2nd Oct 2018
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How to have faith in financial planning advice
Author: Olga Galacho
Who can you trust with your money?

Last week’s Interim Report on the findings of the financial services royal commission continued to highlight failures in the financial planning sector, leaving many Australians wondering if they should pay for advice any more.

“Whether the conduct is said to have been moved by ‘greed’, ‘avarice’, or ‘the pursuit of profit’, it is conduct that ignored the most basic standards of honesty,” said Commissioner  Kenneth Hayne about those providing advice.

The Financial Planning Association of Australia (FPA) is now working hard to rebuild trust in the sector and to coincide with World Financial Planning Day (October 3) it has issued six steps to help people locate a reputable adviser.

The move is part of the global Financial Planning Standards Board’s 2018  #PlanWell2LiveWell campaign, which was launched on Wednesday.

FPA chief executive Dante De Gori said his association’s research revealed 82 per cent of Australians are stressed about money and that those whom are “most happy with their lot in life are most likely to have a financial plan”.

FPA recommends those needing financial planning advice meet face to face with a professional. Its other advice is:

  • ask family and friends for a recommendation. It’s a good idea to contact a few different planners and then choose one. You want someone who you trust enough to give you an honest reality check, as well as encouragement
  • make sure the financial planner has a licence to provide financial advice. Ensure any planner you’re considering is an authorised representative of a firm that holds an Australian Financial Services (AFS) Licence issued by the Australian Securities and Investments Commission (ASIC) and verify their licence by checking ASIC’s Financial Advisers Register
  • check that the financial planner has professional membership. Members of the FPA must meet stricter criteria and higher standards than currently required by law. You can check if your planner is a member by using the FPA’s Find a Planner tool
  • ask about the financial planner’s education and experience. Make sure your financial planner is properly qualified and trained to provide you with advice that suits your needs. Look for a planner who holds a qualification in financial planning, such as a degree or a Certified Financial Planner® designation
  • avoid any financial adviser that seems focused on selling products or isn’t clear about their fees. A good planner should focus on your personal situation and offer tailored financial advice, not sell products
  • go with your gut. If you meet with three planners and they are all similar, go with the one that feels right to you. If you are not happy after the first meeting, try again.

 

Rather than tar all financial planners with the same brush, Justice Hayne reserved his harshest criticism for the financial institutions that licence parties to dispense advice – namely the Commonwealth Bank, NAB, ANZ, Westpac and AMP.

He asserted that those institutions did not act decisively enough to stop the misconduct. He also criticised ASIC for its seemingly arms-length role as the sector’s regulator.

It is no wonder that many Australians are questioning the value of financial advice. However, the sector is likely to lift its game as two initiatives roll out over the next 18 months.

The Financial Adviser Standards and Ethics Authority (FASEA), established last year, is tasked with ensuring all advisers subscribe to a code of ethics of a monitoring body by 1 January 2020.

Additionally, from 1 January 2019, new advisers will be required to hold a relevant degree before they are eligible to sit an exam, and commence a year of supervised work and training. Existing advisers will have two years to pass the exam (by 1 January 2021) and five years to reach a standard equivalent to a degree (by 1 January 2024).

What would be needed to restore your faith in financial planning advice? Have you ever been very satisfied with financial advice you have received? Do you have your own tips for identifying a good financial planner?

Are you eligible for an Age Pension? Do you know your rights? The RetirePlanner™ tool has all the information you need.

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    COMMENTS

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    TREBOR
    3rd Oct 2018
    11:21am
    My first response to reading that the financial sector wishes to regain trust was to laugh out loud.

    Second response - well, that's very kind of them..... I rather thought they had no choice....

    Third response - I'd suggest they take it on the chin and tell their shareholders they will not be costing this off the backs of those they have driven to not trust them, but will have to endure the unendurable and take the loss and cost of attempting to restore the faith.

    Fourth response - massive internal changes and changes in ethos are required NOW to restore any 'faith' or trust in financial institutions.
    OnlyGenuineRainey
    4th Oct 2018
    7:11am
    My response - a load of BS designed to blinker the fools who believe there are fairies at the bottom of the garden. They will make noises. They will change the technicalities in a few rules. NOTHING will change for the client. Financial advisers want PROFIT, and they will ALWAYS put their own income ahead of client interests. Sad, but fact.
    TREBOR
    4th Oct 2018
    8:13am
    Have to agree...
    Whinger01
    4th Oct 2018
    10:55am
    Well said
    Ted
    3rd Oct 2018
    11:30am
    Until Financial Planners charge reasonable fees instead of gouging and offer me a real service of advice rather than boilerplates plans that are basically rubbish and just have a few personal details plugged in the only thing to restore my trust is to avoid them.

