Are you finding financial help? If one wants a piece of impartial advice, one should always choose an independent financier. The words financial adviser and financial planner are interchangeable, and there is no distinction between them.
WHAT IS THE WORK OF A FINANCIAL ADVISER?
A financial planner in Sydney or a financial adviser in Sydney helps one set their financial goals and help achieve them. An investor provides advice on superannuation, investment, retirement planning, risk management, estate planning and insurance. Some of the financial planners also advise about max management. The advice varies from one advice on a single topic to ongoing advice.
WHAT IS AN INDEPENDENT FINANCIAL PLANNER?
Financial planners can only call themselves independent if they do not take any commission, payments made based on volume or the other benefits or gifts received from a financial product giver.
It’s worth mentioning that all financial advisers must hold an Australian Financial Services (AFS) licence by ASIC, the financial services regulator. Financial advisers are required to satisfy additional professional requirements as a result of the Royal Commission. It involves obtaining a bachelor’s degree authorised by the Financial Adviser Standards and Ethics Authority (FASEA), passing a test established by FASEA. It adheres to a Code of Ethics that compels them to work in customers’ best interests and prevent conflicts of interest, among other things.
HOW MUCH DOES IT COST TO HIRE A FINANCIAL ADVISOR?
The cost of financial advice varies based on the intricacy of the guidance and the fee structure used by the financial consultant. Usually, a financial planner charges an initial $3,300 to put up a plan, followed by an annual fee of around $4,300 for ongoing assistance.
Advisors may charge percentage-based fees, such as asset-based fees or fees depending on the success of your assets, in addition to fixed costs. On the other hand, Independent financial advisers who are PIFA Practising Members are prohibited from charging asset-based fees.
THE ADVANTAGES OF HIRING A FINANCIAL ADVISOR WHO ISN’T AFFILIATED WITH A FIRM
One advantage of hiring an independent financial adviser is the confidence that the advice provided will be objective and not influenced by sales incentives.
Using a financial adviser, in general, has a lot of possible advantages. For instance, they could be able to assist one with:
1) Determine the short-, medium-, and long-term objectives.
2) make strategies to achieve the goals
3) get control of the finance
4) make an investment strategy
5) plan the retirement
6) protect one’s assets.
A financial consultant may be especially beneficial in purchasing a house, starting a family, inheriting money, or reaching retirement age when one reaches their preservation age and decides to access their super. One may want to talk with an independent financial adviser to help themselves prepare for the financial future.
More people in Sydney might get help from financial advisers than those who need it.
Only a fraction of Sydney seek superannuation advice, with cost being a key factor:
In Sydney, roughly 20–40 per cent of customers use the services provided by a financial planner in Sydney, with 48 percent of individuals saying that they have unmet advising requirements. The perceived expense of financial advice and a lack of finances to pay its fees are two barriers to getting it.
Whether one is trying to create wealth, maximise an inheritance, or plan for retirement, the financial decisions that one will make may significantly impact their wealth and well-being. With so much at risk, it’s always a good idea to seek expert financial guidance to help one reach their objectives. If one does, make reasonable efforts to ensure that they receive high-quality counsel at a reasonable cost.