Some misleading and outdated information in this video which I think needs to be challenged: 1:32 - Commissions on investment products have been banned since 2013 2:29 - Depending on your marginal tax rate (MTR) and age it may be much more beneficial to salary sacrifice into super first, before paying down the mortgage. A combination of financial planning modelling software and client discussion will determine the best outcome for the individual. 3:10 - Upfront insurance commissions have been reduced to 60% (not 110% as stated) which has led to insurance advice now becoming unprofitable and has created major structural issues in the insurance industry 4:31 - The Corporations Act was amended in 2017 and financial advice is now a profession (just like lawyers, doctors, accountants) 7:12 - You state that the minimum cost of an SOA is between $3,000 and $5,000. Many financial planners produce SOA's for under $2,000 7:40 - Intra-fund advice is problematic - totall agree! 10:30 - "Blind spots" are the very reason people who are approaching retirement (or other major milestones) should seek professional advice.
Commissions on investment products has not been banned fool ; I regularly pay brokerage fees when I purchase shares ; as well as crypto and gold ; brokerage fees are commissions on investments to me you just sound like someone who works for money and believes salary sacrafice and all the employed have the money 💰 lmao 😆 to me bud you sound like your classic slave
@@iamasmurf1122 I'm referring to commissions paid to financial advisers from investment products - these have been banned. These are very different to brokerage fees. Get your facts right before throwing insults.
Great comment. Came down to the comment section to say the same things. Funny that he is criticising financial advisors for providing false or miss leading information when he does the same thing.
Additionally financial advisers haven't received 110% commission for several yrs either. The maximum upfront comissions we can now receive is 60%. There are several inaccuracies in this video
I am naturally a sceptic. I distrust all agents whether real estate, tax, business etc. A financial adviser is basically an agent. They take your money and provide a service. As you are ignorant as to their advice your goose is cooked. An agent is in business for the agent NOT you.
I follow the property chat site conversions... And sink with a boggled brain! I saw you are on there too. I really appreciate your videos! I've been told I don't need a financial adviser but really lack the confidence to jump in and not much time to research (dependant stage!). Got any Sydney tips? Cheers!
Don't over think things too much, you do 20% of investing right, you'll get 80% of the results which is MUCH better than the average person. I'll see if I can put together some tips for Sydney, but without knowing the topic too well, I'd want to do some detailed research before I make a video.
Personally for me it’s not the double digit returns on my super wrap nor the tax depreciation on the brand new property he put me into, it’s the sad look on his face when I reject the insurance every single year that makes it all worthwhile.
Why are you thinking that superannuation has your best interests and why do you think 🤔 you need a house and also a financial planner ? Wait that’s right you are following the flawed taxpaying system let me guess you are in a job that sucks and you believe everything in your world is legit ?! Right .
Investment Fees are not financial adviser fees ? Other than this, you make salient and well balanced statements; i am a financial adviser. Thanks for sharing, and I agree wholeheartedly in relation to the entire profession finding a new equilibrium.
100% there is a space for crypto, but many planners are only just 'considering' gold. China is going crypto by 2022, this will drive demand for digital alternatives.
Some misleading and outdated information in this video which I think needs to be challenged:
1:32 - Commissions on investment products have been banned since 2013
2:29 - Depending on your marginal tax rate (MTR) and age it may be much more beneficial to salary sacrifice into super first, before paying down the mortgage. A combination of financial planning modelling software and client discussion will determine the best outcome for the individual.
3:10 - Upfront insurance commissions have been reduced to 60% (not 110% as stated) which has led to insurance advice now becoming unprofitable and has created major structural issues in the insurance industry
4:31 - The Corporations Act was amended in 2017 and financial advice is now a profession (just like lawyers, doctors, accountants)
7:12 - You state that the minimum cost of an SOA is between $3,000 and $5,000. Many financial planners produce SOA's for under $2,000
7:40 - Intra-fund advice is problematic - totall agree!
10:30 - "Blind spots" are the very reason people who are approaching retirement (or other major milestones) should seek professional advice.
Thanks for your feedback, I'm going to check your comments provided 👍
Commissions on investment products has not been banned fool ; I regularly pay brokerage fees when I purchase shares ; as well as crypto and gold ; brokerage fees are commissions on investments to me you just sound like someone who works for money and believes salary sacrafice and all the employed have the money 💰 lmao 😆 to me bud you sound like your classic slave
@@iamasmurf1122 I'm referring to commissions paid to financial advisers from investment products - these have been banned. These are very different to brokerage fees. Get your facts right before throwing insults.
Great comment. Came down to the comment section to say the same things.
Funny that he is criticising financial advisors for providing false or miss leading information when he does the same thing.
Completely agree mate. Lots of problems.
There's plenty more, but I'll save you from my rant 😉
Additionally financial advisers haven't received 110% commission for several yrs either. The maximum upfront comissions we can now receive is 60%.
There are several inaccuracies in this video
How can we deliver financial planning in a better way for the average Australian?
many financial advisors are seen all around, but this video makes sense on choosing the apt person...suggest anyone you know??
Golden content. keep it coming uce
Thanks 👍
awesome video， brilliant work！
Ty
I am naturally a sceptic. I distrust all agents whether real estate, tax, business etc. A financial adviser is basically an agent. They take your money and provide a service. As you are ignorant as to their advice your goose is cooked.
An agent is in business for the agent NOT you.
I follow the property chat site conversions... And sink with a boggled brain! I saw you are on there too. I really appreciate your videos! I've been told I don't need a financial adviser but really lack the confidence to jump in and not much time to research (dependant stage!).
Got any Sydney tips? Cheers!
Don't over think things too much, you do 20% of investing right, you'll get 80% of the results which is MUCH better than the average person. I'll see if I can put together some tips for Sydney, but without knowing the topic too well, I'd want to do some detailed research before I make a video.
Personally for me it’s not the double digit returns on my super wrap nor the tax depreciation on the brand new property he put me into, it’s the sad look on his face when I reject the insurance every single year that makes it all worthwhile.
Nice 😁
Why are you thinking that superannuation has your best interests and why do you think 🤔 you need a house and also a financial planner ? Wait that’s right you are following the flawed taxpaying system let me guess you are in a job that sucks and you believe everything in your world is legit ?! Right .
@@iamasmurf1122 No I’m a career truck driver with my own 16 tonner. Last year I turned over $265,000.
Investment Fees are not financial adviser fees ? Other than this, you make salient and well balanced statements; i am a financial adviser. Thanks for sharing, and I agree wholeheartedly in relation to the entire profession finding a new equilibrium.
Commissions? Theyve been banned for over 10 yrs
Great content Kent! I dig your mention of the "Dunning Kruger Effect" Someone had to say it!
Do you have a instagram or Facebook group to follow ?
Not yet, but good idea. Let me work something out 👌
Great video! I invest in cryptocurrency because it can’t be rehypothecated to the same extent that shares can.
100% there is a space for crypto, but many planners are only just 'considering' gold. China is going crypto by 2022, this will drive demand for digital alternatives.
@@KentCliffe you are wrong china already has crypto
a lot of misleading info here