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With financial advice, one-size doesn’t fit all

I would like to go to a financial adviser for a specific piece of advice but I am often told that they will have to do a certain number of hours to make sure they don’t break any laws by giving advice without full knowledge. Is this right?

A financial planner can give specific advice on a narrow range of issues but generally what might seem like a specific piece of advice might require the financial adviser doing a bit of work to give the best answer for you.

For example, you might want an adviser to say what super fund is the best so you can choose but the financial adviser needs to know, for example, who you are, what are your goals, and what are your debts and assets before they can make a great decision.

Sometimes it can be worth it to get someone to spend 10 hours just thinking about your circumstances, your appetite for risk and your goals before they give you advice.

I have been involved in helping people work out whether they should invest in shares or property. Then there have been people who wanted to know if they should pay off their house or bump up their super. When we understood them and ran the numbers through a computer model, we found some people should pay off their home while others should increase their super. It depended on how much money was owed on the house, what interest rates they were paying and when they retired.

Advice doesn’t often fit all and that’s why getting someone to help you tackle the big money questions of life can be one of the best investments you ever make.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

 

Published on: Tuesday, June 22, 2010

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