An Honest Answer
Do I Need A Financial Adviser?
Not everyone does, and I would rather tell you that now than after you have paid. Three questions, thirty seconds, no email address. General guidance only, not advice.
Four consultations a week.
1 of 3
Roughly, what are your super and investments worth, not counting your home?
When Advice Is Usually Worth It
- You are within ten years of retirement, or already there
- You have $100,000 or more and have never had it looked at
- You have several super funds, or a fund you never really chose
- You have received, or are about to receive, a lump sum
- You are paying an adviser and are not sure what you get for it
- You are thinking about an SMSF, or want to wind one up
When It Usually Is Not
- Your balance is small and you are decades from retiring
- You are already in one low-cost fund, in an option that suits your age
- Your main issue is budgeting, spending or debt
- You want someone to pick shares or time the market
If that is you, save your money. I mean it.
Questions People Ask Before Seeing An Adviser
How much money do you need before a financial adviser is worth it?
There is no fixed line. As a rough guide, around $100,000 in super and investments is where one-off advice starts to pay for itself, and the case strengthens as retirement gets closer.
Can my super fund give me advice?
Yes, most large funds offer limited advice about your account with them, often at no extra cost. It is a good first step. It will not cover money outside that fund, or tell you to move to a competitor.
What is the difference between one-off and ongoing advice?
One-off advice is paid for once: you receive a written plan and act on it. Ongoing advice is a yearly fee, often a percentage of your balance, for continuing service. Most people need the first far more than the second.
What does a financial adviser actually do?
A financial adviser tells you which super fund and investment option to use, what to contribute, what insurance to hold, how to invest outside super and how to draw an income in retirement, in a written Statement of Advice with the reasons.
How much does a financial adviser cost in Australia?
Ongoing advisers commonly charge around 1% of your balance each year. I charge $330 for an initial consultation and a fixed fee from $6,600 for a Statement of Advice, or $8,800 for complex cases, paid once.
General advice only. It does not take your objectives, financial situation or needs into account. Consider whether it is appropriate for you before acting on it.
Book A Consultation
If you do not need advice, you find out for $330, not $6,600.
- 45 minutes with the adviser himself, not a junior
- A fixed quote on the call, if advice is warranted
- The $330 is credited in full if you proceed
Why $330 and not free? A free first meeting is usually paid for later, through ongoing fees. I would rather you paid once for my time and owed me nothing.
Pay $330 now. A consultation, not an advice session. Reschedule up to 48 hours before.