Does anyone know a rough ball park figure for an appointment to see a financial planner? It would just be for a general overview of our household finances and advice on how best to manage them.
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30-12-2014 10:34 #1
Financial planner fees?
30-12-2014 11:19 #2
They should offer a free consult initially, where they should explain the ongoing cost at that meeting. DH is a financial planner - depending on the situation there could be fees charged for the advice service, or fees paid to the planner from 'products' that they sign the client up to. DH says after the initial consult if you go ahead could be anywhere from a few hundred dollars for insurance policy, super rollover etc, to a full family structure including wills, self managed super etc - would be up to about $5,000.
Make sure they are a member of the Financial Planning Association and if you are after senior advice from an experienced FP, make sure that they are a CFP (Certificed Financial Planner) of the FPA.
Be very careful and up front as to what you want the planner to do for you, there are some terrible ones out there who will just pressure you to sign up for various products/investments to as they receive more fees, conversely there are some very good ones who can save you money or give good investment advice.
30-12-2014 11:25 #3
Financial Planner will usually mean someone planning for your investments.
Financial management/budget planning is different.
(not sure which one you want - just wanting to make it clear that they are different, so ensure you are seeing the kind of person that you want.)
Otherwise - if you are talking about financial planning and want a bit of an overview ... go see a planner at a bank. I wouldnt advise to blindly go with them, but they will give you free sessions to talk to you about goals/risks etc and some ideas about products available.
Remember that planners get paid commissions - so what they offer you is often not ONLY whats available, but products they have arrangements with. (its not always a bad thing, good planners will have a wide range of products to suit your circumstances .. just remember that each planner will have different ones)
30-12-2014 17:13 #4
Make sure you choose a fully independent financial planner. They are not many but they exist and won't get paid on commission based on the product you pick.
02-01-2015 15:50 #5
Thank you! We're looking at planning for our retirement too so we're open to products. But yeah, will try to get an independent so they're not ramming things down our throat!
02-01-2015 16:04 #6
Firstly it's great you want to see a planner, they will look at ALL aspects of your investments, retiring, insurances and financial goals (we just had ours done). Initial appt will be free and you can arrange one through your bank, if you decide to proceed and have them do up a plan cost could be from $400 to $5000 depending on the nature and extent of the plan they do for you. The good thing is though you can pay this fee through your super and not have to out lay it up front. Also I wouldn't stress about the 'fully independent', no matter what planner you go through they all have financial obligations and laws they have to adhere to that clearly state they must not write a plan for you unless it clearly benefits you and they must offer you a comparison. Good luck!
02-01-2015 17:53 #7
To be honest I'd stay clear of financial planner that are arranged through banks but that just me.
They are the least independent. Then I guess if you trust said bank and their products why not.
02-01-2015 18:00 #8
We use a financial planner about 6 years ago. It was useless, total rip off. We spent $3000 for him to hand us a few spreadsheets to project some possibilities over 5 years. It honestly looked like it would have taken him 10 minutes to plug it into his spreadsheet. Very disappointing. Now we have an accountant who we trust and has given us much more practical and purposeful info.
02-01-2015 21:06 #9
I can only speak from my personal experience which has been a good one and I am now feeling a lot more comfortable financially for future goals as well as a lot more secure if something unexpected happens. The best thing you can do is have that initial appointment and judge for yourself.
Accountants are great when it comes to business/trust financial structures and personal tax structures but by no means are they financial planners just as financial planners are not accountants. Ideally you would like to have a good accountant and financial planner.
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