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  1. #1
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    Default Financial advisor. How do I stop ongoing consultations?

    So a couple of years ago my husband worked for himself and we needed a financial advisor to help set up his super / income protection insurance. The advisor did a great job at selecting a company and we got the impression that the company he chose pays his fee (we don’t pay anything). Since then the advisor catches up with us to check-in how we’re going financially.
    Fast forward two years and my husband now works for an employer so he no longer needs to pay his own super / income protection etc.
    We don’t have any assets, investments etc.
    We just pay our mortgage, have a little savings and pretty much live week by week.
    The advisor wanted to catch up again and he told us that his fee is actually .6% of our super. We don’t have much super, so that’s a total of around $1000 per year.
    I don’t really feel we need him anymore but I don’t know how to break it to him because he is a really nice guy in general and helped us at the start when my husband worked for himself.
    We aren’t expecting any inherited soon or to buy any investment properties.
    So should I keep him and if not, what can I say??
    Thanks all.

  2. #2
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    No thanks? You don’t have to meet with him if you don’t want to, just be honest to save him trying to get your business.

  3. #3
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    Quote Originally Posted by Mum-I-Am View Post
    No thanks? You don’t have to meet with him if you don’t want to, just be honest to save him trying to get your business.
    I know, but he rings to say he wants to catch up and he has a chat with us first to see how we are and then talks finances.
    I just don’t know how to say it. We’re too nice. Lol.

  4. #4
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    Quote Originally Posted by 2BlueBirds View Post
    I know, but he rings to say he wants to catch up and he has a chat with us first to see how we are and then talks finances.
    I just don’t know how to say it. We’re too nice. Lol.
    Just say you don’t need his assistance anymore and you appreciate the assistance he’s given previously. And that you’ll send him an Xmas card haha.

  5. #5
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    Of course he is "nice" and charismatic. That's how he get's clients. I think he sounds like a pushy salesman.

    Just say thanks for your help in the past, but we no longer require your services.

    What do you mean by his fee is .6% of your super? Is he getting that in commissions from your super fund?

    If yes, change funds now.

  6. The Following User Says Thank You to SSecret Squirrel For This Useful Post:

    Mum-I-Am (01-04-2020)

  7. #6
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    Quote Originally Posted by SSecret Squirrel View Post
    Of course he is "nice" and charismatic. That's how he get's clients. I think he sounds like a pushy salesman.

    Just say thanks for your help in the past, but we no longer require your services.

    What do you mean by his fee is .6% of your super? Is he getting that in commissions from your super fund?

    If yes, change funds now.
    Well said

  8. #7
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    Quote Originally Posted by SSecret Squirrel View Post
    Of course he is "nice" and charismatic. That's how he get's clients. I think he sounds like a pushy salesman.

    Just say thanks for your help in the past, but we no longer require your services.

    What do you mean by his fee is .6% of your super? Is he getting that in commissions from your super fund?


    If yes, change funds now.
    I think I can still stay in the super fund but stop his services??

  9. #8
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    Quote Originally Posted by 2BlueBirds View Post
    I think I can still stay in the super fund but stop his services??
    Absolutely. He is just trying to make more money off you.

    I just found this:

    https://www.canstar.com.au/superannu...ing-fees-cost/

    It seems the fee as a percentage of your assets is common amongst financial planners. Also no commissions to him from your super fund if you saw him after 2013.

    I would just tell him not thanks. If he won't take no, block his number on your phone.

  10. #9
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    Quote Originally Posted by 2BlueBirds View Post
    So a couple of years ago my husband worked for himself and we needed a financial advisor to help set up his super / income protection insurance. The advisor did a great job at selecting a company and we got the impression that the company he chose pays his fee (we don’t pay anything). Since then the advisor catches up with us to check-in how we’re going financially.
    Fast forward two years and my husband now works for an employer so he no longer needs to pay his own super / income protection etc.
    We don’t have any assets, investments etc.
    We just pay our mortgage, have a little savings and pretty much live week by week.
    The advisor wanted to catch up again and he told us that his fee is actually .6% of our super. We don’t have much super, so that’s a total of around $1000 per year.
    I don’t really feel we need him anymore but I don’t know how to break it to him because he is a really nice guy in general and helped us at the start when my husband worked for himself.
    We aren’t expecting any inherited soon or to buy any investment properties.
    So should I keep him and if not, what can I say??
    Thanks all.
    Hi love I am familiar with this field. Just send him an email and say you would like to discontinue services and that you would like to cease fees being deducted from your account as soon as practical. It happens all the time, and he will be picking up allot of clients as people need financial advice more than ever with government benefits and superannuation changes at the moment. If you don’t see any value then it’s not a good relationship

  11. #10
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    Quote Originally Posted by SSecret Squirrel View Post
    Absolutely. He is just trying to make more money off you.

    I just found this:

    https://www.canstar.com.au/superannu...ing-fees-cost/

    It seems the fee as a percentage of your assets is common amongst financial planners. Also no commissions to him from your super fund if you saw him after 2013.

    I would just tell him not thanks. If he won't take no, block his number on your phone.
    Thanks you!
    I think I need to sign something each year to allow him permission to take the fee. I did see him after 2013!

  12. The Following User Says Thank You to 2BlueBirds For This Useful Post:

    SSecret Squirrel (01-04-2020)


 

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