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RE: Financial advisors in Canberra

By Ryoma - 13 September 2014 16

Hi all.

I’m looking for a financial planner to help me with both superannuation and more general wealth creation. I appreciate that this question has been asked before, but previous posts were all done before the changes (now half rolled back, to my understanding) to the superannuation industry.

I have no desire to be swindled, and have studied finance, so I have a fair idea of what I want, (and it’s quite different from the standard set-and forget) but I don’t know what the rules around taxation and the like are – and hence the need for advice.

In light of the changes the superannuation industry is undergoing, I want to find a truly independent advisor here in Canberra – if such a person exists (feels like chasing a unicorn!). I am happy to pay well for such advice – but those who wish to flog me standard products offered by banks and insurance firms can go away.

If you know of, and better, have dealt with such “unicorns”, I would like to know if you have been happy with the service and results. Any experiences (positive and negative) would be much appreciated.

Thank you 🙂

What’s Your opinion?


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16 Responses to
RE: Financial advisors in Canberra
Vix 1:41 am 03 Oct 14

davo101 said :

dungfungus said :

Care to tell us all what the the “investment expenses” are?
These are not the same as “investment management costs”.

Don’t know what they are for Hostplus but here are AustralianSuper’s. So that’s $78 + 0.21% pa. (or 0.6% if you want some active management). I don’t know if that’s cheap but I know that it’s cheaper than a SMSF.

Actually it’s almost impossible to compare SMSF to anything because of the huge variety between funds…

Vix 1:34 am 03 Oct 14

“feels like chasing a unicorn”… I know this great financial planner – he is a bit on the short side, wears green and talks with a lilt… let me know if you want his details!

dungfungus 1:19 pm 02 Oct 14

Ryoma said :

@dungfungus – thank you for your first suggestion. I have looked into it, but it’s not worth my while – yet.
I’d also suggest you are careful with what you say on a public website; there may be many here who are ill-suited to such a thing.

@milkman – thank you. I am already doing much of what you suggest. What I am after is advice beyond the “plain vanilla” stuff 🙂

@justsomeaussie – thank you for a real answer, much appreciated. I am glad to hear you found someone helpful. I will call Cameron, and see what I think 🙂

@switch – spot on. I think what hit the Gold Coast over the past decade is now happening on a national scale. Even if the white shoes are not in evidence, the trail of slime is…and sadly, many decent, hard-working people will get hurt as a result.

What I say on a public website is up to the moderators. They don’t post everything and I can’t really see what you are on about – you asked for free advice and you got it – how you use it is up to you.
Many years ago I was a Licensed Investment Adviser and a Justice of The Peace concurrently.
The ethics of being part the investment industry meant I wasn’t comfortable with being a JP so I relinquished my investment adviser license.
The ongoing reports of the antics of wealth advisers who were (some still are) working for major banks tells me nothing has changed.

Ryoma 11:38 am 02 Oct 14

@dungfungus – thank you for your first suggestion. I have looked into it, but it’s not worth my while – yet.
I’d also suggest you are careful with what you say on a public website; there may be many here who are ill-suited to such a thing.

@milkman – thank you. I am already doing much of what you suggest. What I am after is advice beyond the “plain vanilla” stuff 🙂

@justsomeaussie – thank you for a real answer, much appreciated. I am glad to hear you found someone helpful. I will call Cameron, and see what I think 🙂

@switch – spot on. I think what hit the Gold Coast over the past decade is now happening on a national scale. Even if the white shoes are not in evidence, the trail of slime is…and sadly, many decent, hard-working people will get hurt as a result.

dungfungus 2:42 pm 15 Sep 14

switch said :

dungfungus said :

With all the adverse publicity about shonky “wealth” advisers, who would want to take the risk in vesting your retirement fund in the care of anyone except oneself?

Why do “shonky advisers” and “living on the Gold Coast” go together so often?

So they can enjoy the the next scam being the economic benefits of the new Gold Coast light rail.

dungfungus 12:42 pm 15 Sep 14

davo101 said :

dungfungus said :

Care to tell us all what the the “investment expenses” are?
These are not the same as “investment management costs”.

Don’t know what they are for Hostplus but here are AustralianSuper’s. So that’s $78 + 0.21% pa. (or 0.6% if you want some active management). I don’t know if that’s cheap but I know that it’s cheaper than a SMSF.

