Cello,
Don't know how reputable your guy may be, but not paying any$$$ com. sounds great, or does it??? but, I would be weary of this. Just be careful that he does not want to put you into some scheme where he gets large commission from the other party in the scheme. If so, I doubt that he will have your interest at heart, as the $3000 up does not generate him much cash flow. He would need a hell of a lot of clients at $3000, especially if as he says he does not see much need for further consolation. he is getting at you on the hourly charge.

But, mate, at the end of the day, it is your call and as long as you can go to bed and sleep soundly, that is the true test.
Get a second opinion on your retirement future.
Jay&Dee

Most financial planners have a bad reputation probably because some have not done the right thing by their customers. We don't use a financial planner because just about every time we spoke to one, we seemed to either know more or we already knew. If you are retiring in six years, I do not believe there are a lot of opportunities in such a short time.
I would be looking at an investment property. Not so much at the capital gain but more towards rental income. Get it right and it's like having a pension.
Larry

After watching the four corners program on the ABC in regards to financial planers at the commonwealth bank ,be careful

Centrelink run seminars all over the country re planning your finances for retirement they are well worth your time to attend, contact your nearest Centrelink office to find out when the next one will be in your area.
You can also make an appointment to see a Centrelink financial planner for a one on one consultation and it is entirely cost free, it is probably best to attend the seminar first as you will gain a lot of knowledge that will help when you finally talk to the financial advisor.
Take great care when choosing a private financial advisor as some are good and many are utter frauds and their main aim will be to fill their own pockets and lighten yours.
Cheers
David

We didn't get much service from our financial planner. And a friend took his funds out of his planner's control as it was costing too much. Take account of some of the above advice and think it through for yourself. We read a lot of info and managed to do OK on our own. Centrelink is a good starting point if it's still available as Gunsondeck said.

-- Edited by neilnruth on Tuesday 1st of July 2014 02:49:22 PM

Collo

(My career was 34 years in the Banking & Finance Sector).

This is not the correct forum for such advise in relation to such important matters. however, in saying that the forum members who have suggested Centre Link are pointing you in the right direction. My suggestion would be firstly to seek advice via your Super Fund, in particular if your super is with an Industry Fund.Please note individual circumstances are different, however financial planners are probably required when investments are varied and require regular maintenance.

Check Centre Link & talk to your Super Fund.

JohnR

 

 

 

Collo, I'm a part of this forum because of our financial planner, and yes the fee you quote is in the realm that he charges.

The advise given in this thread is all relevant. What you do is a very individual choice. Arm yourself with as much information as you can get, and make your decisions as wisely as you are able.

A friend recommended "my guy" about 25years ago, we meet every 3-4 years if there isn't an urgent need to change something in our plan (usually a written explanation of what he suggests, sign a form and send it back), and he has never steered us wrong. As for the fee I think he has charged us the full $3k fee twice in all that time, usually it's a few hundred $'s for a "checkup", and the choices he has advised far outweigh the fee he has charged.

There are different ways to invest and here you probably need to make you most important decision. Do you seek high risk/high gain investments, a balanced plan, or rock solid investing with small return. This is probably a very simplistic was to look at it and someone like JohnR could probably give you many more ways to invest your money.

I would freely admit we have been very lucky with the adviser we have, we chose a balanced investment plan and always took the view we wanted to "be comfortable" in our later years not necessarily filthy rich (although a lottery win wouldn't be frowned upon ).

Early last year we last went and saw "our guy" for a "checkup" as it was 3 years before my wife wanted to retire and we just wanted to check if we had things right for that to happen. During our meeting he asked us what we wanted to do long term? "When we retire we want to buy a 4x4 and a caravan and tour around" was our reply. His advice....."F#@&%K it, you could be dead next year, Do it now!". So we did! (re-mortgaged the "paid off" house, bought a triton 4x4 ute, and a Jayco campervan, which is now a Pop Top caravan), and we love every minute we're out in it.

Good luck with your choices, listen to others and don't be put off by the fees they might charge especially if you can get a good advisor to help you.

Jeff