The Money Puzzle How to find a financial advisor
Dec 5, 2024
Nathan Fradley, a leading independent financial advisor in Australia, shares his expert insights on finding a financial advisor in today's shrinking market. He discusses the dramatic drop in available advisors, the potential role of big superannuation firms, and the importance of unbiased advice. The conversation highlights the challenges of navigating debt recycling, capital gains tax during retirement, and the necessity for better training in the financial sector. Fradley emphasizes aligning values for productive advisory meetings in a rapidly changing economic landscape.
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Independent Advisors: A Rare Breed
- Only 200 out of 15,000 financial advisors in Australia are truly independent, receiving no commissions or influential benefits.
- This independence, however, doesn't automatically equate to better advice quality.
Super Funds and Advice: A Double-Edged Sword
- Big super funds getting wider power to offer financial advice may broaden access but raises concerns about pooled fees.
- This means members with vastly different balances might pay the same for advice.
Super Fund Retention Challenges
- Super funds struggle with member retention, as many withdraw funds upon reaching retirement age.
- One fund reported 92% of members cashing out at 65 due to lack of understanding or advice.