The seven roles of an independent financial advisor

Independent financial advice involves playing more than one role. The best independent financial advisors play multiple and nuanced roles with their clients, beginning with their needs, risk appetites and circumstances of the client, irrespective of what is going on in current markets.

Jim Parker, Vice President of DFA Australia believes good Financial Advisors actually play seven roles.

1. The Expert

Now, more than ever, investors need independent financial advisors who can provide client-centred expertise in assessing the state of their finances and developing risk-aware strategies to help them meet their goals.

2. The Independent Voice

The global financial turmoil of recent years demonstrated the value of an independent and objective voice in a world full of product pushers and salespeople.

3. The Listener

The emotions triggered by financial uncertainty are real. A good independent financial advisor will listen to clients’ fears, tease out the issues driving those feelings and provide practical long-term answers.

4. The Teacher

Getting beyond the fear-and-flight phase often is just a matter of teaching investors about risk and return, diversification, the role of asset allocation and the virtue of discipline.

5. The Architect

Once these lessons are understood, the independent financial advisor becomes an architect, building a long-term wealth management strategy that matches each person’s risk appetites and lifetime goals.

6. The Coach

Even when the strategy is in place, doubts and fears inevitably will arise. The independent financial advisor at this point becomes a coach, reinforcing first principles and keeping the client on track.

7. The Guardian

Beyond these experiences is a long-term role for the independent financial advisor as a kind of lighthouse keeper, scanning the horizon for issues that may affect the client and keeping them informed.

Peoples needs and circumstances will change over time as will the nature of the advice. Vince Lam is an independent advisor, you can rest assured he will begin as The expert and become the The teacher and so forth, lastly The Guardian. Ultimately building a long-term relationship founded on values of trust and knowledge.

To discuss the many hats a good independent financial advisor must wear and how we can help you achieve your goals, contact Plutus Financial Guidance today on (02) 9188 8873.

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Understanding Estate Planning

Estate planning is much more than simply having a will or planning for your retirement. Estate planning is the careful planning that is required to assure financial security for your loved ones long into the future.

You have worked hard for your assets therefore estate planning is essential in ensuring a smooth transfer and that your wishes are fulfilled in a straightforward manner.

What is included in my estate planning?

Your estate is made up of what you own including but not limited to your home(s), investments, savings, cars and superannuation. In addition to everything you own. More or less any assets you wish to pass on should be included in your estate planning. Superannuation and insurance proceeds generally are not automatically part of your estate, these require extra planning.

First of all having an up to date will is imperative. You can always update your will if your circumstances change but outlaying your wishes clearly within the will and keeping it updated is the first important step of estate planning.

What happens next?

Careful consideration is required to decide how your estate is planned and how it can be passed onto your loved ones as per your wishes. As an independent financial advisor, Vince Lam can assist with your estate desires and together we can create a plan and how to best distribute your wealth, including tax considerations in an efficient way to the beneficiaries

We can help you create a comprehensive estate plan that will consider all your wishes in the most efficient manner. We will help you have the peace of mind knowing your loved ones will have the security you have planned for.

Contact Plutus Financial Guidance today on (02) 9188 8873

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Aged Care Financial Advice

Making the decision to move yourself or a family member into aged care can be complex, time consuming and quite daunting. Working out which facility to choose, what information you need and the basic forms you need to fill out can be overwhelming and confusing.

Aged care services include facilities such as Respite Care, Specialised Dementia Care and Palliative Care. Often referred to as nursing homes, these facilities provide services such as meal preparation, accommodation, cleaning, round the clock care and a variety of other services. Making the decision to enter yourself or a family member into an aged care facility can be complex logistically as well as emotionally.

The sole focus of your decision should always be the health and welfare of yourself and your loved ones, however the truth of the matter is that financing aged care can be costly. Managing finances when it comes to aged care can be complicated and perplexing. There are many things to take into consideration, such as: how it will impact on the pension payments from Centrelink, how to pay for accommodations and whether or not it would be more beneficial to sell the family home, or to rent it out.

Seeking out aged care financial advice is a great first step in easing the transition into an aged care facility. An independent financial advisor will be able to help analyse all associated costs with the transition and help create a plan for how the costs can be financed. Without proper planning, aged care options may be significantly limited for some families.

Each individual and family has a unique set of circumstances, meaning there are no one size fits all plans or solutions when it comes to aged care financial advice. Finding a financial planner that understands this will help to provide clarity and guidance when it comes to choosing the best aged care option for you and your family.

At Plutus Financial Guidance, not only does Vince provide aged care financial advice to individuals and families, but he is also an Accredited Aged Care Professional. So you can be assured that your needs are being listened to and understood by an experienced professional.

Call Plutus Financial Guidance today to talk more about aged care financial advice and what will be best for you and your family.

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Independent Superannuation Advice

Regardless of what stage you are at in your working career, it is likely that the thought of retirement has crossed your mind. Whether it is the Monday morning after a long weekend or a Friday afternoon counting the minutes until 5pm. The thought of never having to go to work again has definitely crossed your mind.

This is why it is never too early to start thinking about your super fund. A healthy superannuation fund will ensure your retirement comes around swiftly and reflects the life you are imagining in your daydreams.

Although it is compulsory for employers to contribute to your superannuation fund, many industry experts and financial advisors believe that these contributions will fall short in covering basic retirement lifestyle goals for most Australians. Seeking independent superannuation advice is an effective way of managing your super fund and ensuring you are set up for the retirement you desire.

