This is the place where I share my opinions, musings and tips.
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May 7, 2018
I recently wrote about how clients of financial advisers can ask questions to test for conflicts of interest around their advice relationship. Reflecting on it since, my thoughts have now turned to exploring all the positive qualities that un-conflicted advisers can bring to their client engagements. Doing this has taken me back to what it was that attracted me to financial planning as a profession in the first place (for those that don’t know me,
There is no doubt about it, Financial Advice is taking a hammering at the Royal Commission into Banking and Financial Services. With advisers charging fees for no service, making recommendations with the purpose of meeting sales targets and even charging to accounts of customers who have died it is clear that there is some work to be done to restore the reputation of financial planners in general. As a relative newcomer to financial services and
March 19, 2018
One of the biggest challenges facing financial planning as a profession is the need to shrug off its commission based origins. Early pioneers of financial advice were essentially door to door salesmen. Working for the big life companies and pounding the pavement, their wages were based on the number of policies sold. In some sections of the advice community, this style of remuneration is still very entrenched. Even though a Statement of Advice document has
March 13, 2018
I usually try to keep my ranting on my blog to a minimum, but I have been so saddened by the story of the 71 year old lady from WA who is faced with losing her home to a high risk investment strategy that was probably never appropriate for her (ABC report here). Over a number of years, on a nurse’s wage, she has amassed 11 investment properties (in addition to her home), owes over
February 19, 2018
Call me a tight-wad, but I have always enjoyed being a bit thrifty. Whether it be scraping that last little bit of sauce from the jar before I open the next one, or my “fashion” items from the ’80s that still like to wear occasionally, I like to get the most out of everything before I am done with it. I suspect that the seed was sown by my parents. As children of the second
I sometimes get approached by people who are not wanting to go the full-monty financial planning experience. They may be looking for guidance on a specific decision they need to make, or for a second opinion on a strategy that they are already following. These requests can be tricky to satisfy. The regulations under which financial planners are authorised require that all personalised advice is given in writing. We also have to be certain that
January 18, 2018
Have you been putting off sorting out your personal finances? If you have, you are not alone. It is not always acknowledged in financial planning that our relationship with money is laden with family baggage, regrets for missed opportunities and worries for the future. Denying the psychological and behavioural aspects of how we feel and make decisions about our finances is missing half the experience. Like watching an action movie without the background music. As
December 14, 2017
As awareness grows of social and environmental issues, there has been an increase in investors wanting to understand the types of industries and businesses that are being supported by their savings. Traditionally investment managers were not concerned about the activities of the companies they invested in. They were only interested in their ability to grow and make profits. However, due to customer demand, a whole new style of choosing what to invest in has evolved.
December 5, 2017
I was recently having a chat over coffee with a group of other Mums in business (truthfully I was doing a bit of market research) and I asked them if they felt that they had less super savings than they should have considering their ages and stages. A conversation then followed about the gender pay-gap, taking time out of the workforce to raise a family and finding yourself sole breadwinner due to either illness or
October 4, 2017
You have an in-growing toenail. Annoying, but not typically life threatening. You go to your GP. Is it your expectation that while you are at the consultation your doctor also assesses your general health? Would you be comfortable if they take your blood pressure, ask about your alcohol consumption, recommend that you lose a bit of weight? Would you expect that they also might notice the suspect looking mole on your arm? Take a biopsy,