    I could have made the same mistakes as they have at far less cost and possibly made more too. Once burnt twice shy; I will never use one again.
    Robbo
    3rd Oct 2018
    11:39am
    Financial advisers may play the game for a short time but it won't be long before they are ripping of there clients again. I know a couple of these people and would not trust them as far as I can throw them.
    Old Geezer
    3rd Oct 2018
    11:39am
    I know quite a lot myself and I wouldn't trust them to manage my money either.
    Old Geezer
    3rd Oct 2018
    11:39am
    I have seen and personally know many financial planners but I haven't found one yet in 20 odd years that I wold trust to manage my money. Yes I have been looking as I fear the day will come when one just might need such a service. I am looking for a planner that will work for me and not for himself or anyone else. I don't think they exist.
    KSS
    3rd Oct 2018
    12:06pm
    Don't you just love the first 'recommendation'? Ask family & friends....
    What if they don't use a financial advisor or don't like the one they have? What are people supposed to do then?

    And there are no guidelines for what amounts to a 'reasonable fee'. So how are financially naive people meant to know this? Other than picking someone off a website!

    And why is it taking so long to bring in education regulations for new and existing advisors? This should be immediate. Why should it take 5 years for current advisors to meet the required standard? Either they meet it now though Recognition of Prior Learning which allows for experience to be accepted or they should be suspended from working until they can. There could be another 5 years of poor advice before we get anywhere near lifting competency.
    Old Geezer
    3rd Oct 2018
    12:56pm
    KSS are you going to hand over your money to a 20 something who has more certificates than needed but little or no experience managing money? Experience and actually doing it themselves is far more important to any bits of paper to me.
    KSS
    3rd Oct 2018
    4:49pm
    Which is the very reason I said that existing experienced planner should be allowed to go through RPL and not have to take 5 years to do the degree they already have though work!

    3rd Oct 2018
    12:54pm
    Use financial planners if you have to for advise on planning your investment strategy
    But stay on top of your investments . A plan should always be reviewed and updated as circumstances change
    Can’t blame anyone but yourself if things go belly up
    But the leaners will always want someone to blame and seek compensation as they are incapable of taking responsibility for their actions
    Old Geezer
    3rd Oct 2018
    1:33pm
    I agree. We are currently seeing that happening in the Banking RC where people have stuffed up and want someone to blame and seek compensation as they are incapable of taking responsibility for their actions
    Knows-a-lot
    3rd Oct 2018
    5:08pm
    "But the leaners will always want someone to blame"

    The leaners are the greedy Right-wing scum who gouge those less well-off - i.e., the Lieberal Party and the vermin who vote for them.
    OnlyGenuineRainey
    4th Oct 2018
    7:34am
    You go that right, Knows-a-lot.
    Old Geezer
    8th Oct 2018
    11:31am
    That counts me out as I don't vote.
    ex PS
    17th Oct 2018
    8:54am
    In which case OG, maybe you should exclude yourself from stating political views. If you are not prepared to be part of the solution you have no right to comment on the current state of affairs. You, my friend, are a political leaner.
    Rosret
    3rd Oct 2018
    1:08pm
    The first thing that made me shy away from financial advisors was their fee. I was told upfront the charge was $300 per hour. How does someone with a simple economics or accounting degree commands those sort of salaries when no one else does.
    On top of that they are not accountable for the information they give.
    I can do a lot of my own research for that sort of money.
    Old Geezer
    3rd Oct 2018
    1:45pm
    Geoff Wilson from WAM Capital has a Petition that he would like people to sign to maintain the current dividend imputation scheme.

    http://wilsonassetmanagement.com.au/petition/

    When a fund manger like Geoff Wilson says Labor's policy is appalling then people will take notice.

    Labor is doing it's best to stop him doing so by trying to discredit him.
    TREBOR
    3rd Oct 2018
    6:56pm
    Pay your taxes as due and you have no problem even if dividend imputation does not exist.

