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News Bulletin : ADA News Bulletin October 2011
34 OCTOBER 2011 investment insight • What assumptions do you make when creating your planning projections? Some advisers use high returns and low inflation in their modelling which might make the future look rosy but it is better to err on the conservative side in trying to predict future values. Be wary of overly optimistic predictions. • How are you compensated? As far as I am concerned there is only one correct answer to this question. “I am paid solely by my client and charge an hourly dollar- based fee and not a percentage of assets.” InTERvIEWInG POTEnTIAL AdvISERS Hopefully, your initial screening will allow you to choose two or three candidates from your shortlist to interview. This will give you the opportunity to see the candidate’s business premises, evaluate their professionalism and determine whether or not you feel you could work closely with them as your adviser. You can gauge the suitability of a potential adviser by asking the right questions. In the full online version of this article, I outline a list of questions that will give you structure for conducting this interview. In addition to the questions you ask, the questions that your potential adviser asks THE UNIVERSITY OF SYDNEY PAIN MANAGEMENT RESEARCH INSTITUTE ROYAL NORTH SHORE HOSPITAL Degree Course - Online Graduate Certificate, Graduate Diploma and Masters Distance education internet course is available to students worldwide. Study commences in March with enrolments closing in February. Workshop - On Campus One or two week multidisciplinary course (6 – 9 and 13 – 16 February 2012) at Royal North Shore Hospital, Sydney. Pain Management ... Want to learn more? A range of flexible educational opportunities is available through the Pain Management Research Institute at The University of Sydney. For further information: http://sydney.edu.au/medicine/pmri or contact our administrative officer Ms Ros Wyllie Tel: + 61 (0) 2 9926 7386 Fax: +61 (0) 2 9926 6780 email@example.com of you are equally important. Did he or she attempt to gain insight into your situation or try and sell you a one-size-fits- all financial plan or attempt to pressure you to sign up with them? The right adviser will work closely with and for you taking the time to understand your needs, wants and fears and ultimately become a coach and mentor that works with you throughout your various life stages. CHOOSInG An AdvISER Once you have interviewed potential advisers ask yourself whether your candidates met your job description and search criteria. Consider the following: • Can I imagine forging a long-term relationship with this person? • Is this person good at explaining things in terms that I can understand? • Do I feel that this person has a good understanding of my personal circumstances? • Have I disclosed everything about my financial situation? • Am I happy with the proposed structure of fees that I would be paying? • Is this person open to negotiation about fees and service levels? • Overall, does this person offer value for my money? Whilst this process may seem fairly exhausting, it is your job to choose a suitable candidate to advise you on your family finances. Making a poor decision could prove to be disastrous so the time spent in selecting, researching and checking out a potential adviser will be time well spent. This is an excerpt of Michael’s article, to read the article in full please visit www.2020directinvest.com.au/ada The information contained in this article is believed to be accurate. To the maximum extent permitted by the law, 2020 DIRECTINVEST (AFSL 244 249) disclaims liability for errors in, or omissions from, this article. In no way should this article be construed as providing securities advice or an endorsement or recommendation of any security or product. In preparing this article we have not taken into consideration your investment objectives or your investment needs and make no representation as to the suitability or otherwise of any product, or security, to you. Michael Lannon is the Executive Director of 2020 DIRECTINVEST, an ADA Partner service specialising in the provision of execution only DIY investment services. For more information or any questions please contact Michael Lannon on 1800 352 021 or visit 2020’s website on www.2020DIRECTINVEST.com.au “The right adviser will work closely with and for you taking the time to understand your needs...”
ADA News Bulletin September 2011
ADA News Bulletin November 2011