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First time visit to Financial Planner

Discussion in 'Financial Planning' started by leo78, 10th Mar, 2012.

  1. leo78

    leo78 New Member

    Joined:
    10th Mar, 2012
    Posts:
    2
    Location:
    Sydney, NSW
    Hello - I visit a CBA financial planner for the first time last week. I was wanting advice on my managed fund i have had for 10 years. The planner requested that i sign a client authorisation form so that she could contact the financial institution my Managed Fund was held. She said that she would be able to request info on all my investments from any institution on my behalf at any time - but not not trade or withdraw anything? Is this common practice for planners to have access to such personal info?
     
  2. slk

    slk SLK

    Joined:
    20th Jul, 2011
    Posts:
    13
    Location:
    Sydney, NSW

    Hi Leo,
    I work in an advisers office in sydney and yes it is normal practice. it simply allows authority to enquire on the account. definitely no transacting unless it says otherwise. Usually it's used for super accounts on fees and contributions.
    if you feel really uncomfortable with this you can simply call up or write to the institution holding your managed fund and request for the "third party client authority" to be revoked once you have your answers. Alternatively, don't sign the form and just call up and ask the questions yourself.
     
  3. leo78

    leo78 New Member

    Joined:
    10th Mar, 2012
    Posts:
    2
    Location:
    Sydney, NSW
    If the form "requests that all relevant information regarding my investments, superannuation, bank accounts and other financial information from other financial institutions be released to my adviser..." - would this mean the adviser would have transacting authority? Thank-you
     
  4. slk

    slk SLK

    Joined:
    20th Jul, 2011
    Posts:
    13
    Location:
    Sydney, NSW
    No transacting authority. They will be only be able to gain information only.