financial advice
If your only tool is a hammer
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: [...]
Latest Research: You Save More by Paying For Financial Advice
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.
Product Aligned Advice is (Mostly) Irrelevant
SMH article: “Finance advisers mostly a sales force, report says” is wrong and potentially more misleading to you than product-aligned advice.
Take The Financial Pressure Down
Today is Stress Down Day, to raise funds for Lifeline. As part of their promotion of Stress Down Day Lifeline conducted a Newspoll to discover what was stressing Australians. The Newspoll found that two thirds of Australians are stressed about money, second only to being stressed about work. Does that include you? The Lifeline poll [...]
What a CFP represents
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 [...]
Defining TRUE financial planning
I wish I could tell you that there was a definition of financial planning that the entire industry, regulators and government agreed upon. Sadly that level of consensus is something I can only dream about in my lifetime. To me true financial planning is about maximising the likelihood that you have the financial resources to always live the life you’d love, now and in the future. In shorthand I think of this as financial fulfilment.
Creating Wealth: Should you D.I.Y. Or Outsource?
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.
Fee based advice hard to find
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 [...]
Australia’s Top 50 Financial Advisers
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 [...]
Are you starting 2008 in peak financial fitness?
Your financial fitness is how well you manage your money on a daily basis. Just like physical fitness helps your health, so does financial fitness help your financial health and weath. Discover your financial fitness by completing our brand new Financial Fitness quiz now. (It’s free and takes about 70 seconds).
Trust pros for financial advice over friends and family, survey suggests
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 [...]
Where do I start?
I love receiving phone calls of enquiry from people who are new to advice. Often the calls start with them revealing that up until now they’ve not paid much attention to their money at all (besides spending of course) but for one reason or another they’ve decided to take action now. I love it because [...]
What is the value of financial advice?
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 [...]
Profit sharing with your adviser
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 [...]
How’s your financial health?
How’s your financial health? Is everything in tip top working order, or are there areas being avoided and showing signs of wear and tear? Well, if you suspect that your finances are out of shape you are not alone. The average score from my online financial health check-up is just 39 percent. That low average [...]
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