Recommendation for Independent financial advisor !!

Hi Ross
For the record Price has consistently provided financial advice that is impartial and unbiased and have done so for more than 30 years. We have never taken commission from any source in the provision of financial advice. Our service is fee based and further we do not accept commissions from property developers.
In relation to Life Insurance, we allow our clients to choose either a commission based option and/or a fee option. There is a strong reason why we allow this as many of our younger clients cannot afford the fees involved. Sadly if ASIC and the Federal Government got their act together and allowed us to market life insurance on a similar basis to general insurance, then the costs would decrease significantly.
If Life Insurance was carved out of the independance declaration, then we would comply easily.
William@PFI

 

So why flog off life insurance and income insurances at all.. everyone knows about protecting yourself so when people ask for financial advice they want pathways as to how to grow and make money.... just went to our third advisor and all he said was save more money and buy these insurances. Serious waste if time

 

Ross with all due respect, you obviously don't understand FOFA (Future of Financial Advice) which banned commission on Investment products in 2013. There is no such thing as an independent adviser as all advisers have their own bias on what is a good investment.
Their advice is just as biased as any other adviser and what you are looking for is structured advice on how to select an investment that meets your needs on risk v reward, and you are free to choose your own investments. What you need to know is the pros and cons of each stock that you wish to invest.
We offer our clients "Client Directed Portfolio's) and we encourage them to initially research their own choices and then we provide a professional assessment.
We offer the same service with property, where our clients choose their own property and we assess that they are NOT paying too much.
The only difference between our practice and a so called independent financial adviser is we allow our clients to purchase life insurance and income protection on a commission basis. Because we offer this service we cannot call ourselves as being independent.
We do NOT take commission from Property Developers, any investments that we recommend and our investment services are strictly "Fee for Service"
We have been in practice for 40 years and we look after our clients like they are family.
William Mills Price Financial Intelligence

 

"everyone knows about protecting yourself" - couldn't be further from the truth on this one!! Plenty of evidence out there, how many people get sick, suffer an accident etc. and end up with an income of $23k pa (Centrelink Disability Pension) for the rest of their life. Or on gofundme trying to raise $50k for medical treatments etc.

People don't want to think about this stuff, as it is depressing. Financial Advisers must consider it as part of their duty of care, when formulating a financial plan.

Having said that, any decent financial adviser will be happy to 'scope out' insurance advice if you explain why you don't want it in the plan! In terms of the advisers you've met with, sounds like they didn't offer what you're looking for.

 

Hi BillyN
The real issue is the cost of providing the advice as compliance is very expensive and you are better off if you just ask for what you need and decline the more complex advice compliance. As a client you have a right to scope any advice and you are free to limited any advice received.
If you asked me to secure Income Protection Insurance with TAL for example and to assist you with the paperwork, then we could do that at a much cheaper fee than providing comparisons across multiple insurers including a review of the terms & conditions of each policy and a graph of future premiums across a wide range of offers.
Providing full advice is very costly under the existing requirements and this cost is generally beyond the reach of most clients. We should be able to provide quotes on the companies that we believe will suit your needs without the need to spend hours on costly comparisons between policies.
The moment we offer advice is the moment that we are forced to meet compliance and that is where the cost is.
William@PFI