20 April 2010

Financial Planner in Canberra

| ps0104
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Hi all,

I am looking for a financial planner in Canberra. I dont have mountains of assets and tens/hundreds of thousands of dollars to invest. I simply want some basic advice on financial strategies and how to best use the savings which I have to begin accumulating wealth. As such, I dont want someone who is going to charge me thousands of dollars for a detailed investment plan when this is not really what I am seeking.

Does anyone have any advice or recommendations?

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Beware of Retail Super Funds and their Commissions.

What Georges & 54-11 said was very true – using someone like AGEST is a good idea and Civic will only give you advice on what they receive a commission from. But if you need advice AGEST for example have a seperate company that provides it (at a pre-quoted cost), which means you know how much you’re going to pay before you pay it, unlike retail.

Go easy on not wanting to see an “Investment Plan” (though thousands of dollars cost is a good thing to avoid on a small sum).

They’re going to need to ask a heap of questions – it’s their responsibility to get to know you as their client BEFORE they give you any advice, other than very generic stuff.

Seek out fee-for-service as well, instead of someone who will take a trailing commission.

Mark Edlund at Clarity. 6209 1990
Comes from a loan background but has now branched out into fin advice too. Good, solid, honest advice. Nice guy too.

Go with an industry fund, for example AGEST.

Don’t go anywhere near Civic Finacial Planning – every bit of advice they give is geared toward maximising their commissions and secret kickbacks, and never with the client in mind.

Indeed, far too many of these so-called “advisors” are not working in the best interests of their client at all. All they are doing is steering people toward those investments that pay the advisor the most. The whole industry is composed of liars, rogues, charlatans, cheats and thieves.

colourful sydney racing identity said :

My recommendation is to ignore any repsonses to your query from anyone who is listed as a ‘newbie’. They are highly likely to have a vested interest in the info they provide.

On the other hand they could be just long term members who dont feel the need to add useless comments to the discussion at hand. For the time being ‘newbie’ just means you havent commented much previously.

Spend less. Save more. Kthxbai.

johnny_the_knife3:14 pm 20 Apr 10

+3 for Malcolm

I’m currently sorting through this mountain of numbers too.
I’ve been using Alex at Capital Reliance. He was recommended by my accountant.
He gives advice, but lets me make my own decisions, whether he agrees or not.
As long as they are up with all the latest legislation, loopholes & schemes they should be o.k ( he is)

I’m +1 for Wybrow and Associates.

Clown Killer2:43 pm 20 Apr 10

In addition to the above sound advice, stay clear of anyone who trys to sell you investment products – they’re really just sales people rather than financial planners and they generally will have more interest in floging you some sort of managed fund or unit trust then they will in helping sort out your finances.

Mrs wishuwell manages to turn one dollar into two without too much trouble simply by being patient and letting the money come to you. Don’t rush and remember during goldrushes the people who prospered we’re not the diggers but those who sold the shovels.

troll-sniffer2:17 pm 20 Apr 10

I have yet to find a single friend or relative who has done better from the advice of a Financial Planner than they could reasonably have been expected to work out for themselves, with reasonable grasp of maths and a modicum of advice, but I digress.

If you are in the public sector there’s a mob called State Super up on Northbourne Ave who will offer robust unbiased and commission-free advice.

Whoever you choose and whatever path you take, be wary of any offers of higher than normal returns, and of any scheme that commits more than 25% of your investment portfolio to a single purpose, other than bona fide affordable real estate that is.

Malcolm Wybrow from Wybrow & Associates is one of the most honest advisers in town and will do a good job with helping you plan your finances. His motto about his clients is “They came, they saw, they prospered”

You can get him on 61624100.

My advice is talk to a few and let your instinct decide which one will serve you the best.

**And No, I don’t have any links or ties to Malcolm Wybrow.**

colourful sydney racing identity1:44 pm 20 Apr 10

My recommendation is to ignore any repsonses to your query from anyone who is listed as a ‘newbie’. They are highly likely to have a vested interest in the info they provide.

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