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Financial Planning for Overseas Australia

Discussion in 'Financial Planning' started by chinesewombat, 30th Jun, 2009.

  1. chinesewombat

    chinesewombat Miss

    Joined:
    30th Jun, 2009
    Posts:
    8
    Location:
    Perth
    I am new to InvestEd, so apologies if this was posted earlier.

    I engaged a bank financial planner in 2007, in 2009 I moved overseas and have recently as the planner for an annual update. I was advised that he can only execute instruction and is unable to provide advise unless I am physically present in Australia.

    As I have no short term plans to return to Australia until mid 2010, I am rather disappointed with the comments. I checked with ASIC web and found not information with regards to the limitatio of advise given to planner while investor is overseas. I have also contacted the financial platform provider which advised me that they are unaware of this limitation and further more I am unable to remove the financial advisor fees (commission) as the platform required the investor to list with a financial advisor.

    I would greatly appreciate comments / advise from other who has knowledge on this issue.
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi,

    I would find this hard to believe as most advisers will take written, faxed or even email instructions. Out of curiousity which platform is this for?

    Cheers,

    Dan
     
  3. chinesewombat

    chinesewombat Miss

    Joined:
    30th Jun, 2009
    Posts:
    8
    Location:
    Perth
    Platform is BT. I received a reply from BT, they have advised that they are unaware of such limitation being imposed on Financial Planners.

    I will contact the Financial Planner again to seek clarification on the restrictions.

    Thanks.