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.
Subscribe to:
Post Comments (Atom)
3 comments:
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! http://www.asgard.com.au/Products_&_Services/eWRAP/
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.
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.
Post a Comment