What about the “other”fees being charged by funds?
Contribution fees, asset fees, trustee fees, administration fees, expense recovery fees, trustee operation cost fees, adviser service fees, management fees, issuer fees, member fees etc.
There are one-off fees for particular services such as establishing an account, making withdrawals, or splitting super with your spouse, and investment fees paid to the underlying fund managers who look after your savings.
None of these with a SMSF.
The Industry Super Fund $1.50 per week admin fee was introduced in 2011 for a fixed term of 3 years.
That means it is up for review this year.

switch 11:41 am 15 Sep 14

dungfungus said :

With all the adverse publicity about shonky “wealth” advisers, who would want to take the risk in vesting your retirement fund in the care of anyone except oneself?

Why do “shonky advisers” and “living on the Gold Coast” go together so often?

dungfungus 11:11 am 15 Sep 14

davo101 said :

dungfungus said :

Care to tell us all what the the “investment expenses” are?
These are not the same as “investment management costs”.

Don’t know what they are for Hostplus but here are AustralianSuper’s. So that’s $78 + 0.21% pa. (or 0.6% if you want some active management). I don’t know if that’s cheap but I know that it’s cheaper than a SMSF.

Fair comment on the SMSF costs but they are averages.
A lot of SMSF trustees leave all the accounting to their accountant and some actually pay for investment advice (which is contrary to the point of having an SMSF). These people would be paying thousands of dollars and this tends to skew the outcome higher when averages are taken.
I do the “cashbook” side of things in my SMSF and the accountant does the actual return which only takes a minimum time = minimum cost. There are additional (fixed) fees for ATO admin and an independent auditor which total about $1,000pa.
Annual costs for a SMSF like mine are about .1% to .5%.
With all the adverse publicity about shonky “wealth” advisers, who would want to take the risk in vesting your retirement fund in the care of anyone except oneself?

davo101 9:22 am 15 Sep 14

dungfungus said :

Care to tell us all what the the “investment expenses” are?
These are not the same as “investment management costs”.

Don’t know what they are for Hostplus but here are AustralianSuper’s. So that’s $78 + 0.21% pa. (or 0.6% if you want some active management). I don’t know if that’s cheap but I know that it’s cheaper than a SMSF.

dungfungus 8:55 am 15 Sep 14

2604 said :

dungfungus said :

Low cost industry fund? There is no such thing.

The Hostplus indexed balanced super fund is one.

$1.50 per week admin fee and 0.05% asset management fee. $78 plus $500 per million dollars invested per annum is an absolute bargain.

From Hostplus website:
“As an industry super fund, HOSTPLUS administration fees are a competitive $1.50 a week. Better still, this fee has remained unchanged since 2004. Like all super funds, investment expenses do apply. But we do strive to ensure our investment management costs are competitive.”

Care to tell us all what the the “investment expenses” are?
These are not the same as “investment management costs”.

2604 11:34 pm 14 Sep 14

dungfungus said :

Low cost industry fund? There is no such thing.

The Hostplus indexed balanced super fund is one.

$1.50 per week admin fee and 0.05% asset management fee. $78 plus $500 per million dollars invested per annum is an absolute bargain.

justsomeaussie 7:11 pm 14 Sep 14

I can recommend Cameron Darrow at Fiducian Financial Services. He’s been great providing lots of advice to my wife and I on our super and planning for the future.

dungfungus 6:18 pm 14 Sep 14

milkman said :

Step 1: Practise spending less than your earn.

Step 2: Consolidate your super funds into a low cost industry fund, and select the level of aggression based on your age and risk tolerance.

Step 3: Pay as much extra off your home loan as possible.

Step 4: Once you own your home, think about opening an index fund account, or maybe buying another property (leave this for later after you’ve read and learnt much more).

Step 5: Review Step 1.

Read some investment web sites and forums, there’s heaps of great information out there for free.

Low cost industry fund? There is no such thing.

milkman 4:33 pm 14 Sep 14

Step 1: Practise spending less than your earn.

Step 2: Consolidate your super funds into a low cost industry fund, and select the level of aggression based on your age and risk tolerance.

Step 3: Pay as much extra off your home loan as possible.

Step 4: Once you own your home, think about opening an index fund account, or maybe buying another property (leave this for later after you’ve read and learnt much more).

Step 5: Review Step 1.

Read some investment web sites and forums, there’s heaps of great information out there for free.

dungfungus 10:11 am 14 Sep 14

If you haven’t done so already, start a SMSF and back your own judgement.
All the information that you need to know is on the net.

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