    It's only tax withheld on your behalf - so why bother at all?
    OnlyGenuineRainey
    4th Oct 2018
    7:32am
    Trebor, if you paid attention to the policy and its consequences, you would understand why Wilson (and anyone with a brain) opposes the changes. NOTHING TO DO WITH PAYING TAX. It's about FAIR taxation. Nothing more and nothing less. And Labor's proposed changes will - by taxing UNFAIRLY - devastate hundreds of thousands of honest taxpayers who are struggling to get by on relatively small incomes rather than be a burden on the taxpayer. Meanwhile, their policy continues to over-indulge multi-millionaires with massive incomes AND part pensioners on $60,000 a year +. The only people they will hurt are the struggling self-funded retirees who are currently saving the nation a small fortune. And if the 500,000+++ they are burning at the stake for working hard throw up their hands and restructure to achieve a living income again, that claimed $6 billion a year saving will turn into a $24 billion a year cost.

    Wake up, Trebor. I gave you credit for far more intelligence than you are displaying on this issue.
    TREBOR
    4th Oct 2018
    8:20am
    I simply cannot see that your tax burden would change in any way if a company did not pay part or all of it in advance, and you then claimed it back.

    Unfortunately it still sounds to me like getting rid of imputation altogether would create the most honest result. You receive income pure and simple and you lodge your tax documents pure and simple, and the ATO doesn't run itself in rings working out who gets what.

    If you are receiving $60k a year, you are liable for some tax.... the only difference should be that it is taken out of your imputed dividends which are held in advance, and you should get the rest back.

    Sounds pretty simple to me.

    As a footnote I'm not a Labor fan... but it seems to me there are too many overly complicated ways of handling income tax, and I think Shorten's approach is supposed to catch the big fish and not the small ones.

    I take note of the statement by Shorten about 'pensioners' not including ' smaller SF retirees'.... that is an area that needs to be addressed.

    Hmm ... BHP shares about $35.... and paying a dividend of $0.63..... fool's courage....
    Old Geezer
    4th Oct 2018
    10:57am
    I'll put it in simple terms for your Trebor.

    Let's see if you know what fairness is.

    If I earn $200,000 a year including $5000 on franking credits nothing changes I still pay $5000 less in tax and get to use it to take my family on a cruise or holiday.

    However if I earn $20,000 including $5000 in franking credits I get my income reduced to $15,000 which means I have $100 less a week to pay for my groceries.

    So should the high income earner keep his $5000 and go on a family holiday and the low income earner have $100 less a week to spend on groceries?

    The real problem flows on in that if people don't want franking credits then companies are going to rearrange their accounts so they pay little or no tax. Some will just move overseas to a country that has a much lower tax rate too.

    Little or no tax means a lot less revenue for the government.
    OnlyGenuineRainey
    6th Oct 2018
    2:34pm
    And Short-on's claimed $6 billion a year saving could well turn into a $24 billion a year cost if 500,000+ SFRs are forced onto pensions by massive slashing of their income. Younger Aussies won't bother to save for retirement knowing that you end up with a LOWER income if you do. Then there's the impact of money taken out of funding growth of Australian companies and invested abroad instead, or in property - forcing housing prices higher.

    The fools who support Short-on's brain fizz just haven't thought it through at all. It's not just unfair. It's economically destructive.

    The current system is valid, Trebor. Tax is taken out before you get the income. If your tax return evidences that too much was taken, you get it back. Just like PAYE taxes and withholding tax. Exactly as it should be in a fair society. What Shorten wants is to keep the excessive tax if you are poor, but give it back if you are wealthy!!!!!!
    Knows-a-lot
    3rd Oct 2018
    5:04pm
    Anybody who trusts these bastards again has rocks in their head!
    Anonymous
    3rd Oct 2018
    5:08pm
    I agree - don't let labor in again.
    Last time they almost bankrupted the country

    Every time they destroy the economy and our finances, the LnP has to some back and fix things
    Knows-a-lot
    3rd Oct 2018
    5:11pm
    Labor will sort the bastards out. Your mates in the Lieberals resisted the Royal Commision into the financial sector, remember?

    "Last time they almost bankrupted the country"

    Hilarious! Rudd saved us from the GFC; and debt is at an all-time high under the LNP. Quit your trolling!
    Anonymous
    3rd Oct 2018
    5:15pm
    Just shows how clueless you are

    The Coalition before Rudd and the deficit we had to have, had our national debt spiralling down to zero and we became a net creditor nation

    Rudd took that surplus and sent it spiralling upwards. We were sinking deeper and deeper . It has taken us a good 6 years to work ourselves out of the spending commitments, Dudd and Juliar carved in cement .

    Labor couldnt manage the economy during boom times , spending like a drunken sailor. Financial morons
    TREBOR
    3rd Oct 2018
    6:57pm
    Old nonsense - stick to the issue....

