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Could you give me some advice

Discussion in 'Financial Planning' started by newcomer, 9th Feb, 2010.

  1. newcomer

    newcomer New Member

    Joined:
    9th Feb, 2010
    Posts:
    4
    Location:
    Melbourne
    Hi guys,

    I am a 27 year old lawyer. I don't mind my job and the salary is OK. It is still pretty low as I am a Junior. In addition to Law, I completed Bachelor of Commerce (Accounting) and I am pretty good with numbers and people.

    I am thinking about becoming a financial planner for two reasons:
    1. I get a kick out of helping people.
    2. I have a strong interest in investments.

    Some people say that financial planners are essentially sales people who push their clients to make investments/buy products which will maximise the planner's income, rather than doing what is best for the client. If this is the case, I would rather stick to my current carrier. How much is financial planning really about helping people with their goals, as opposed to just making money?

    I would appreciate any feedback which people may have to assist me in making my decision.

    Thanks very much.
     
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    2 very good reasons for becoming one
    IMO go for it
     
  3. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Hi newcomer

    What investors need is a financial planner who will educate and work with their clients. When the investor becomes more knowledgable he/she will more than likely be able to maintain their plan

    Years ago, when I first met my planner, I said 'index funds'. What I got was not index funds. But he was a professional and they know what they are talking about.

    I couldn't live with this plan, and after a year I changed to index funds. It cost me $3400. It was a hard lesson to learn. My ex-planner also made 3 major mistakes in the change. I still get a trailing comission of $70 each month.

    Newcomer, if you really want to help, to make a difference, you have huge opportunity. Making more money than a lawyer, I don't think so. Why not combine your talents and become a financial lawyer.



    Cheers, Johny.
     
  4. newcomer

    newcomer New Member

    Joined:
    9th Feb, 2010
    Posts:
    4
    Location:
    Melbourne
    thanks

    thanks for the feedback guys, it gives me something to think about