sign up for our services. Good services actually sell themselves. Most of our new clients come by way of a referral as we have a strong reputation of looking after our clients in a prompt professional manner.

William@PFI

 

The easiest way to find out if your investment advisor is to ask them. If they are independent, impartial and unbiased they will say that they are in writing "The advice given by me is independent, impartial and unbiased". Otherwise you will get a big long discussion which essentially means they are not indepedent, not impartial and not unbiased.

Sadly there is a lot of commission-like remuneration structures like fees as a percentage of funds invested. And there is nothing wrong if you have a conflicted financial planner - just take it into account when you listen to them.

I know a lot of conflicted advisors who still provide great advice despite their conflict. My parents deal with an independent investment advisor.

The following list of Sydney independent advisors is published by superguide. List of Australian independent financial advisers