    Trust in the financial sector after what they've done.
    roy
    3rd Oct 2018
    7:06pm
    The only person I would trust with my finances would be MICK because he knows everything about everything and would make an excellent PM and Treasurer, any body agree?
    Anonymous
    3rd Oct 2018
    7:21pm
    roy - I think Mick's sipping champagne on a yacht with his labor mates, planning for the next elections
    TREBOR
    3rd Oct 2018
    7:26pm
    Oh, well - Liberals under Howard The Coward sold off the farm, entrenched underlying deficits, stole $130Bn from flogging off the gold reserves for a pittance and turned it into a fund to guarantee their own retirement cash in full even if they wrecked the joint, and left Labor with a dire problem of raising cash through taxation revenue just when the nation needed it.

    After Labor guided the nation through the GFC without many scratches, the Liberals again set about destroying industry and industrial relations and wages for the peasants, thus, through lack of revenue opportunity, developing the need to raise their own debt through the ceiling nearly twice over...

    Wee Johnnie was so good his own electorate tossed him... and it was blue ribbon too..

    Mick for President!
    Anonymous
    3rd Oct 2018
    7:31pm
    Hahaha - poor delusional Trebor. Living in la la land
    roy
    3rd Oct 2018
    7:37pm
    Poor poor TREBOR, I do feel sorry for him, but ah well.
    The last time Liebor had a balance in credit was when the Iron Curtain still existed and Shifty Shorten was unaware of that, and sheeple still vote ALP, sheesh.
    MICK skiing in the USA somewhere no doubt.
    TREBOR
    3rd Oct 2018
    8:12pm
    Please explain?? facts hurt, don't they?

    Do you have a single thing with which to refute what I said - or do you content yourself with personal slights?

    Poor little fellows...... sad to see...
    Anonymous
    3rd Oct 2018
    8:27pm
    Ok Trebor, I'll humor you this one last time. Ihave dicredited you time and time again, but if you insist

    1. Selling the farm - no he didnt sell any farm
    2. entrenched underlying deficits ??? - nope he produced surplus operating budgets . The surplus was over and above above proceeds of asset sales, Asset sales were used to pay off debt not fund operating expenses
    3 gold reserves were sold at market valuation. The proceeds used to pay off debt would have provided us with compounding returns. But Dudd blew it
    4. Proceeds funding his retirement cash - that's just completely ludicrous - only an indiot would take that comment seriously

    As for the rest - that's just laughable - guiding us through a economic boom by wasting savings thats what labor did
    Greg
    3rd Oct 2018
    8:32pm
    "Howard squandered the mining boom on buying votes and allowing miners to be lightly taxed."

    So true.

    https://www.smh.com.au/opinion/australia-still-plagued-by-destructive-policies-of-john-howard-our-worst-prime-minister-20170317-gv08hi.html
    roy
    3rd Oct 2018
    8:34pm
    Happy now Trebor, when will you stop supporting Liebor and Shifty Shorten and his ilk, have you seen what has happened to Queensland since Palachook took over, OMG. P{public servants earning more that the Premier, the mind boggles.
    roy
    3rd Oct 2018
    8:34pm
    Happy now Trebor, when will you stop supporting Liebor and Shifty Shorten and his ilk, have you seen what has happened to Queensland since Palachook took over, OMG. P{public servants earning more that the Premier, the mind boggles.
    TREBOR
    3rd Oct 2018
    9:29pm
    You have never discredited me, olbaid... you have discredited yourself...

    Thanks for the laugh on Howardonomics.... (chortles) .... his electorate so loved the man that they threw him out on his arse... too late to stop the rot....

    I don't support Labor or Shorten in any way - or the Lieberals or Greens either.... but dream on, roy... as for Pale-Ass Chick... what has she to do with where I live?

    $130Bn syphoned off to the Bahamas in the Future Fund? Try opening your eyes - a Central American dictator couldn't have done better with cash from the Treasury.... and if those assets had still been in OUR hands via our caretakers (not our rulers), they would be creating income..... now they create income for parasites and vultures.. the Leaners ... off the backs of the people who used to own those assets....
    Anonymous
    3rd Oct 2018
    9:40pm
    So dumb - the physical assets we had were sold and converted into another asset called cash

    Some of the cash was used to pay off debts (returning us an equivalent of the interest we had have to pay otherwise over decades )
    Rest invested in future funds that provide more returns

    The sold assets are now also returning us dividends in the form billions of dollars in tax revenue

    Stick to your abacus Trebor
    TREBOR
    3rd Oct 2018
    10:07pm
    .. and the cash went nowhere but into favoured pockets and some new toys....

