financial
2010
Top 6 Myths About Financial Planning
There are a lot of misconception about financial planning and how it can help. Here is a list of the myths surrounding financial planning 6. We hope to dispel some of these common myths that may have a better understanding of the financial advisors and how can help you achieve financial prosperity and security.
Myth # 1: Only people who have accumulated wealth and / or assets may see a counselor financial
This is one of the biggest myths surrounding the search for professional financial advice. Most people believe it is necessary to already established yourself financially before a financial planner can help. Some financial advisers only want to work with you if you have some assets established as advising on how to distribute the wealth that this allows them to pay. In the financial spectrum, our financial advisors are fee for service, or charge a flat fee instead of earning a commission. This means they are able to assist in the accumulation of wealth through the creation of things like savings plans and budget, while other advisers did not, and do not earn a commission for this advice. The value of the advice in the early stages of life may be as great if not greater that when they have accumulated their wealth.
Myth # 2: Financial planners only sell to their customers managed funds
Many people believe that financial planners simply sell managed funds to its customers. This is not true. While a financial advisor can recommend to their clients invest in specific investments as a tool to help you grow your wealth, a global financial planner will be in areas such as debt reduction, minimization taxes, property, stocks, retirement, insurance, and cash flow just to name a few. All these areas are important when looking to grow wealth and secure – Not just investment products. Some financial advisors have a greater emphasis on enrollment of clients in managed funds as this will provide payment through a committee. This could perhaps explain why this myth is common. Not all financial advisers, however equality. Spectrum Financial is in the minority when it comes to offering customers truly comprehensive advice. Because the spectrum does not win financial commissions, their financial advisers right place so much emphasis in areas such as paying less tax and budget, as the placement of clients in managed fund investment.
Myth # 3: I already have an accountant, so you do not need a financial planner.
Many people already have an accountant you know and trust in their financial needs do not believe that would benefit from seeking the services of a financial planner. What many people do not understand however, is that although it is very important for accountants and planners financial work together, both meet the very different needs. Financial counselors are trained to adopt a more holistic approach to their finances that counters are. Considering that an accountant complete your tax return or provide advice for small business, a financial planner will work with you understanding of their life goals and help implement a financial plan to help achieve them.
In the financial spectrum, we work closely in partnership auditors to ensure our customers receive the benefit of a team approach.
Myth # 4: I need a financial advisor – I am far about retirement
A common misconception is that financial planners are retired or just to help people start thinking about retiring. This is far the truth! While there are many financial advisory firms whose target market is retirees, in the spectrum believe that the true financial value of financial advice can be gained by starting early. Most of our clients are young professionals in their 20s, 30s and 40s who are in the accumulation stage of their lives. We know we are in the minority when it comes to our competitors but we are passionate about help young Australians to get ahead financially. We help our clients map out the goals they want to achieve in the short, medium and long term, and work with them to implement a financial plan to help achieve these goals. Time is your best ally when it comes to your own financial institution – so do not wait until in their 50s and 60s to start planning for the future!
Myth # 5: Financial planners charge too strong and get kickbacks from companies that advise their clients to invest in
Financial planners have received a lot of bad press recent years and the result is that many Australians have a very negative view of the reliability of the financial planning industry. Indeed, authorized persons to provide financial advice to people in Australia are subject to strict regulations of the Australian Securities and Investments Commission (ASIC). All income perceived the implementation of a proposed financial plan should be clearly described in a Statement of Advice (SOA) to be given to the customer. This allows transparency in the process financial planning so you know exactly how much financial advisory fee in relation to your financial plan.
In href = "http://www.financialspectrum.com.au/"> financial spectrum, we have gone a step further and has developed a service fee or a fixed structure payment of contributions to not receive any commission of any investment product we recommend to our clients. This means that our clients pay for our advice. We believe this fee structure helps to protect our customers from potential conflicts of interest. We also offer a range of packages for our customers to select from so they can feel comfortable that they are the most profitable way.
Myth # 6: All financial advisers are them. Should not I see my bank branch adviser?
There are financial advisors, and then there are financial advisors. While true that all financial planners in Australia must be authorized under a license from ASIC's financial planning is important to know that there are potential conflicts of interest that may arise through the search services that offer their own financial products (eg, life insurance and investment) is likely which is limited to a small selection of products that can offer their customers. This means that if you went to XYZ Bank to seek advice and financial adviser at the Bank XYZ identified as needing income protection – most likely they are to be restricted by the XYZ Bank to provide only guidance for policy Income Protection XYZ. The problem is that your financial advisor XYZ may know that a better policy for your situation can be provided to you by ABC Life Insurance, but because they are part of the institution XYZ, they can not offer this policy as appropriate.
The good news is that not all financial advisers in Australia are part of large corporations and therefore are better able to offer a wider selection of investment and insurance products of a number of providers in Australia. These financial advisers tend to be known as "boutique" or "private property" financial planning firms such as ASIC restricts the use of word "independent." These small boutique financial advisory firms are in the minority and many have been purchased by more institutions large and do not have the enormous monetary resources of their competitors, but they are there and can offer great financial advice. Financiero Spectrum is a privately owned financial planning, such firm based in the heart of Sydney.
About the Author
Financial Spectrum are a team of financial advisers based in Sydney, Australia. We are independently owned and stand out from the crowd in our approach to creating and managing your wealth.
We are fee-for-service and don’t rely on commissions.
Experts in:
- financial planning
- estate planning
- funds management
- insurance
- structured investments
- taxation planning
- property investment
- business succession
- crisis planning
- superannuation
For more top articles and free ebooks about financial planning and investing, visit http://www.financial-planner.com.au
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