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Superannuation / Financial Advisors in Canberra?

By GrumpyMark - 2 February 2012 30

Hello Rioters

One of the things about being a grumpy old man is that the prospect of needing to access one’s superannuation draws closer by the day.

I know a lot of people here, like my wife, will have some form of public service superannuation however I’m sure many others are in the same boat as me – having a managed superannuation arrangement.

I’m not happy with the firm who are currently managing my superannuation and have decided to test the water and see what alternatives are available. (PS I have deliberately chosen to avoid naming the firm as I don’t believe there’s anything wrong with them in general, it’s just we haven’t really struck that harmonious chord)

So I’d be interested to hear any recommendations from people on good financial advisors in the Canberra region.

I haven’t actually been able to find any threads on this topic but if there have been recent posts and the topic has been done to death then happy for someone to point me to that thread.

What’s Your opinion?


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30 Responses to
Superannuation / Financial Advisors in Canberra?
bugalugs 7:23 pm 02 Feb 12

dungfungus said :

Bond funds cannot be accessed by an individual SMSF and without the “SM” bit I am not interested.

Why can’t a SMSF own bonds?

If you meant it wasn’t possible to get exposure

Vanguard for wholesale managed fund access or if you think you can do better yourself?

FIIG Securities – http://www.fiig.com.au/fixed-income/services/54/directbonds.html

dungfungus 6:19 pm 02 Feb 12

Innovation said :

dungfungus said :

Hey Grumpy Mark, please ignore what I suggested; I really don’t have a clue what I am talking about. Best you take the “advice” of NoImRight and see a professional which I am not.
P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

I don’t know about 40 years ago but isn’t there a law against giving unlicensed financial advice now?

Anyone can give financial advice but if you charge for it or receive a commission you must be appropriately licsensed. My opinions are crap anyway according to some contributors on this blog so is anyone concerned?

dungfungus 6:12 pm 02 Feb 12

bugalugs said :

dungfungus said :

P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

Well good luck with youre cash only strategy champ.

I don’t suppose you’ve thought about the possibility of Sovereign debt being devalued with a good dose of inflation?

Or, I wonder if it is really smart when you could be investing in AAA govt. bond funds instead of AA or A reputable banks?

I think about the possibilities you mention all the time. Others should note what you said because the media rarely mentions these scenarios.Term deposits in other currencies are available albeit with a reduced interest rate. Bond funds cannot be accessed by an individual SMSF and without the “SM” bit I am not interested. Our Prime Minister was saying again today how good things are with our economy and financial deposits are Govt. guranteed aggregate of $250K. I see little chance of inflation while there is global overproduction and rising unemployment.

Innovation 5:19 pm 02 Feb 12

dungfungus said :

Hey Grumpy Mark, please ignore what I suggested; I really don’t have a clue what I am talking about. Best you take the “advice” of NoImRight and see a professional which I am not.
P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

I don’t know about 40 years ago but isn’t there a law against giving unlicensed financial advice now?

bugalugs 4:53 pm 02 Feb 12

dungfungus said :

P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

Well good luck with youre cash only strategy champ.

I don’t suppose you’ve thought about the possibility of Sovereign debt being devalued with a good dose of inflation?

Or, I wonder if it is really smart when you could be investing in AAA govt. bond funds instead of AA or A reputable banks?

EvanJames 4:12 pm 02 Feb 12

dungfungus said :

Hey Grumpy Mark, please ignore what I suggested; I really don’t have a clue what I am talking about. Best you take the “advice” of NoImRight and see a professional which I am not.
P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

Don’t worry, DF, I bet that many here read your initial post and gathered quite clearly that you had expertise and knowledge.

NoImRight 3:59 pm 02 Feb 12

dungfungus said :

Hey Grumpy Mark, please ignore what I suggested; I really don’t have a clue what I am talking about. Best you take the “advice” of NoImRight and see a professional which I am not.
P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

Given you think its appropriate to tell someone exactly what they should do based on the limited information theyve provided in one post on an internet forum I certainly agree with your assessment of your current level of knowledge. Hopefully when you were a Licensed Investment Adviser (ooh err) you took a little bit more time and effort with anyone who stumbled across you. Or was every bit of pithy wisdom given based on a 5 minute casual chat?

Your last sentence is probably the most intelligent insight Ive seen from you on here.

dungfungus 3:17 pm 02 Feb 12

Hey Grumpy Mark, please ignore what I suggested; I really don’t have a clue what I am talking about. Best you take the “advice” of NoImRight and see a professional which I am not.
P.S. For a non-professional I am having a good retirement; maybe that’s because all my super is intact (no shares) but then that’s just good luck I suppose. I used to be a Licensed Investment Advisor but that was 40 years ago and what I knew then was jacksh*t compared to the hotshot advice you can buy today. I really don’t know why I got as far as I did.

NoImRight 2:34 pm 02 Feb 12

dungfungus said :

NoImRight said :

My advice is not to take the advice of people on the internet telling you how to spend/save your money. Do what you are doing seek a professional. Especially one who knows enough not to open his mouth and offer advice here.

A bit late for your advice isn’t it?

I cant answer for that 29 minutes but from now on Ive done what I can.

dungfungus 1:39 pm 02 Feb 12

NoImRight said :

My advice is not to take the advice of people on the internet telling you how to spend/save your money. Do what you are doing seek a professional. Especially one who knows enough not to open his mouth and offer advice here.

A bit late for your advice isn’t it?

NoImRight 1:29 pm 02 Feb 12

My advice is not to take the advice of people on the internet telling you how to spend/save your money. Do what you are doing seek a professional. Especially one who knows enough not to open his mouth and offer advice here.

dungfungus 1:00 pm 02 Feb 12

My advice is that you immediately set up a SMSF through your accountant and have him do the annual return/arrange audit etc. This shouldn’t cost more than $3,000 a year. You don’t need a financial adviser as you should not be touching the share market close to retirement – I know a lot of people on the cusp of retirement who have lost over half the value of the contributions by instructing their fund to follow a “balanced” investment strategy. All you need to do is invest in term deposits with banks and reputable credit unions. The current returns are around 5.5%pa and this is tax free if your fund is in pension mode. Not one of the retail or industry funds have produced average returns above 5.5% over the past 10 years so why take the risk. Superannuation is something that should be preserved for retirement, not gambled by an unaccountable commission paid third party you don’t even know. Forget the perception that you can live forever on the investment income; you can’t. Plan to drawn down your capital progressively. It is all about preservation not performance.

grundy 11:13 am 02 Feb 12

Being a StGeorge customer, I found their free Financial Advice guys very helpful, friendly and non-pushy (in regards to directing you to StGeorge specific products).
This was in the Civic branch.
They explained (when asked) that they aren’t on a commission so aren’t pressured to sign you up to plans/product and therefor offered decent free advice.

In regards to Super, they helped make it ‘super’ easy to consolidate all my 7 super accounts into one. I chose to go with the StGeorge super, even though they didn’t push this at all. I found it integrated well into my existing bank accounts and had very usefull management features online. (Moving cash and % of funds around, insurances etc)

I think with whichever person or place you chose to get advice, it will heavily depend on the individual helping you, so good luck with where ever you go. 🙂

EvanJames 10:23 am 02 Feb 12

Wayne Lear at Madison has a good track record and knows his stuff.

MsCheeky 10:00 am 02 Feb 12

I had an excellent experience with Ishara Rupasinghe at Dixon Advisory. Solid advice and no hard sell. Best money I’ve spent.

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