Sometimes I find it hard to explain what we do and how we charge for it, part of this is due to public misconception and part to where this industry/profession has come from. Most people seeking financial advice expect to pay a fee but they expect their financial dollar return to be greater than that fee – but financial advice is not a transaction and it isn’t an investment service. Financial advice is a service that takes time and expertise, hence the charging of a fee. Not wanting to pay this fee would be like only paying your accountant if you get a tax refund – and if that’s you, I’ll decline to take you on as a client.
In trying to articulate what it is we do as financial advisers I quite like this article written by Ben Carlson. He describes the difference between a financial adviser and an investment manager. I encourage you to have a read of it.
So how do I describe financial advice; it’s a comprehensive fluid financial plan employing the right financial tools to help you achieve what you want out of life.
And your financial Adviser – they are your lifeline or coach, helping you articulate what you want, guiding you emotionally in your choices, spelling out the legal jargon and if needed serving you a harsh reality check. They are your project manager that will help develop strategies to help you get the most out of what you have to work with and will liaise with your other advisers to ensure everything is working toward your objective.
With any personal financial advice there is a mountain of paperwork and financial administration that goes with it – a good financial adviser will have a team that will take care of this for you.
Financial advice is not about generating investment return, that may be one small part of the service they provide you. It is about a stewardship and providing strategies to get what you want out of your hard earned dollars.
Keryn Batsilas is a Financial Adviser (AR No.: 436348 ) employed by McQueen Group. McQueen Group is a corporate authorised representative (AR No.: 267498) of Total Financial Solutions Limited. AFSL No. 224 954, ABN 94 003 771 579. This information is of a general nature only and does not take into account your investment objectives, financial situation or particular needs. You should not act on any information in this report without first consulting a professional investment adviser in order to ascertain whether the information and any investment decision is appropriate. This information is believed to be accurate however no warranty of accuracy or reliability is given in relation to any advice or information contained, and neither TFSA or its Representatives and officers, agents or employees of either of the aforementioned shall not be held liable for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence).