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By Matt Hern on November 19, 2009
You may be familiar with the adage that to a person with a hammer every problem looks like a nail.
This is very applicable in the world of financial advice and many clients are not aware of it.
Unfortunately, when you don’t know any different you are often also oblivious to the consequences, which include:
Missed opportunity
Higher stress [...]
Posted in Getting Advice, Planning | Tagged financial advice
By Matt Hern on November 5, 2009
Do-it-yourself financial planning can be costly because often you don’t know what you need to know. With a litte more knowledge you would make a more informed financial decision that can both save and make you money.
This was clearly illustrated in my conversation just now with one of the other tenants in my office building. Let’s call [...]
Posted in Getting Advice, Planning, Superannuation | Tagged salary sacrifice, superannuation, value of financial advice
By Matt Hern on November 5, 2009
Want to save more money? Then pay for financial advice. That is the one of the findings revealed in this latest research by KPMG/IFSA. Clients of financial planners on average save over $2,400 per year more.
Posted in Getting Advice, Saving | Tagged financial advice, ROI, Saving, value of financial advice
By Matt Hern on November 3, 2009
SMH article: “Finance advisers mostly a sales force, report says” is wrong and potentially more misleading to you than product-aligned advice.
Posted in Getting Advice | Tagged financial advice
By Matt Hern on July 13, 2009
One of the messages I teach is to “Do What You Love; Outsource The Rest“. When it comes to direct investment in residential property it can be tricky to implement this due to the presence of too many biased spruikers. Neil Jenman refers to them as “selling machines” in his insightful article, which I recommend [...]
Posted in Getting Advice, Property | Tagged investment, property
By Matt Hern on June 3, 2009
Certified Financial Planner, or CFP is the top level certification for financial planners. It takes quite a bit of knowledge, skill and experience to be awarded this certification.
When seeking financial planning advice, especially for the first time I recommend that you start by speaeking with CFPs. You can find them on the Financial Planning Association [...]
Posted in Getting Advice | Tagged certified financial planner, financial advice, Financial Planning Association (FPA), video
By Matt Hern on December 8, 2008
As the first of the Government’s fiscal stimulus hand outs are distributed, the Prime Minister Kevin Rudd is urging Australians to be patriotic and stimulate the economy by spending it. Retailers would love you to spend it in their shops before Christmas, but economists agree that it doesn’t really matter what you spend it on, [...]
Posted in Getting Advice | Tagged Global financial crisis
By Matt Hern on July 18, 2008
The state of Australian and International share markets has been so bad that stock broking firm Ord Minnett has formed teams to advise clients how to make money selling drugs like crack.
Perhaps they have not read the excellent book “Freakonomics” By Steven D. Levitt and Stephen J. Dubner which explains that many drug dealers still [...]
Posted in Getting Advice | Tagged humour
By Matt Hern on June 29, 2008
To create wealth is it better to do it yourself or outsource? Is an active approach better than passive? If you do outsource some parts, how do you know what to outsource?
In this interview on Wake Up WA, I answer these questions with a unique model I have developed. Watch the video now.
Posted in Getting Advice | Tagged financial advice, investment, media mentions, video
By Matt Hern on June 25, 2008
If you are wary of your financial adviser being biased by commissions then you will want to work with an adviser who charges fees and rebates commissions to you. But according to new research released today such an adviser may be hard to find, with only approximately 1 in 10 Australian financial advisers focused on [...]
Posted in Getting Advice | Tagged fees and commissions, financial advice
By Matt Hern on January 21, 2008
Released last Friday, the February 2008 edition of The Australian Financial Review Smart Investor magazine announces the 2008 members of the annual Masterclass for Financial Planning. If you are seeking financial advice but unsure how to filter the thousands of financial advisers into ones you can trust to know what they are talking about, then [...]
Posted in Getting Advice | Tagged financial advice
By Matt Hern on January 8, 2008
About one in six Brits has received bad financial advice from their friends and family and have suffered financially and emotionally as a result, according to new research from the specialist mortgage provider (Birmingham Midshires)Almost one in five (17%) wasted a lot of time in the process. Just over one in 10 (12%) admitted that [...]
Posted in Getting Advice | Tagged financial advice, statistics, video
By Matt Hern on November 30, 2007
Socially when I speak to people who have never seen a financial adviser, and are still reluctant to do so, one of the main reasons has been that they don’t see any value in using a financial adviser. Sometime they sense that an adviser delivers some benefit but that those benefits don’t outweigh the costs [...]
Posted in Getting Advice | Tagged financial advice
By Matt Hern on November 28, 2007
If you paid your financial experts solely on the basis of a percentage of the benefit to you of their recommendations, what percentage would you prepared to give them?
I just had a conversation with a client who I sense is very fee conscious. Fee appears to be the major, initial focus and by comparison benefits [...]
Posted in Getting Advice | Tagged fees and commissions, financial advice
By Matt Hern on September 27, 2007
Do you have investments, superannuation accounts and/or insurance policies sitting around? If you’ve had them for years then it’s quite possible that some company somewhere is receiving an ongoing (trail) commission from that product, and you possibly don’t know who they are.
If you’ve had no contact from them then they are just receiving the commission [...]
Posted in Getting Advice | Tagged fees and commissions, investment
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