Without a well-constructed financial plan, the pathway to wealth creation and protection can be rocky. While many people think they know enough to do it alone, getting the right advice for their circumstances can make all the difference.
When it comes to super, investments, retirement planning or personal insurance, you should work with someone who seeks to understand your needs, will help set your financial goals and then develop a plan to reach them. That’s why we’ve been working alongside financial advisory firm Barnett Financial Planning (BFP) for over a decade, and it’s how they deliver benefit to our clients.
Despite the recent introduction of new legislation designed to improve the availability, affordability, and transparency of quality financial advice for all Australians, some common myths and misinformation remain about the profession and the services a financial adviser provides.
Busting the myths
- Myth: Financial advisers are expensive
Reality: The cost of financial advice is based on the breadth of services you access, but it should be seen as an investment in your financial future and one that is likely to reap rewards. Fees and charges vary according to the type and frequency of advice, but under new legislation, this information must be streamlined and provided in a simplified document.[1] In the case of superannuation advice, fees can be drawn directly from your super account, which means there is no impact on personal cash flow. - Myth: Financial advisors are dishonest
Reality: Financial advisers once operated under a sales-driven model, creating a reputation for dispensing poor advice to earn a commission. Since the legislative reform, advisers have been subject to more stringent regulatory oversight and professional standards, including holding approved qualifications, participating in continuing professional development each year, and complying with the Financial Planners and Advisers Code of Ethics. - Myth: If you know about your own money, you don’t need a financial adviser
Reality: In addition to having a wealth of knowledge, expertise, and experience, financial advisers take the time to understand their clients’ situations so that they can provide the best solutions and guidance. They’ll work with you to set your financial goals, provide expert insight into the best way forward, and work closely with other professionals, including your accountants, to ensure your tax position is continually optimised.
What can BFP do for you?
BFP financial advisers are now conducting regular client meetings at our Rhodes office, offering expert advice and realising real benefits. These are just some of the ways senior advisers are currently helping our clients:
“Individuals over 60 can utilise their superannuation to reduce income tax. We’ve been working with the Falanga & Co Accountants to determine how much tax clients can save, and, in most cases, that figure has been more than $3,000 per annum.”
Adrian Barnett – Senior Financial Adviser, Barnett Financial Planning
“APRA is the independent statutory authority supervising banking, insurance and superannuation institutions. It conducts annual superannuation performance reviews to ‘hold RSE licensees to account for underperformance through greater transparency and increased consequences’. Throughout 2023 and 2024, it failed 124 superannuation products, so we’ve been conducting super reviews with clients to ensure that their fund is performing and that fee structures are competitive.”
Damian Zanetti – Senior Financial Adviser, Barnett Financial Planning
Get in touch
To find out more about BFP visit barnettwealthadvisors.com.au. If any existing clients would like an introduction to the BFP team, please get in touch with your Falanga & Co accountant today.
For those who are not Falanga & Co clients and need assistance or an introduction to the BFP team, we invite you to click here to schedule a discovery call with a member of our team.
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