# Looking for good financial adviser in Sydney for family member



## Averagejoe101 (6 March 2014)

Hey guys, im after an independent financial adviser in Sydney. She is mainly after help setting up her super and getting the best return possible, plus taking out all the extra stuff she doesnt want. As im in WA this is a bit hard for me, does anyone have some recommendations?

Someone not too expensive, she just finished high school last year.


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## Averagejoe101 (7 March 2014)

No one have any recommendations? I find that hard to believe!


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## Julia (7 March 2014)

> Someone not too expensive, she just finished high school last year.




Might have something to do with the above qualification.

It's a little hard to imagine that anyone just out of school is likely to have any significant funds to invest.
Why doesn't she ring around several advisory firms, describe her situation, and ask if anyone will offer her a fee free initial consultation?

However, she shouldn't be surprised if no one is leaping to take up such a suggestion.


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## Knobby22 (7 March 2014)

An advisor will just take a cut and reduce her returns.

Tell her to put the money into an industry fund and set it on high returns, not balanced.


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## Vixs (7 March 2014)

Knobby22 said:


> An advisor will just take a cut and reduce her returns.
> 
> Tell her to put the money into an industry fund and set it on high returns, not balanced.




What a ridiculous comment. What about the value add outside investment returns? How much can I salary sacrifice without affecting my lifestyle? Should I employ a TTR pension? How long will it take to get a withdrawal? What am I covered for insurance-wise? What should I be covered for under a fully-underwritten policy? Where is my money invested? Are my funds liquid?

A lot of people could benefit from retirement planning.


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## Averagejoe101 (8 March 2014)

Knobby22 said:


> An advisor will just take a cut and reduce her returns.
> 
> Tell her to put the money into an industry fund and set it on high returns, not balanced.




Well thats seems a bit silly. My projected super (with an industry super), just "letting it go" as i didn't really understand superannuation was about 640k at 60. Going through my financial adviser, letting him manage my super and taking 1% will be over 1 mil now at 60.

I think that is worth it. That doesnt take a genius, thats like 35% difference for only a 1% investment.

Also, its because she doesn't understand it at all (super). She wants to set her self up early. I advised her to go with an independent adviser, not one attached to a bank as you will get less biased opinions. But living 3,500km away from Sydney it makes it hard for me to actually suggest one.


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## Julia (8 March 2014)

Vixs said:


> What a ridiculous comment. What about the value add outside investment returns? How much can I salary sacrifice without affecting my lifestyle? Should I employ a TTR pension? How long will it take to get a withdrawal? What am I covered for insurance-wise? What should I be covered for under a fully-underwritten policy? Where is my money invested? Are my funds liquid?
> 
> A lot of people could benefit from retirement planning.



Vixs, not sure why Knobby's suggestion was 'ridiculous' for someone who has just left school?
How much do you imagine she will have to invest?  I interpreted Knobby's suggestion as an interim measure while the girl builds up some funds.

Discussion about a TTR pension for a 17 year old???   Successive governments will almost certainly change the rules on Super multiple times before she's going to be at all interested in such a scheme.

My recall might be faulty, but I think you're a financial adviser yourself, so understandably defending your capacity to add value for clients.   Fair enough, but I'd suggest more value can be added when this young person has actually saved some money first.

Btw, if you're disposed to so comment, what would you charge for comprehensive assessment and financial plan?  Examples I've seen are not less than $1000.  Usually closer to $5000.



Averagejoe101 said:


> Also, its because she doesn't understand it at all (super).



There's plenty of information available for free.  Super is not difficult to understand.  Start with the government websites.   

You might also consider that another reason you have received few replies is that most people on this and similar forums don't actually use financial advisers.


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## McLovin (8 March 2014)

Julia said:


> Vixs, not sure why Knobby's suggestion was 'ridiculous' for someone who has just left school?
> How much do you imagine she will have to invest?  I interpreted Knobby's suggestion as an interim measure while the girl builds up some funds.
> 
> Discussion about a TTR pension for a 17 year old???   Successive governments will almost certainly change the rules on Super multiple times before she's going to be at all interested in such a scheme.
> ...




I agree, Julia. From reading the OP, it sounds more like she's looking for basic financial advice (I think this should be taught in school, but I digress). At 17/18, and assuming she is going to continue her studies her work will likely be low paid casual stuff like bar work. This is Sydney, and after living expenses, it's unlikely there will be much in the kitty at the end of the week. It seems a bit premature to be discussing things like salary sacrifice etc.


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## nulla nulla (8 March 2014)

Knobby22 said:


> An advisor will just take a cut and reduce her returns.
> 
> Tell her to put the money into an industry fund and set it on high returns, not balanced.






Julia said:


> Vixs, not sure why Knobby's suggestion was 'ridiculous' for someone who has just left school?
> How much do you imagine she will have to invest?  I interpreted Knobby's suggestion as an interim measure while the girl builds up some funds.
> 
> Discussion about a TTR pension for a 17 year old???   Successive governments will almost certainly change the rules on Super multiple times before she's going to be at all interested in such a scheme.
> ...






McLovin said:


> I agree, Julia. From reading the OP, it sounds more like she's looking for basic financial advice (I think this should be taught in school, but I digress). At 17/18, and assuming she is going to continue her studies her work will likely be low paid casual stuff like bar work. This is Sydney, and after living expenses, it's unlikely there will be much in the kitty at the end of the week. It seems a bit premature to be discussing things like salary sacrifice etc.




For what it is worth, I concur with the above posts. I will provide an example to support this approach. 

