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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
