Join our investing community

good financial planners

Discussion in 'Financial Planning' started by Triu, 24th May, 2007.

  1. Triu

    Triu Well-Known Member

    Joined:
    1st Sep, 2006
    Posts:
    161
    Location:
    WA
    Hi does any one know any good financial planners which are not to expensive?

    I am thinking of Freeman fox even though a little expensive. Also has anyone heard of Tricom for managed funds etc?

    Tricom

    Is Steve Navra a good Fplanner?

    need some help before i make the switch!!!
     
  2. Simon

    Simon Well-Known Member

    Joined:
    17th Sep, 2005
    Posts:
    520
    Location:
    Newcastle
    I don't know of any good cheap financial advisors.

    Though I know plenty of cheap dodgy ones that will prove very expensive in the long run!
     
  3. AsxBroker

    AsxBroker Well-Known Member

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

    Hi Triu,

    Tricom is a mid-size brokerage firm in Sydney, I've got a mate who works in the equities area. Whether this means their managed funds are any good, who knows...

    A planner should be charging you on what you specifically want, personally I don't believe that they should be bundling you into a membership but for $10k a year it would be making them very rich. After 10 years you would have paid $100k!!!

    Check out the FPA Good Advice guide (Welcome to the FPA) which suggests a financial planner may charge an ongoing trail of between 0.6% and 1.0% per annum.

    Also this takes away from the quality and personalisation of your whole plan, usually trails are up to 1% which means to make it cost effective I'd want between $1m and $2m in net assets to feel that I'm not getting ripped off.

    Cheers,

    Dan
     
  4. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    I was impressed by Navra Financial Services.
    I already had a plan of sorts mashed together after asking lots of questions on this site. After looking through my answers to their fact finder sheet, the advisor was happy enough to say that at this stage they wouldnt be able to add more value to the plan. So you only have to pay them if they can add value to your situation. Good eh :)
     
  5. Alexandria

    Alexandria Member

    Joined:
    4th Nov, 2008
    Posts:
    11
    Location:
    Sydney, NSW
    I agree - if you pay peanuts, you get monkeys :rolleyes:
     
  6. Neil_Salkow

    Neil_Salkow Member

    Joined:
    6th Nov, 2008
    Posts:
    22
    Location:
    Melbourne, VIC
    Only trust independant advice

    When looking for a financial planner, while cost is important, I believe the key element you should be looking for would be a planner that can truely add value to your life and also have true objectivity in their advice.

    Fee only financial planning, where you pay an agreed amount (in $ not % values) for the service you require is the best form as you will get the most objective advice. Fee only planners will also rebate to you all commissions and referall fees that they may receive from any products they recommend which could save you a lot of money (and even result in them providing you with a cheque at the end of the year).

    Fee-based financial planners who charge an agreed fee for plans and then a % of funds under advice, while better than a commissioned based adviser, may still be biased in their advice. For example, if you had $100,000 to invest, a fee based planner who charged 1% of your portfolio may double his income by simply recommending that you borrow an additional $100,000 (not to mention the money he may receive from the finance that he could arrange). Is this the right advice for you? It may be, but how would you know - it cannot be objective advice if there is any form of conflict of interest that may arise, and only fee only planners can provide this.

    At the end of the day, you get what you pay for, and while a fee based or commission adviser may seem cheaper, a fee only planner who charges agreed amounts for the service and delivers is much better.

    For more information about fee only planners, check out

    Independent Advice - Home


    This is a great resource for sourcing planners that operate as fee only, fee based or offer a fee based service.

    Neil Salkow
     
  7. spiritednurse

    spiritednurse New Member

    Joined:
    19th Nov, 2008
    Posts:
    1
    Location:
    perth
    financial planners

    I personally use a financial planner and so far have been very happy with his advice, and his fees. Particular in the current financial crisis, he is very forthright but conservative, and takes personal responsibility of any recommendations. He has low overheads and actually assesses your capacity to pay. He has a range of payment options to suit anyone's budgets.
    What I really like about him , he is very ethical.
    His email is : michael@allwestgroup.com.au
     
  8. Andrew Newman

    Andrew Newman Well-Known Member

    Joined:
    5th Nov, 2008
    Posts:
    175
    Location:
    Melbourne
    I have to disagree with this and say that we sometines get what we pay for. I am certain we all have purchased something in the past that was not worth the money paid.

    Triu, when it comes to price, they key is value.

    Ask yourself, how much value is the financial adviser providing for the fees charged?

    For example, if the financial adviser saved you $1,500 in tax per annum through a strategy you were not aware of, how much is that advice worth?

    Let me ask you a hypothetical, why would someone buy a $2,000 watch rather than a $200 watch when both may appear to look and work in the same way.

    If it was all down to price, the $200 watch would be the obvious choice. However, when buying a product or service, sometimes price is not everything and there may be other important things to consider.
     
  9. Neil_Salkow

    Neil_Salkow Member

    Joined:
    6th Nov, 2008
    Posts:
    22
    Location:
    Melbourne, VIC
    Andrew, you've taken what I've said here out of context. What I meant by "you get what you pay for" is that (using your example) if you buy a cheap watch, you get a cheap watch. Sure, if you spend a lot of money on something, that doesn't automatically mean you get good value. That's why I qualified this statement by saying:

    "When looking for a financial planner, while cost is important, I believe the key element you should be looking for would be a planner that can truely add value to your life and also have true objectivity in their advice."
     
  10. Andrew Newman

    Andrew Newman Well-Known Member

    Joined:
    5th Nov, 2008
    Posts:
    175
    Location:
    Melbourne
    Neil, no harm intended.

    We both agree that value is one of the keys to good financial planning advice.
     
  11. Neil_Salkow

    Neil_Salkow Member

    Joined:
    6th Nov, 2008
    Posts:
    22
    Location:
    Melbourne, VIC
  12. Ruby_shoes

    Ruby_shoes New Member

    Joined:
    23rd Mar, 2009
    Posts:
    1
    Location:
    Perth, WA
    just bumping up this old thread...

    any recs for good independent financial planners in perth which u've had good experiences with?
     
  13. Neil_Salkow

    Neil_Salkow Member

    Joined:
    6th Nov, 2008
    Posts:
    22
    Location:
    Melbourne, VIC
    Ruby, jump on to Independent Advice - Home

    As far as I know of there is only one independent adviser in Perth (this doesnt surprise me - my research tells me that there are only about 12 truely 'independent' advisers in Australia)

    I've spoken with this adviser on quite a few topics, I understand how he operates and I'd feel pretty comfortable recommending him.

    If you'd like his details, email me
     
  14. Andrew Newman

    Andrew Newman Well-Known Member

    Joined:
    5th Nov, 2008
    Posts:
    175
    Location:
    Melbourne
    Hi Ruby

    Be mindful that an independent adviser based on the ASIC definition does not guarantee you will receive good financial advice or receive value for money.

    Kind Regards