    Where are these billions of dollars from those assets? You're long on talk, but short on facts...... so lay it out for us - show us the assets performance and the billions... and while you're at it,explain how the cost to the one-time owners has risen through the roof to fill the wallets of leaners and parasites..

    All that money falling in from all these assets no longer owned, and the GST, and all we've got is a massively divided society and many without very much.... while leaners suck off the hind teat without lifting a finger....

    Future Fund doesn't pay taxes here.... it's an offshore ripoff of $130Bn plus taxes for this nation... and its returns to Australia don't even pay income tax on their receipts.

    Stick to your abacus and your undying belief in Liberals, olbie....

    You can fool some of the people all of the time, and all of the people some of the time, but you can't fool all of the people all of the time....
    TREBOR
    3rd Oct 2018
    10:09pm
    ..and let's never forget the 'need' of THIS government to borrow and borrow and borrow like there's no tomorrow.... economic sense of a cane toad....
    OnlyGenuineRainey
    4th Oct 2018
    7:27am
    Both Labor and LNP comprise a bunch of incompetent, greedy, self-serving mongrels who don't give a damn for the country or its people and have totally stuffed this nation. BOTH parties! Both have run us into massive debt, sold all our assets, stolen from the people, lied, committed fraud, and sold us all into economic slavery. NEITHER is worthy of a vote.

    The problem is - there IS NOBODY ELSE. You'd have to be a complete half-wit to think any of the minors or independents who MIGHT have ethics and integrity (a very big MIGHT!)have both the competent ability and the potential power to make real changes.

    The two party system is our problem - not Labor or Liberal. Until the problem is recognized and fixed, we have no hope. While morons continue to troll for the LNP, the country will continue to go to hell in a basket. And only bankrupt fools blinded by jealousy support Labor. Anyone with a brain knows we can't have prosperity if people are not fairly rewarded for their efforts.

    What we have is one party (LNP) determined to rip off the battlers and crush the middle class to grossly over-feed the very rich, and the other party (Labor) out to win the popularity that lines the pockets of the favoured few by purporting (falsely of course) to be on the side of the hard up - destroying all incentive to strive and confiscating all reward for effort to hand out willy-nilly to bludgers and the irresponsible. Of course Labor is a little nicer to the genuinely disadvantaged, which makes some folk feel good. And they tell nice-sounding LIES about reducing the excesses of the rich, while in reality they are giving more to the wealthy and stealing from hard working folk who have (or HAD) just enough to get by without rorting the taxpayer purse.

    Meanwhile the LNP is rather transparent, and supported only by those who benefit from its treachery.


    This country is stuffed, and it's the fault of POLITICIANS AND BUREAUCRATS - Labor and Liberal equally.

    Now can we get back to the topic please.
    TREBOR
    4th Oct 2018
    8:25am
    Sadly, so true, OGR.... I just like to bite diablo the foreigner's ass a little at times - just poke the eyes out of his beloved Liberals and off he goes into la-la-land...

    diablo (snort-chortles).... hope his BHP divi of $0.63 was on the dollar and not pure..... not with a share price of $35.08...... 100,000 shares = $350k investment would get you $6,300 - petrol money for the year.... fool's courage and faith in the future of the company ....
    Old Geezer
    4th Oct 2018
    12:04pm
    Trebor my BHP paid me $1.59 in dividends which included a franking credit of 68c.

    Also $350,000 only buys 10,000 shares not 100,000.

    I'll buy your 1000,000 BHP shares for $350,000.
    Anonymous
    4th Oct 2018
    12:09pm
    Oh dear . Yet again Trebor embarrasses himself showing a total lack of understanding of company dividend policy and how returns are evaluated by investors
    Never mind Trebor - you tried
    Adrianus
    5th Oct 2018
    6:23am
    There appears to be some posters with strong political views but lacking in substance to support those views.
    Old Geezer
    8th Oct 2018
    12:23pm
    I for one have no political views at all. I just lobby for what is fair.
    East of Toowoomba
    3rd Oct 2018
    10:00pm
    I have always taken care of our finances, such as budgeting, paying bills and planning future expenditure and feel like we are in a good position for the future, but I have twice tried to meet with financial planners to seek their opinion / guidance for how we are tracking and both times was told that I've done an exceptional job and they don't feel they can offer any further advice. So my experience of financial planners is zero, I haven't paid for their advice, despite seeking it.

