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Hewison Insights
Unbiased advice

What do financial planning clients really need to know?

JTB Studios
Private Client Adviser
9 Aug 2013

Regular readers of our blog will know that the Hewison team holds strong views about the financial planning industry, its structure and its standards.

Getting quality, unbiased advice can make an enormous difference to your wealth and lifestyle, so it’s something you want to get right.

As a result, we have developed a no-holds-barred paper about how to approach the process, and the basics of what you need to know.

If you, or someone you know, wants to know more about how to make the most of the financial planning process, you can download the paper here, or read on for a summary. We’ll be publishing excerpts from the paper over the next few weeks.

What does independent really mean?

It is unsurprising that the Government continues to tinker with regulations surrounding financial planners, as clients place a great deal of trust in financial planners.

Yet most of the time, the public doesn’t get a clear and transparent view of exactly how the financial advice industry works. It’s difficult for the consumer to see how convoluted it has become, or to realise that ‘advice’ is often inseparable from product sales.

Imagine buying a car: when you go to a Holden showroom, you know the salesperson will suggest you buy a Holden; the Ford dealer does the same, and so on.

But when you go to a financial planner, you’d expect their advice to be free from any such bias. You want their frank and fearless recommendation, based on your personal circumstances and goals. Yet a planner representing a particular bank or ‘dealer group’, as the large advice networks are called, will have a set of products at their disposal. From managed funds through to life insurance, these advisers have products in their showroom, and are just as keen to sell them to you as your local car dealer.

The fact is, genuinely unbiased financial advice can only be provided by independent firms, as they have no affiliation or financial arrangement with investment product or service providers.

Given the importance of choosing the person or team who will help shape your financial future, it’s something that requires a lot of thought and consideration. It also requires you to arm yourself with a basic level of knowledge, so that you can make informed decisions.

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.