Skip to content Skip to main navigation

Any recommendations of financial planners in Canberra?

Charchar 5 March 2009 42

Hi there,

I’m a little late with my new years resolution to get my financial affairs in order but I’m determined that this will be the year.

I’m finally earning a decent income and would like some professional advice on how much I should be saving and whether I should pay extra off my HECS debt?


What's Your Opinion?


Please login to post your comments, or connect with
42 Responses to Any recommendations of financial planners in Canberra?
Filter
Order
Georges Georges 8:45 pm 21 Mar 09

Anarchist is quite accurate and correct with this advice, I should know, been there and done that and probably quite a lot of time as well. Time? Time that will take to get back what has been risked and lost – my risk, my problem and someone else has been well rewarded for a very ordinary ‘professional’ service. Thank goodness I’m outa that clutz outfit.

Skidbladnir Skidbladnir 3:47 pm 11 Mar 09

Luckily, I didn’t pay a cent for bad advice, just be wary that you’re not being recommended something that makes no logical sense.

vg vg 9:38 pm 10 Mar 09

Only there the last 2 years but had been amongst the aforementioned names for years. Had 1 of each name in my year

farnarkler farnarkler 8:58 pm 10 Mar 09

Bloody hell there were six in year ten of 82 (I am assuming you were at Dara year ten in 1982) who had brothers in the class of 87. I thought Steve Barnett was at Dara too and I’m sure you had at least five Cossetto’s and six Pococks there at any one time.

vg vg 6:08 pm 10 Mar 09

My bro was class of 87

vg vg 6:08 pm 10 Mar 09

I was class of 84

farnarkler farnarkler 5:39 pm 10 Mar 09

I was Dara class of 87 but left at the end of 86. Haven’t seen Scott for a few years but I catch up with a few of his class of 88 friends every now and then.

vg vg 5:17 pm 10 Mar 09

Scott is Dara of 88 (family) and Steve was a couple of years ahead of me at school

farnarkler farnarkler 5:04 pm 10 Mar 09

Steve Barnett is ex ComSuper. Simon (or is it Scott, I never remember) Lilley was class of 88 at Dara so I’ve had dealings with both.

vg vg 4:51 pm 10 Mar 09

farnarkler said :

Try Barnett, Lilley & Associates out in Hall.

x 2

Have been with them for years. They don’t propose any way out of the current mire but give you good and honest advice about what is going on. They are also one of the only investment advisory providers I’ve seen that are honest enough tosay they have no real idea of what is going on because of the market’s irrationality

Skidbladnir Skidbladnir 4:48 pm 10 Mar 09

I would avoid Finanial Integrity for share advice.

I rememeber being told by one of their staff that roughly September 2008 would be a perfect time to invest in Rio Tinto (on margin!) or buy my own home, because both were about to take off in a big way.

farnarkler farnarkler 4:28 pm 10 Mar 09

Try Barnett, Lilley & Associates out in Hall.

2604 2604 10:58 pm 06 Mar 09

boomacat said :

PS – the thing about HECS is, where else are you going to get an essentially interest free loan? Given that HECS is simply bundled into your tax, do you really miss the money you pay back every fortnight? I prefer to invest the extra money for a good return rather than pay back HECS (although the premium you get for paying lump sums is, I admit, attractive).

Forget about the interest-free thing!

The point is that, in paying HECS back fortnightly, you are paying 10% more than you have to. Saving 10% is the same as earning 10% in investments! (Except that to earn 10% after tax, you would need an investment return more like 15-16%).

No current investment exists that gives you a guaranteed 10% return on your money like repaying HECS does.

imhotep imhotep 10:56 pm 05 Mar 09

123qwe said :

I will be chipping in 20 of the 40 million I won in Nigeria…

You won too? Wow, what are the odds?

.

123qwe 123qwe 10:51 pm 05 Mar 09

I have a mate who has free-range ostriches running around on his olive grove. He says he could turn a 500% profit in three years.

I will be chipping in 20 of the 40 million I won in Nigeria tonight on the ostiches. The rest into the olives. See you in corporate boxes Charchar…….

Pickle Pickle 10:13 pm 05 Mar 09

I agree

“A friend of mine has a theory, if a financial planner knows what he’s talking about, he wouldn’t be working for a living.”

maybe I am the friend…

The other scam to look at is the Super co contribution.
If I remember correctly it is a case of put in $1000 and the gov kicks in $1500.
read about it here and not at some thieving financial planners website:
http://www.ato.gov.au/individuals/content.asp?doc=/Content/42616.htm

But super funds are a shite investment right now unless they have a cash option.

And remember if the returns are too good to be true, its a “Storm” or “Madoff” or “a pair of loud speakers in the back of a white van” but that’s another story …

boomacat boomacat 8:45 pm 05 Mar 09

PS – the thing about HECS is, where else are you going to get an essentially interest free loan? Given that HECS is simply bundled into your tax, do you really miss the money you pay back every fortnight? I prefer to invest the extra money for a good return rather than pay back HECS (although the premium you get for paying lump sums is, I admit, attractive).

PS – I worked in financial services in a legal capacity, aint a planner and am not technically skilled at all and am just giving my own know it all riot acter opinion, so you know feel free to ignore me.

boomacat boomacat 8:42 pm 05 Mar 09

I worked in the financial services industry for many years. My opinion is that most financial planners are totally CRAP and are only interested in flogging you whatever shite product they will get the most commission off.

However, there are a few exceptional candidates around. A great financial planner will help you do better than you could on your own, despite the number of books you purchase.

Try ipac financial planning http://www.ipac.com.au, I’m pretty sure they’re associated with planners in the ACT. There was an ASIC/Choice shadow shopper survey a few years back, and they came up trumps (whereas most mobs, including a few accounting aligned firms, did woefully).

2604 2604 6:30 pm 05 Mar 09

toriness said :

if you pay off bulk amounts (more than $500 in one go?) of your HECs you get a substantial discount – 10%. i am not an accountant but this is surely a better ‘rate of return’ on most other investments?

Quite correct. For every $1000 you repay, the government scrubs off $1100 of your HECS debt. I’m also no accountant, but that looks to me like a 10% return on your money.

Why would you bother with an online savings account paying 5% (taxable) interest at best when you’ve got a guaranteed, tax-free 10% staring you in the face?

toriness toriness 4:54 pm 05 Mar 09

if you pay off bulk amounts (more than $500 in one go?) of your HECs you get a substantial discount – 10%. i am not an accountant but this is surely a better ‘rate of return’ on most other investments?

CBR Tweets

Sign up to our newsletter

Top
Copyright © 2020 Region Group Pty Ltd. All rights reserved.
the-riotact.com | riotact.com.cn | aboutregional.com.au | b2bmagazine.com.au | thisiscanberra.com

Search across the site