Independent financial advisors in Australia?
Question:
Answer:
Well, then I think you ought to go do that..
May I ask you for What reason? Spartan
Hi there,
Given the current legislative environment in the financial services industry in Australia, it is my belief that finding a completely independent financial planner is a difficult task.
The problem is that any person offerring financial services must be licenced or be an authorised representative of a licenced entity. Unfortunatley, the cost of being licenced is expensive and time consuming so is mostly reserved for large corporate bodies.
You probably won't find an 'independent' planner. You need to find a planner who will put your needs ahead of his own.
Heres a few tips on what to look for:
- Reccommendation from people you trust (E.g. close friends or family)
- A planner who is willing to work on a 'fee for service' basis rather than a commision basis. This ensures that any reccommendations are made based on your needs rather than the planners remuneration. But be wary, read the fine print and make sure the planner is not getting any 'side' benefits. You also need to remember that 'fee for service' pay structures are quite expensive - theres a good 20+ hours involved in preparing a financial plan.
- Look for a solid, established planner who has been operating in the same area for a long time.
Hope this helps.
Cheers,
Richard
More Related Questions & Answers...