What makes a good financial planner?

So people are saying because they are still working it means there not good because why are they not retired?

Guess Rineheart, Packer, Gates, Zuckerberg.etc should close up shop then. Not everyone's dream is doing nothing, some people actually like working, it gives there life structure. I think even most of us on here would go bonkers if we retired now and would likely try our hand at something else.

 

Good financial planners do not need to advertise their services

 

To me, a good financial planner is someone who has already achieved a high level of financial success from investments and understands different investment vehicles quite well, different strategies and how they may be appropriate for different people according to their goals. All too often, I have seen FP, 'advisors' 'mentors' charging a huge fee to people for advice that is not personalised, sometimes borderline ridiculous and at best fairly neutral in content. There are simply too many 'mentorwannabes' out there. All they really want is to increase their own income.

 

I know a mid 40s planner with his own practice. Has his own financial services license so does his own thing. 2 staff, a practice manager and an accountant. The practice only has 50 or so clients in total. This bloke is also a chartered accountant and has a background in merchant banking. He lives and breathes business and markets so days are spent attending AGMs, meeting with management of existing / potential holdings, often over a long lunch.....playing golf, attending conferences (always makes it to Omaha for Berkshire for example). Keeps him out of the house and well connected, more than pays the bills and just deals with clients he wants to - all by referral from existing clients, most of whom are principals of small / medium CBD based white collar enterprises.

Always has time for a coffee or a beer with clients, the service runs beyond typical "financial planner" stuff and really approaches small family office type activities around intergenerational wealth, tax planning, private equity opportunities and all that stuff.

Yeah, he enjoys his "job" because it's his interest, and he reckons he will work to 70.

Just painting the picture that "financial advisor/planner" covers a huge range of people and business types... From a bank employed product flogger, to small private wealth advisory businesses like this one.

 

No..Read the question again and then re-read what people are saying.

 

Someone that is genuinely interested in improving your wealth without the conflict that comes from improving their own. I thought the guy I was using was fair dinkum until he wheeled in the property marketers.

 

Problem is there are people who have the best of intentions but no real, practical experience that can actually help you much. imo they need to have a proven track record.

 

Agreed, I guess I was just highlighting that without the right motivation any skill/capability may not be applied in favour of the client!