Since 2016 I have a financial advisor collecting a monthly fee from my 900K of super. Should he be contacting me to discuss my super (and also that I am now 61) given he is getting hundreds of dollars each month for doing nothing. I am not drawing on my super yet but have just stopped working. The last time I had any contact was in October 2019 when I asked him about a letter that I got from Perpetual. He gave a one sentence answer.
Ruth in Dulwich Hill
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You should have an ongoing service or annual advice agreement in place between yourself and the financial planner. If you do not have a copy of this document, a good place to start would be to ask the financial planner for one.
This agreement will set out what services the financial planner has agreed to provide you with, the frequency and the advisor’s fees. The fees need to be disclosed to you once each year in a fee disclosure statement and you need to sign an Opt-In agreement every second year to continue with the advice program.
Pretty much all agreements will specify a review at least once per year.
A review does not have to be face-to-face but can take place over the phone, video call (Zoom etc) or email. With COVID restrictions many advisors are conducting reviews via alternative methods where they normally would happen in person.
Be upfront with your existing advisor and ask where things are at; when your review is happening and what services you should expect from him.
It sounds like you many need some financial advice considering you have just stopped working. If you feel that you are not getting the services you need, seek advice elsewhere.
I wish you well with your retirement.
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