We live in a rapidly changing world and the need for strategic Financial Planning and trusted Financial Advice has never been greater.
Now that the Australian Parliament has passed the new superannuation measures which take effect on 1 July 2017, there has never been a better time to seek financial advice to understand your options and plan for the future. The latest superannuation changes are significant and introduce new regulations around Transfer Balance Caps, Transfer Balance Credits, Contribution Caps and a range of other very important issues.
If you have recently received financial advice, are about to seek financial advice or have not sought advice for many years, it makes a great deal of sense to consider a second opinion. For years we have been offering a Financial Advice Health Check to make sure people like you can better understand their options and we have never had anyone say it wasn’t value for money. Here are 10 major reasons why you should seek a second opinion from The Financial Advice Shop.
Reason #6. Many large financial planning businesses are owned by a bank or major institution and they may also offer to provide you with multiple services. It may initially sound very convenient but if you think about that scenario for a moment you will quickly come to the realisation that you could probably do better if you took the time to shop around.
We are a privately owned family business that has taken considerable steps to streamline our approach to financial advice to ensure your fees are kept as low as possible. For any other services you may need, we have relationships with independent businesses that we have known for many years and we trust without reservation to look after our clients.
Reason #7. When you deal with a bank or a major institution you may initially find it a reassuring experience to be associated with a long standing and familiar business brand but it is unlikely you will be guaranteed long term continuity with the financial adviser you first meet. Adviser and business priorities can change and employee advisers may move on to other businesses over time. You may even find that your original adviser becomes legally restrained from dealing with you in the future when they change employers.
When you deal with us, you are dealing with a privately owned family business that is capable of making our own decisions and providing a level of continuity throughout your life without the complexities of a national corporation.
Reason #8. Many financial planning businesses are very interested in signing you up to meet in-house key performance indicators. In that scenario you will always be just a number and a first appointment is all about sales.
We only agree to meet with new clients where we know we can add significant value but importantly the goal of our initial meeting is not to sign you up for something. If you do end up becoming an ongoing client of The Financial Advice Shop, you will never be just a number. You will be someone that we know will benefit greatly from our initial advice, and you will be respected from day one and we will aim to get to know you very well over time.
Reason #9. Don’t naively think that the Future Of Financial Advice (FOFA) Legislation will save you from paying commissions and hidden fees. If your investments were paying commissions or volume bonuses before 30 June 2013 then they will continue to be paid at your expense and without any service required to be provided. Additionally, if you are involved with an in-house investment product then proceed with scepticism as there is the potential for it to be used to work around the current FOFA Legislation and ASIC is powerless to act.
We do not recommend any investments that have hidden fees or commissions. Once we understand your circumstances, where appropriate we will actively assist you to consider options to move away from investments that have hidden fees or commissions because we know this will almost always assists with fee savings.
Reason #10. When you next meet with a financial adviser, ask yourself if their situation is such that they can be genuinely capable of assisting you to be successful.
At the Financial Advice Shop we really enjoy working with people who want to be successful and we do all we can to make this a reality for our clients. Don’t be surprised if we get you to think about things you have never thought about before.
We are extremely proud of the fact that most of our new client enquiries are referrals from long standing existing clients or other local businesses that we have known and trusted for many years. When you are making your initial enquiry, if you have been referred by someone we know and trust, we may even offer you a discount for our first meeting.
If you seek our advice, our goal is to assist you to understand where you need to go and what you need to do to get there, and you can then determine the level of assistance and support you require for your journey.
Reason #1. Financial Advice often involves a superannuation or investment product and while most financial planning businesses will charge you an ongoing advice fee, they may also be making a lot of money out of the investments they recommend to you.
If you bring your written financial advice to us we can review the strategy with a fresh set of eyes and help you fully understand your options, the way your adviser is being paid and what to look out for. You will only meet with a Certified Financial Planner ® with over 15 years experience so significant expertise is assured.
Reason #2. Over the last 5 years, the cost of superannuation investments have fallen substantially. Unfortunately, it is a sad reality that for many investors those fee savings are not being passed on to them because financial advice businesses and product providers are incentivised to keep making money from high margin, high cost investment products. As a result, financial advice businesses and product providers do not always suggest investors move to lower cost options when they become available.
We are acutely aware that high costs can substantially undermine future goals and objectives, so we are committed to reducing investment costs and improving your situation wherever we can.
Reason #3. When you seek financial advice, don’t be fooled into accepting a low cost financial plan as it could cost you very dearly. When it comes to financial advice there are often four sets fees that you should be thinking about: an initial advice fee, an implementation fee, investment product fees and an ongoing advice fee. The implementation fee, investment product fees and the ongoing advice fee may be percentage based and are normally by far the biggest fees over time. If you had the foresight to ask up front about the magnitude of all of the future fees, you would probably consider seeking a second opinion before agreeing to pay for a written Statement of Advice (Financial Plan).
We have a range of service offerings that are based on levels of service on a fixed fee basis. Our fees are based on complexity and level of service, and not the amount of money invested. We are very confident that we can improve your situation, but make sure you do all of your research before you come to us.
Reason #4. Many financial planning businesses will offer you a free initial appointment because they are not prepared to invest any of their time to really understand your circumstances before you meet. This is not conducive to a productive meeting and is more likely to result in sales tactics to win you over.
When you decide to deal with us we will gather a considerable amount of information from you before we agree to meet to ensure we can add value and will charge an appropriate fee for the first appointment. We have found through experience that by gathering information we are better equipped to carefully consider strategy options in advance and to have a productive first meeting with all of the facts.
Reason #5. Don’t be fooled into believing that all large Financial Advice business will negotiate investment product fees that will be to your advantage. It may be the case that a large financial planning business could have a significant financial interest in the products they recommend and their inflated profit margin can significantly push up your investment costs. Over time this could cost you many tens of thousands of dollars or even more.
We have worked very hard using our experience and professional knowledge to push down the cost of investing and as a result our investment costs are well below the average. We can give you a very important point of reference when it comes to lowering the cost of investments and receiving ongoing financial advice.
Come to us for your second opinion financial advice, second opinion financial planning, second opinion financial adviser, second opinion financial planner. Only with a second opinion financial advice, second opinion financial planning, second opinion financial adviser, second opinion financial planner can you truly understand your options. We can give you that certainty.
We look forward to our future journey with you....
Come to us for your financial advice second opinion, financial planning second opinion, financial adviser second opinion, financial planner second opinion. Only with a financial advice second opinion, financial planning second opinion, financial adviser second opinion, financial planner second opinion can you truly understand your options. We can give you that certainty.
(02) 6172 1444
Bill Waller is an Authorised Representative (ASIC No.453076) of Securitor Financial Group Ltd ABN 48 009 189 495 AFSL 240687. Bill provides comprehensive financial planning advice and general advice in relation to credit and credit referrals. All financial planning advice is provided by Bill Waller as an Authorised Representative of Securitor Financial Group Ltd.
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PO Box 4636, KINGSTON, ACT, 2604