These days, we have a person or pill for everything, and if you’re addicted to the D (‘digital’ ladies, mind out of the Tinder gutter please), they’re in your face erryday. Mamamia for our general female-craziness, and love-life advice, YouTube for the perfect booty and winged eyeliner, and Neurofen for everything else! I don’t know about you, but when 2018 rolled around, I took a good hard look at where I was getting my advice from and wondered why the heck I was buying into the pills, potions and possessions I apparently needed. Ummmm hello, where’s the advice on saving our money?!
It got me thinking; with all the information that floods our screens everyday, why is it that women don’t think about the right financial advice and if we were to look for it, where would we go?
Picking the right financial planner
As I’ve said before, investing is hard and doing it on your own can be even more daunting. Benny and I have been doing it on our own BUT if you’re unsure of what your financial position looks like and would prefer the suited-and-booted kind of advice, there are a few important things you need to consider…and I’ll give them to you straight:
- First place you should head to is fpa.com.au (Financial Planners Australia). A great (regulated) resource for any stage of life. Personally, I would only ever go with a planner who is accredited and a professional of FPA.
- Find your perfect planner: If you don’t “vibe” with your planner, there should be no obligation to go on a second date with them. Don’t be afraid to say it’s not the right fit.
- Check the FPA website for your planner’s credentials and what they’re qualified to offer you. No point in wasting your time with a planner who specialises in share portfolios when you want to look at your superannuation. A good planner should always be upfront with you. Got it? Good.
- DO NOT sign anything until you have read your Statement of Agreement and Product Disclosure Statements for any advice/products that your planner recommends. As I’ve said before, read before you do the deed!
What do you want? Seriously, what is it?
When I was 18, boxed wine was all I could afford and I managed to talk myself into believing it was the wine company’s way of giving you more (stop judging). Compare this to my late twenties with a disposable income and I started caring about regions and blends, spending close to double on every bottle. rff. If you want a planner specifically for share portfolios and superannuation funds, here are some other peeps you might want to check out for the other bits:
Budgeting and Paying off Debt -> Melissa Meagher from Talking Money, absolute superstar and all round great chick. As a single mum previously working in the private financial sector, Melissa cuts out the BS and helps you get back on track, FAST! Also the more affordable option if you’re considering ‘MyBudget’. Just sayin’.
Mortgage Lender (the best one) -> Samantha Bright from Thrive Investment Finance is incredibly down to earth and makes you feel so comfortable from the minute you meet her. Salt of the earth kind, you know?
How much does it cost?
Sometimes you gotta spend money to save money, right? Unlike the hairdressers though, there’s less poetic license when it comes to the costings from your planner. For your simple advice, you’re looking around $500-$700 and for more complex advice that includes portfolios, super and wills etc you’re looking closer towards $2000. Like any service, there will be an upfront fee and possibly ongoing fees, depending on the length and implementation of your plan. Let me know if you’d like me to do a blog on comparing financial planners in your area!
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Depending on the goal of your plan, checking in on shares everyday may not be the best use of your time, but checking in on your investments should be done on a regular basis. A few things to watch out for:
- Your planner/ adviser should not be the contact for your investments, nor should they be power of attorney or anything else that is being invested with your monies. Run for the hills if they ask this of you!
- If you’re investing in shares, you (and YOU only) will receive a lovely letter from said company confirming your purchase/investment. If you don’t receive this within a month, do some stalking and call them. This should not be sent to your adviser.
- Any other paperwork re: mortgages, superannuation etc will be sent to you on a frequent basis (every quarter or 6-monthly) as evidence of how your investment is maturing or loan is being paid. Again, if you don’t get these, make sure you do something about it. Fraud is alive and kicking, and not receiving this type of paperwork could mean it’s being sent to someone else…don’t mean to scare you.
Having a personal financial guide can be one of the best relationships you ever had, but like any important relationship, you need to get to know them before committing to a life or period of time with them. Be smart about it ladies. Oh and if you’re still not sure what type of financial assistance you need, take the financial personality test! A brilliant way of putting another label on yourself but with some actual value.
Fearless Female Traders
(Disclaimer: this is what I will be doing based off my income and personal financial situation. This is a blog on my experiences and what has worked for me. Consider consulting a professional before implementing my preferences)