Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Retirement

3 simple ways to get good advice

By Grace Ormsby · August 30 2019
Reading:
egg
Getting good advice

3 simple ways to get good advice

author image
By Grace Ormsby · August 30 2019
Reading:
egg
Getting good advice

Ever since the financial services royal commission, there’s been a sustained attack on financial advice, despite a simultaneous recognition that Aussies should have access to helpful advice services.

Most recently, ASIC filed a report revealing a high level of mistrust against the financial advice industry

And while there’s an urgent need for the provision of comprehensive financial plans for Australians, the exposure of unlawful practices has led to general wariness, requirements for remediation and, ultimately, a shrinking advice sector

To help you understand the difference between good and bad advice, Steve Waters from Right Property Group has shared some simple tips and strategies to help consumers in the oftentimes difficult quest for access to good advice.

But first, people need to be aware of the difference between opinions and advice.

Advertisement
Advertisement

“Put simply, while everyone is entitled to their opinions, they often lack the weight of evidence to make them valuable,” according to Mr Waters.

“On the other hand, advice is founded in experience and knowledge and provides useful guidance.”

And while this can seem confusing, the solution can be simple, according to the property director.

Once you can separate your opinions from your advice, here’s how Mr Waters said consumers can be sure the advice they are accessing is good: 

1. Surround yourself with qualified people.

“Qualified people can provide facts and experience-based advice to you based on their own field of expertise,” he explained.

2. Seek those with real-life experience.

“It’s hard to give quality advice if you haven’t ‘walked the walk’,” according to Mr Waters.

He said that “a great test is to see if they’ll happily share their mistakes as well as their wins”.

“If someone is willing to talk about losses as part of their own experience, they’re a value asset,” he continued.

“Learn from their errors.”

3. Look for proactive advisers, not reactive ones.

According to Mr Waters, tax accountants are a great example here.

“In my book, good accountants are very few and far between,” he offered, as with most, you’ll get to the end of the financial year and they’ll give you their opinion on what you should be doing now to minimise tax.

“On the other hand, great accountants will advise you well in advance – usually at the start of the financial year – as to the strategy you’ll employ to boost your tax return.”

While implementing the above strategies can take some work, Mr Waters said “it’s well worth learning to separate opinions from advice”.

“It may just save you a world of pain and a costly loss.”

3 simple ways to get good advice
Getting good advice
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Copyright © 2019 MOMENTUM MEDIA