Our daughter started working a few shifts each week as a "check-out chick" at one of the supermarket chains, when she was in year 10. With weekend shifts the chain was obliged to pay superannuation from time to time so a superannuation account was opened up with R.E.S.T. After 2-3 years more (high school and TAFE) our daughter entered into an apprenticeship. Her employers were happy to direct the compulsory contributions to her existing account with R.E.S.T. 

We also encourage our daughter to make a personal contributions each year to qualify for the government co-contribution. Our daughter is now in her early 20's and has established a nest egg that is growing in an Industry Managed fund that outperforms the comparative fee harvesting funds. Our daughter can alter the investment strategy from time to time to low risk or high risk as she feels appropriate. We are confident that by the time she reaches retirement she will have accumulated far more than we have.


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## Bill M (8 March 2014)

nulla nulla said:


> Her employers were happy to direct the compulsory contributions to her existing account with R.E.S.T.
> 
> We also encourage our daughter to make a personal contributions each year to qualify for the government co-contribution. Our daughter is now in her early 20's and has established a nest egg that is growing in an Industry Managed fund that outperforms the comparative fee harvesting funds. We are confident that by the time she reaches retirement she will have accumulated far more than we have.




My wife has been with R.E.S.T. for over 20 years now and I can vouch that it has been a very good Industry Fund over the years. If anyone wants to check and confirm then please just google REST Core Strategy and the results will speak for themselves.


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## Averagejoe101 (8 March 2014)

nulla nulla said:


> For what it is worth, I concur with the above posts. I will provide an example to support this approach.
> 
> Our daughter started working a few shifts each week as a "check-out chick" at one of the supermarket chains, when she was in year 10. With weekend shifts the chain was obliged to pay superannuation from time to time so a superannuation account was opened up with R.E.S.T. After 2-3 years more (high school and TAFE) our daughter entered into an apprenticeship. Her employers were happy to direct the compulsory contributions to her existing account with R.E.S.T.
> 
> We also encourage our daughter to make a personal contributions each year to qualify for the government co-contribution. Our daughter is now in her early 20's and has established a nest egg that is growing in an Industry Managed fund that outperforms the comparative fee harvesting funds. Our daughter can alter the investment strategy from time to time to low risk or high risk as she feels appropriate. We are confident that by the time she reaches retirement she will have accumulated far more than we have.




Can i ask how you learnt or how she learnt about the government contribution and things like that?

Her main problem was "Why dont they teach us this in school." We all know why, the education system is outdated and if EVERYONE was financially literate, no-one would clean toilets. Toilets need cleaner's, so the education system creates workers not entrepreneurs. 

She wants to learn, i am not in a position to teach as i taught myself and my financial position is VERY different to her's or how her's will ever be. She can use google and the internet but to be honest, i know she wont put the time in like i have. This is why i need a financial adviser.


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## Julia (8 March 2014)

Averagejoe101 said:


> Can i ask how you learnt or how she learnt about the government contribution and things like that?



Earlier I suggested studying the websites of ASIC and the ATO.  The latter has detailed information about the government co-contribution.  Anyone who didn't have their ears and eyes closed would be aware of this.  It has been referred to on many, many occasions over the last several years.



> Her main problem was "Why dont they teach us this in school."



For heaven's sake, if teachers were to teach everything the lazy public declined to find out for themselves, they'd be working 24 hours a day.  I don't think anyone would disagree that basic financial literacy should be fundamental in anyone's education, but given the Australian literacy and numeracy rate in the most basic terms is abysmal, we probably need to focus on that before providing information about superannuation to school children.  Recently it was reported that fifty percent of the Tasmanian population is illiterate!!

Let's expect a bit of personal responsibility in terms of acquiring necessary financial education.  There is no shortage of information readily available via a simple Google search.  Surely we don't have to spoon feed everyone.



> We all know why, the education system is outdated and if EVERYONE was financially literate, no-one would clean toilets. Toilets need cleaner's, so the education system creates workers not entrepreneurs.



Perhaps the education system also needs to focus on the removal of superfluous apostrophes.



> She can use google and the internet but to be honest, i know she wont put the time in like i have.



Well, it might be good for her to begin to understand that one is generally rewarded for the effort one is prepared to engage in.


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## Averagejoe101 (9 March 2014)

Julia said:


> Earlier I suggested studying the websites of ASIC and the ATO.  The latter has detailed information about the government co-contribution.  Anyone who didn't have their ears and eyes closed would be aware of this.  It has been referred to on many, many occasions over the last several years.
> 
> 
> For heaven's sake, if teachers were to teach everything the lazy public declined to find out for themselves, they'd be working 24 hours a day.  I don't think anyone would disagree that basic financial literacy should be fundamental in anyone's education, but given the Australian literacy and numeracy rate in the most basic terms is abysmal, we probably need to focus on that before providing information about superannuation to school children.  Recently it was reported that fifty percent of the Tasmanian population is illiterate!!
> ...




So basically you have ignored everything i asked. Im trying to help, the only way i can is find her a place to go that will spark her interest in finance. She wont learn by herself using the internet. She needs someone face to face that can help her.

Guess i will just try and find a good adviser for her, that i hope gives good advice.



Julia said:


> Perhaps the education system also needs to focus on the removal of superfluous apostrophes.




Yes maybe. Or maybe not, school creates workers. They teach you basics to get a job or further education to get a different job. 
I dropped out after year 10 and now i earn an income which puts me in the top 3% of Australians. I hated school, everything i have learnt i have done so myself (with help form lots of people in different areas). So your argument is invalid. I may be fairly new to shares, but i am not new to finance and business.


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