    Could it be that I am a financial wiz? I very much doubt it, although I do read books and finance related articles when I come across them and follow the advice if it seems to be applicable to our situation, but I am no genius. I have a vested interest in our future which is why I wanted a professional to review our plans and advice how we can improve things. I find it hard to believe that me, an average housewife with a grade 10 education could have come up with a future proof financial plan, but it appears that I have.

    Maybe the funds available to us is so small that we not worth their while?
    Cowboy Jim
    4th Oct 2018
    8:56am
    Went to a few seminars sponsored by Centrelink before retirement age, did not follow all of their advice but picked the raisins out of it. Should have listened and bought a more expensive property to maximise the pension. As I get older I am glad not to have a bigger house; the part pension I am happy with.
    Noodles
    13th Oct 2018
    7:42pm
    Getting the pension or not getting at least a part of it all comes down to the fact that people are still of the view that they are entitled to it and do their darndest to get it one way or another.

    I hope in future that the majority of people will be self funding because of compulsory superannatuion and leave the pension for those less fortunate.
    TREBOR
    4th Oct 2018
    7:26am
    Sadly, I'm beginning to see why some of the good posters are not posting here now.....too much propaganda being thrown around by one or two with no approximation of reality, along with a host of personal jibes and nonsense, and put-downs in place of reasoned and supported discussion.

    Used to be a civilised place to discuss..... now all the high class players have left town...
    East of Toowoomba
    4th Oct 2018
    11:36am
    yep, I have been thinking the same thing Trebor. I would prefer to read comments from others with something constructive to add to the conversation, but for the past few weeks the discussion has been hijacked by the same couple of boring posters who have nothing new to add, just their own one-eyed viewpoint ad nauseum.

    Oh how I wish we had a delete button, as well as report / reply. Perhaps the moderator could set a minimum number of delete requests needed in order to delete certain posts they would make YLC a great forum to participate in with useful ideas and interesting viewpoints and comments generated.

    How about it Olga, Leon & Kay?
    Old Geezer
    4th Oct 2018
    12:07pm
    Yes I'd like some better posts as well as mine.
    OnlyGenuineRainey
    6th Oct 2018
    2:28pm
    Sorry, OG. Trebor was referring to you with his reference to ''too much propaganda being thrown around by one or two with no approximation of reality''
    Old Geezer
    8th Oct 2018
    11:31am
    That's no other than the fire calling the kettle black.
    ex PS
    17th Oct 2018
    9:19am
    I use my own screening method, as soon as I see certain obnoxious terms or tired old political propaganda I just stop reading. In some cases I just refuse to bother reading posts from certain individuals.
    Old Geezer
    4th Oct 2018
    10:50am
    I found that survey you sent out yesterday was very biased and I found the answers do not suit me at all.
    Adrianus
    5th Oct 2018
    6:16am
    I've read a few of the above posts and quite frankly I don't understand the inconsistent logic applied by the usual posters? The same posters have previously argued that, not all Muslims are terrorists, but some how this logic doesn't apply to other groups of people? If we use the Pereto Principal your job is not to focus on the 20% of rogues but to find a planner amongst the 80%. And when you find that one then keep him honest. It's not brain surgery.
    ex PS
    17th Oct 2018
    9:13am
    If you use the Pareto Principal it tells you that you don't have to worry too much about the 80% that are reputable but the 20% who are rogues.
    For example if 20% of production problems come from a certain part of a factory, that is where you concentrate your replacement planning.
    When I retired I took advice from a planner attached to my Industry Fund, like most things of value it cost me, but the advice that I took has kept me in good stead for the last six years and was well worth the money.
    I listened and took the advice that suited me, some of it I chose not to take up, advice is just that, you have to take the bits that you consider best for you.
    The other thing I did was to make sure that the person giving advice provided a signed disclaimer stating that he/she did not accept commissions or payment from any sources other than their own clients.
    Bruce
    6th Oct 2018
    12:08pm
    AMP.. Cheats and liars. Stung me when i was 24. Never had anything to do with them again.
    Old Geezer
    8th Oct 2018
    2:58pm
    AMP has nothing on what I have uncovered in the last 24 hours. Been busy writing to the ACCC about the conduct of this company and what it is up to.
    Noodles
    13th Oct 2018
    7:36pm
    the only person I trust with my money is myself. been down the path of financial advisors...learnt my lesson and hoping to get some compensation for yearly financial advice I never got from CBA.


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