I am 56 years old and have 7 superannuation policies. I have known for years that I should combine them into one policy to reduce fees/charges but I don't know who to trust for the right advice? I am very concerned that if I go to a financial adviser the advice I receive will benefit that person more than me. To be blunt, I am concerned they will sell for the benefit of their back pocket rather than what's best for me. What can you advise?
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While I appreciate the media has provided you a very solid foundation for your mistrust of advisors, I believe a better question you should ask is who do you trust? Do you trust your own judgement?
Over the 20 years I have been advising clients I believe there are three types of clients.
The first don’t trust anyone, these clients either try to do it all themselves (seeking free advice) or do nothing as they don’t even trust themselves. The value they receive from a relationship with a trusted advisor is of little benefit.
The second enjoy the advice process but often fail to implement the comprehensive advice. These clients have mediocre results as it’s the implementation of recommendations that moves one forward not simply the planning and piece meal implementation. The risk is that expectations are not attained by the client (due to lack of implementation by the client and advisor) and distrust has a foothold in undermine their relationship.
The third clients are delegators. They see the value of the advice and implement it. They have a trusted relationship with their advisor and are happy to pay for the advice, implementation and be held accountable by their trusted advisor. The clients experience profound value, achieve their goals sooner and a higher quality of life.
So Jim the better question is which of the above client descriptions best resonates with you?
As a trusted advisor I help my clients live their ideal life without financial worry. We do this specifically by helping client make smart choices about their money aligned to their values and then implement with them a step by step game plan doing so to ensure nothing falls through the cracks and providing the evidence that they can be more confident and certain.
I appreciate this may be a more comprehensive approach to advice than your initial question and to help you a little more try asking yourself “What’s important about money to you?” When asking my clients this question I find it helps clarify what they value most and why.
Thank you for the opportunity to assist you and I wish you the best on your quest to find your trusted advisor.
Peter Horsfield CFP
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