Recommendation for a good financial planner

[Krusty the Klown]

Not sure this is correct. My understanding is that accountants can give financial advice providing it isn't product specific....i.e. they can recommend setting up an SMSF and invest in managed funds, but can't recommend specific funds or receive any commission from product providers.

Accountants, unless covered by an AFSL and they are an authorised representative of the licensee or RG146 compliant (like a financial planner) cannot give advice on or recommend ANY investment product, individual share, asset class or even bank account.

They can however provide general information on these things and let the client decide. They cannot formally recommend anything.

Accountants can give advice on trust use and structure, such as SMSF's but not where to invest the funds.

Only AFSL licensees can receive commissions from managed fund providers.

It is common, however, for accountants to recommend forestry investment schemes, based on the idea that it generates an upfront tax deduction on capital invested. The recommendation is based on tax advice not investment appropriateness. Accountants can receive commissions for these forestry schemes at up to 10% of funds invested (or 10% of the money you invest).

ASIC is heavily reviewing these forestry schemes at this point in time due to the failure of a lot of them in the last 12 months.

 

[blazer121]

Accountants, unless covered by an AFSL and they are an authorised representative of the licensee or RG146 compliant (like a financial planner) cannot give advice on or recommend ANY investment product, individual share, asset class or even bank account.

They can however provide general information on these things and let the client decide. They cannot formally recommend anything.

Accountants can give advice on trust use and structure, such as SMSF's but not where to invest the funds.

Only AFSL licensees can receive commissions from managed fund providers.

It is common, however, for accountants to recommend forestry investment schemes, based on the idea that it generates an upfront tax deduction on capital invested. The recommendation is based on tax advice not investment appropriateness. Accountants can receive commissions for these forestry schemes at up to 10% of funds invested (or 10% of the money you invest).

ASIC is heavily reviewing these forestry schemes at this point in time due to the failure of a lot of them in the last 12 months.

That is the way I understood this as well. Just one little thing is if you are RG146 compliant you still cant give advice unless you hold an AFSL or are an authorised rep of a licensee

 

[Krusty the Klown]

That is the way I understood this as well. Just one little thing is if you are RG146 compliant you still cant give advice unless you hold an AFSL or are an authorised rep of a licensee

That's correct blazer.

 

[ChilliBlue]

I have never heard of this monitor ? Are we talking water or gas ?? And calculating individual use of each apartment to bill the tenants ?

You can have a contractor install a monitor to determine the amount of water/gas/electricity has passed through - depending on what you need to account for.

Some monitors are flash enough to calculate the cost of that utility and print out reports. The basic ones need to be read and self calculated - similar to the old electrical and water meters on properties.

We use them on residential and commercial properties so that we may get the tenants to pay for their own usage rather that fuss about and try to guess what to charge them.

For example, in a block of 10 with only one water meter there were 8 units with only one person living in them, 1 with a couple, and 1 with a couple and 2 children.

Before we took over, the strata was paying for the entire water and dividing the bill into 10. That was totally unfair.

 

[rossCaruso12]

Interesting to see what some people say compared to others. definitely look one up in FPA but usually word of mouth or recommendations will do the trick