Recommendations for a financial planner in Sydney

From what I’ve seen, you may as well own an index fund. The fees they charge don’t make any sense for what they do, it’s just a waste of money.

In addition, their investment reports are long and tedious. I struggle to read them. I can’t imagine how a lay person would comprehend them.

 

Got ya. Horses for courses.

 

I'd recommend speaking to two or three advisers. The key thing to look for when initially talking to them and then also once engaging in initial meetings, is listening out to hear no or little discussion product at this early stage... whether that be managed funds, specific listed share companies or even specific properties or property developments. Yes there's a time where product needs to be introduced, but it's not until down the track. At these initial stages, it should all be about understanding your situation & objectives, determining your tolerance to risk & answering any of your questions. In these answers asset classes can be discussed ie. Australian Shares, International Shares, Property, Fixed Internet & Cash for example... but if they are introducing or selling you products at these early discussions then see this as a massive red flag

I'd make sure you include speaking to Justin Hyland @ Hyland Financial Planning in search;

Hyland Financial Planning

 

Your first and only post and you are recommending someone. Is your name Justin?

 

I appreciate it could look that way but that's not the case & if one wants to still think that then it's ok because the main reason for my post was to share the first part of my response not so much recommend Justin.

For what it's worth my name is Scott Millson & I'm a Certified Financial Adviser based in Melbourne.

 

Is Jason an independent financial planner and does he provide fee for service or commission based?

 

That easily something Justin could explain to you before you even talked about how he may be able to help.

I do know that he had a fee for service pricing structure. And probably more importantly has operated like this for years now. Why I say that's important is that the entire industry is now being forced to take up that model. It's a important step towards moving into becoming a profession but it's not a badge of honour anymore or something that can help public distinguish one adviser over another as all are be operating like that now.

In regards to being independent that's a really tricky one... because to meet the definition of being independent from a legislative angle is extremely hard. It's something that probably isn't known amongst the general community how hard this is. There are several practices going around saying they're independent, when they're not by law... and there should really be a crackdown on this to ensure its enforced correctly, otherwise what's the point in the law.

A better question to ask an advisor would be;
Given my situation & how you see yourself providing advise to improve my financial well-being... are there any conflict of interest that you see, that should be raised and discussed with me?

I'm not sure this really helps answer your question... but that's because I can't answer it on behalf of Justin. He's the only person who can do that. But I'd say if he isn't, then that's because 98% of advisers in the industry can't say they are, arising out of the definition that's legislated being very hard to meet.

 

For those who are interested it is a recent article which explains this a bit more...

Less than 1pc of advisers to escape independence disclosure rule | Professional Planner

 

If you are still looking I highly recommend James Gerard from Financial Advisor Sydney Financial Advisor & Financial Planner - James Gerrard

Based in Sydney CBD. Worth a chat.

 

Has anybody spoken with and engaged Kyle recently? I had a good conversation with him and agreed to engage him. Sent several emails and made several phone calls but no response...

 

i emailed him about a month ago and no response either. Hope he is ok

 

Yes same. I was ready to engage him then literally next day radio silence.