There are a variety of ways to boost your super, including additional super contributions, investment strategies or even something as simple as ensuring you have chosen the right super fund for you. There are a vast number of super funds on the market including self-managed super funds. Which is why it can be confusing to know where to even start when choosing which one right for you.

Seeking independent superannuation advice can assist in determining which super fund is best for your retirement goals. An independent superannuation advisor, or financial advisor, will undertake strategic analysis of the state of your superannuation to reveal opportunities to improve the state of your super balance.

A tailored strategy will factor in things like your age, current superannuation balance and retirement goals. We can help in determining what is the best strategy for you at this time, and how that might change or develop in the future, as your investments grow and you get closer and closer to retirement.

To discuss how independent superannuation advice can help you achieve your retirement goals, contact Plutus Financial Guidance today on (02) 9188 8873

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What is an Independent Financial Adviser?

If you’re in the market for financial advice, choosing whom you get that advice from is one of the most important steps. You might have heard the term ‘Independent Financial Advisor’ and thought, how does that differ from a regular Financial Advisor? Well for starters, the Australian Securities and Investments Commission (ASIC) has very strict criteria on who can claim to be an Independent Financial Advisor. Independent financial advice should be free from bias, conflict and influence of all products.  Here are some things to look for to ensure you are getting truly independent advice from your provider:

-          They are not employed by a bank. As banks own their products, there will be incentive for your financial advisor to recommend these to their clients

-          The Financial Firm they are working for is not owned by a bank. You would be shocked to see how many Financial Planning Firms are giving advice under a Banks Licence.

-          They receive no commission or kick backs from product manufacturers

-          No Assest-based fees. Asset fees are calculated in the same way as commission and prevent your advisor from being impartial.

The Royal Commission into the financial services industry recently exposed the unethical behaviours that are still conducted by some in the business. One of the recommendations made by the Royal Commission, was that financial planners that are in any way conflicted by remuneration should be required to disclose their lack of independence to clients.

Sadly, many people lump all financial planners into the same basket, assuming that everyone is working with eyes on their own pockets. However, there are independent advisors out there whose primary motivation is what is in the best interest of their client. Plutus Financial Guidance is proudly certified IFAAA Gold Standard Independent Advisors. This means we take no asset-based fees, commissions, kickbacks, nor do we receive any referral fees. With no affiliation to outside parties, or products of our own, you can be assured that any recommendations we make will be tailored to your specific needs.

Plutus Financial Guidance is here to empower you to make better financial decisions and provides 100% independent financial advice. Call us today to find out more.

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Planning for your retirement with independent financial advice

Planning to retire?

Making the decision to start planning for retirement can be an exciting, but daunting time. By seeking independent financial advice, you’ll be able to live the life you want in retirement. As an certified independent financial planner, Vince Lam can help you answer any and all of the following questions:

- When do you want to retire?

- What is your retirement lifestyle aspiration?

- What are your retirement savings requirements?

- How long does your retirement savings need to last?

- Are there any tax implications when you retire?

- Who will manage your assets when you retire?

As an independent financial planner, we are here to work with you to develop strategies and offer retirement planning advice. This ensures all of your questions are answered and all uncertainty is removed.

Making the most of your assets

When seeking retirement planning advice, it is important to consider how you can make the most of your assets. As an independent wealth advisor, we offer retirement planning advice and independent superannuation advice. 

By reviewing your necessary income for retirement, we can assist you in optimising your current assets with a range of tax and contribution strategies.   

Managing debt and cash flow

Knowing when you can afford to retire is one of the first steps when it comes to planning for retirement. 

Reviewing how to manage any existing debt and how to pay off your mortgage is an essential part of this process. As an independent financial advisor, Vince Lam specialises in retirement financial advice and can advise on strategies as to how you can manage any current debt and how to maximise cash flow for retirement. These strategies will help to support your retirement goals and will set you on the path to living your best retirement life. 

Are you receiving truly Independent Financial Advice?

So, The Royal Commission into the banking sector has officially wrapped up. We are now left with a string of recommendations that the Australian government seems to be well and truly behind.

One of the biggest talking points is the term ‘Independent Financial Advice’.  A key recommendation from the Royal commission is that all financial advisors must disclose their independence (or lack there of) to clients.

Independent financial advisors are actually not new, however they are scarce. There are currently only roughly 60 financial advisors practicing gold standard independence in Australia.

A unique offering

When it comes to financial advice, bigger is certainly not better. Independent financial planners in Sydney offer a unique array of services to their clients.

These services are fully customised to their clients needs and desires, due to the fact that gold standard independent financial advisors don’t serve the agenda of financial companies. The client’s agenda is the only one that matters.

Three Pillars of Independent Financial Advice

Focus

The focus is purely on the client and the client’s needs. Gold standard independent financial advisors uphold the most stringent level of standard. This means that they are ethically and legally obligated to put their client’s interest first. Independent financial planners do not accept kickbacks, commissions, referral fees or charge asset-based fees to their clients.

Flexibility

Ready for the best part? Gold standard independence means, financial advisors can choose from a wide spectrum of products. Regular financial advice firms hate independent advisors, as regular firms are stuck pushing certain groups of financial products and funds, even though they know that those products are not in the client’s interests. Independent advisors do not have quotas to fill or sales targets. They have the flexibility to choose the right product to suit their client’s needs.

It’s Personal

We are small business operators. We understand and appreciate client satisfaction, after all a happy client will keep returning to us year after year. Independent financial advisors are keen on building long lasting relationships with their clients. We absolutely work for you.

Plutus Financial Guidance, located in Chatswood, Sydney are your true independent financial advisors. Give us a call today to schedule a consultation and find out the real difference of independence.

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