WHY YOU SHOULD BE USING AN INDEPENDENT FINANCIAL ADVISER/PLANNER, AND WHAT IT MEANS TO BE TRULY ‘INDEPENDENT.’
Planning for your financial future can be very daunting if you do not know where to start.
The financial services industry is riddled with confusing language, very complicated finance products and pushy advisers that feel more like sales representatives rather than someone looking out for your future, your life.
We are here to help cut through the noise, and help you understand what the difference is between your regular run-of-the-mill advisors and an independent financial planner who has your best interests in mind.
Signs Of A Truly Independent Adviser:
Here are some key characteristics that make an Independent Financial Advisor different from the remaining 99% of financial advisors in Australia
> Independent Advisers don’t take commission.
It doesn’t matter if it’s on an insurance policy, investment product or alternative recommendation.
> An Independent Adviser will never accept commission, as commission has the opportunity to sway someone’s recommendations if they are paid to recommend that product.
>When an adviser is truly independent, it means they put your needs and success above anything else.
>They are completely transparent with fees, so you’ll know exactly how much you pay, we only offer our services on a fixed and known fee. There is simply no other revenue we will ever receive.
>A step further than ASIC regulations, however in our mind truly Independent Financial Planners do not charge percentage based fees. If you want an Adviser who is even more Independent than the current government regulations (going beyond the call of duty), you should find an Independent Adviser who does not charge percentage based fees. Under a percentage based fee structure your costs will fluctuate, and the Adviser will regularly be paid more, and by you. Without justification (as the fees are automatically deducted). Should an adviser get paid more just because your employer contributes into your superannuation fund? And you’ve worked hard to earn those bonuses at work. I do not think so.
>No entry and exit fees should relate to a Financial Adviser’s recommendations for you. It should cost you nothing to enter or exit a product. If you are unhappy with its progress or your plans change, you should be able to move wherever you want without penalty fees. Sounds simple, yes because it is.
>Philosophically, a Financial Adviser should be there to provide advice and support. If someone is paid more than their advice, well in my eyes they become a product representative and move away from the core of what financial advice should be about. While Financial Advisers must recommend products that suit your needs, then I simply saying they (their parent company) shouldn’t be paid incentives.
>Independent Financial Planners aren’t limited to products that they’re paid a commission on; this way they recommend investments based on what works best for your situation, not what gives them the biggest kickback.
>A challenge with many traditional non-independent planners is that they aren’t always transparent about how they or their owners earned the money as it led you to believe.
>Now we’ve cleared up the difference between Independent and non-independent one, here’s how you can find the financial planner who’s right for you.
>Here at DDO Accountants, we pride ourselves on being 100% independent, free from products influence and third-parties. Right! We do not get kickbacks from any of the products we recommend. Instead, we recommend only those strategies and products which are in your best interest.
>We help you with advice you need, regardless if you prefer property investments or an SMSF or an industry super fund. We will tailor a strategy that suits you, and will only execute once you are completely happy and fully understand how and why each step is being made. WE WORK HARD TO PROVE THAT WE HAVE YOUR BEST INTERESTS IN MIND (ALWAYS) WHEN IT COMES TO YOUR FINANCIAL FUTURE.
GET YOUR NO-OBLIGATION CONSULTATION WITH YOUR INDEPENDENT FINANCIAL PLANNERS TODAY
When you are ready to take the first step to take control of your fiscal future? Contact us now for your no obligation consultation with one of our dedicated and independent financial planning experts.
We give guarantee and always be 100% up-front and honest.
You will always know exactly what we charge, and you will never have to worry about our team recommending a product based on a percentage earning or a kickback or a commission.
Here’s what our client had to say:
“At DDO, we’re make known that we will be charged a set fee for advice we seek, but it comes with reassurance that advisor does not have any limitation, nor constraint to a list of products and/or strategies that it bring bonus and commission. It reinforces our feeling that DDO Accountants is truly in business to benefit us”~