Jason Fagg, Oracle Financial Adviser discusses not leaving your financial future to chance.
You don’t choose the cheapest car, the cheapest house, the cheapest doctor, the cheapest holiday, or the cheapest education provider.
So, why would you choose the cheapest business to partner to provide you with solutions for your financial future.
Many people shy away from the cheapest of anything, it is a reaction that is engrained in us. If we see something so cheap, we inevitably think there is something wrong with it. Not until we see a far more superior brand or product on sale, do we look to make the purchase.
Changes to Financial Advice Industry
Financial advisers, unlike the large retail stores do not have flash sales every week, nor do they discount their products. If we did, I would like to think the clients paying more for the same service would vote with their feet and walk. The industry is working towards a more fee for service model, so the more service you wish to receive the more you should in fact pay.
The advice business has seen rapid change since the Royal Commission into provision of advice was handed down. There is now a register, you can look at to ensure your current adviser or prospective adviser has passed an ethics exam, which is a minimum requirement to provide advice, regardless of how long they have been a professional for.
All Oracle advisors must maintain education standards and do upwards of 60 hours continuing professional development to ensure they are acting in your best interest as the client. The days are gone of an adviser selling you a product because their licensee suggests it. Anyone who tells you that has been out of the industry for far too long or should not be in it in the first instance.
Just because you can, doesn’t mean you should
You wouldn’t pick the cheapest house, or you wouldn’t build it yourself. Anyone can head down to their local hardware store, but a tool belt, and equip themselves with everything they need to build their own home. It doesn’t mean they should. The same can be said for the doctors, make the appointment, sit in the waiting room with all the other sick people, when we have all of the answers to our symptoms at our fingertips. A quick search of my symptoms this morning had me then looking up a hemorrhage of my brain, to a kinked neck because I slept the wrong way. Just because you can, doesn’t mean you should.
The same can be said for investing and advice. You absolutely have the world literally at your fingertips, and if I had $1 for every tip I had been given by the guy in the street, or the friend of a friend, who knows the CEO of a tech or mining company and things are going to go off soon, well I would have made more money than those tips. Sure you will have wins along the way, some of them may be significant, however there are people out there that do this day in day out, not for fun, but because it is their job. They have studied, they know what questions to ask when it comes to research, they know there is no shortcuts to achieving success.
Advice businesses have been hung out to dry by the media, no one adviser has been the scapegoat for all of this, every business every adviser has been given the same treatment. It is easy for the people on the outside to say that all advisers are the same, and that they could do better themselves. The truth is over a sustained period, the quality of the advice from the advisor will outweigh the tips from the bloke at the pub or the friend of a friend.
Don’t leave your financial future to chance
You wouldn’t build your own house or diagnose your own symptoms, why leave your financial future to chance. Engage with a professional and get the job done right, in a timely manner and with what suits you, and if you’re not happy with what has been provided, like everything else seek a second opinion.
If your advisor has done the right job in the first place, there will be no problem in them offering their advice up for a perusal by a professional.
Written by Jason Fagg
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