Wednesday, May 30, 2012

Financial Planning

Life is very busy recently and so I don't have much time to blog. I haven't even posted much on my professional blog. There hasn't been much new on the financial front to write about. Anyway, today I had an appointment with a financial planner at Commonwealth Bank. It was a bit strange as a financial planning session. She didn't really seriously try to get a picture of mine and Snork Maiden's finances. She was just interested in selling me on a couple of products. One was insurance and the other superannuation. She tried to interest me in "trauma insurance" and "income protection". I'm generally a big skeptic of insurance. I promised to look into whether I already had income protection from my superannuation provider and to think about whether I need it. But I think not. On super, she could put me into a wholesale fund that has lower management fees in exchange for a $1500 up front financial advice fee. It probably will pay off. I'll look into it in more detail and report here.


Darren said...

Hi Moom, have you looked at any of the wrap products offered independently. Eg Asgard offer a wrap that provides access to wholesale only funds via its platform, no planner reqd. Disclaimer: I'm not on a wrap fund - I guess I should get my own house in order!

mOOm said...

Thanks! As far as I can see from that website you do need a financial adviser from a very specific list in order to access that platform and there is no information I could find there on which specific investments they have access to. On fees it just said it is negotiable with the advisor. So there is just not a lot of information there that would make me want to explore it further.

George said...

It's really strange that she didn't try to get an overall view of your finances. I think that would help her give you the best financial suggestion or advice. I think she's just there to sell and not really to help.