Clients should be picky with advisers: HLB Mann Judd
As a year of soul-searching for the financial advice industry draws to a close, a wealth manager has warned that it’s important for the public to assess the value of advice on whether it helps them achieve their long-term goals, rather than on headlines.
Head of wealth management at HLB Mann Judd Sydney, Michael Hutton, yesterday said that while the planning industry was “in the midst of a perfect storm at the moment”, increasingly complex tax, investment and superannuation systems meant that seeking advice was “critically important”.
There were key considerations that members of the public wanting advice but struggling to find faith in the industry could look to when working out whether to talk to an adviser.
Hutton recommended that people remember that financial advice was about more than investments, for example, saying that it could also help with estate planning, managing super, aged care needs, and insurance requirements.
When approaching an adviser, he said that consumers should make a list of what they need help with, be prepared with a list of questions they want answered, and ensure that the advice received addresses their most important goals.
Additionally, Hutton reminded consumers that there’s usually no cost for the first conversation with an adviser, so they could afford to be picky.
AUTHOR
Hannah Wootton
Recommended for you
The FAAA is set to launch an initiative next week to boost adviser numbers, offering support for Professional Year candidates and their supervisors.
Advice licensee Centrepoint Alliance could be more open to a proportional takeover bid after shareholders rejected a special resolution around takeover provisions.
Global private markets firm Partners Group has appointed a client solutions manager to strengthen its service offering across Australia’s southern states.
An aging profession and impending adviser exodus are fuelling a shift in the advice practice landscape, according to Adviser Ratings’ latest report, while internal restructuring prompts adviser redistribution.
