Financial Planners Brought To Account

[Dark Knight 2.0]

CFPs (certified financial planners) are required to do a full University degree in Financial Planning. CPAs do an Accounting degree then the CPA program - BIG difference nowadays.

Gone are the days of Accountants doing the PS146 then calling themselves Fin Planners, although some may still exist.

 

[tech/a]

I’m sure there are some very handy F/Ps
They will have earnt a position.
Morgan Stanley
BT
Macquarie

If I went searching I’d be looking for degrees coupled with practical experience
Over 20 yrs +.
Even so happy to look after myself with specific help in areas where expertise is required
Trusts ,Wills, etc

 

[Dark Knight 2.0]

How many people here other than Junior are actually legally qualified to give financial advise? My degree makes me PS146 qualified, meaning I'm legally allowed to offer you financial advise @tech/a . Let me know your situation and problems. You're in good hands

 

[Smurf1976]

I’m sure there are some very handy F/Ps

Same in any occupation.

Some are outright brilliant but they're a small minority - 1% or so.

Some are very good and always worthwhile. They're not in the genius category but they know far more than most.

Most are somewhere in the middle. They get the job done but the results are nothing special.

Some are basically useless.

Same with anything and in most industries there's a few niches where those at both extremes tend to end up.

 

[Kryzz]

I work for an industry fund and regularly refer members to our planners, being profit to members the SOA charge is cost recovery. Comparing this to where I used to work (BT), some of the fees I would see would make you sick, chalk and cheese.

Most of the people I refer have little to no understanding of super or finance and the advice they receive may appear basic (i.e. establishing a TTR pension + downsizer contributions and shifting some assets to a younger spouse to assist with pension eligibility), very few members would be proactive to enough to establish this themselves.

Paying a couple of grand to a planner would pay for itself in a relatively short time-frame IMO.

 

[sptrawler]

From David Murray , Head of the Financial System Inquiry.
Beware of Financial Advisers.
Glossy Brochures, Fancy Offices and Advertisements on TV do not necessarily indicate that a Financial Adviser will be qualified or educated to a level to give appropriate Financial Advice.

gg

Or look after your money, things aren't always what they appear.
https://www.theage.com.au/business/...10-years-for-stealing-5m-20190710-p525y4.html
From the article:
"He used to mock up all sorts of statements which weren't true at all and naturally how did we not know they weren't true. He was frightfully clever in that manipulatively sly horrible way."

As I've said before, these are the very reasons, I started a SMSF.