Should Judy trust her adviser?

In the wake of the financial services royal commission, YourLifeChoices member Judy and her husband have been having second thoughts about their financial adviser and the super fund their money is in. She asks personal financial guru Noel Whittaker for guidance.

Q. Judy
My husband and I are 68 and 66. Through a financial planner, we have our super in a fund tied to AMP. With what the financial services royal commission has revealed about financial advisers and AMP (and other institutions), should we stay or leave? And where do we go? We have been working people all our lives and very concerned that we are, and have been, ripped off.  We would appreciate your opinion.

A. It’s true that all the big institutions got caned at the royal commission, but that does not necessarily mean the planner you have been using is not right for you. I suggest you have a meeting with him or her and say that you are concerned about your finances in view of the royal commission, and ask for a full overview of your situation.

Find out exactly what fees you are being charged each year, what mix of assets you have and how many of these, if any, are AMP products. You then need to ask the planner to justify the fees and explain why the funds you are in are the best ones for your situation.

Do you have a question you’d like Noel to tackle? Email us at [email protected]

Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. His advice is general in nature, and readers should seek their own professional advice before making any financial decisions.

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Should property be jointly owned?
Borrow or use the super?
Golden rules of early retirement

Written by Noel Whittaker


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