Home Alex's posts This is (one) reason why financial planners have poor reputations

This is (one) reason why financial planners have poor reputations

by alex brownbill

In the last 24 hours we have been approached by (and met with) a client who was feeling stressed out and anxious. She’d been contacted by her existing financial planner, who told her she HAD to sign an agreement to continue paying for their services by the 20th August.

She’s being charged over $2,000/year.

Now, let me explain a few things:

  • She’s young
  • She has a relatively simple financial situation (no property, no large or complicated investments, no legal arrangements, no complicated personal arrangements)
  • She felt pressured to continue paying a firm who have done very little for her in the past year
  • That particular firm was taking money out of her superannuation.

Matt has looked over her situation, and we’ve looked over the advice she was given initially.

She was charged nearly $4,000 for some basic budgeting advice, some help with rolling over superannuation and for setting her insurances up (from which the adviser received a commission).

Let me restate that…


What’s more she was charged through her super (a clearly deliberate tactic that removes the pain of payment from the individual and reduces their likelihood to question the price). AND the adviser also picked up the insurance commissions. AND the adviser then started charging over $2,000 per year (again, out of her super) for VERY LITTLE BENEFIT.

To the adviser – you’re a disgrace to the industry.

To everyone else – some financial advisers (just like some people in any industry) are just plain shit.

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