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10th March 2019 - Private Wealth
According to Business Insider, Sydney is becoming one of the five wealthiest cities in the world.* Private wealth in Australia grew 83% in the past decade (to $US6.142 billion) and is forecast to grow another 70% up to 2028. In 2017, Australia topped the world for high-net-worth individuals, outperforming the US for the third year in a row. The City of Sydney’s Gross Regional Product is almost one quarter of New South Wales’ total GSP^. It’s not difficult to see why Sydney attracts some of the best financial planners in the country. The market is rich with capital and finance savvy individuals. Both financial planners and their clients can afford to be selective. So how do you choose the right Sydney Financial Planner?
We all need the services of a financial planner – to build and protect wealth, explore retirement options and strategies, plan short and long-term goals and offer financial guidance. The more complex your finances are, the more trust you need to have that a) your money is in the right hands, and b) the strategy you are committed to is the right fit for your individual requirements. Financial strategies are never a ‘one size fits all’ solution.
At Elston, we offer tiered services tailored to each client’s needs and preferences. Our personal service offering is structured to suit your financial situation and individual requirements, however complex they are.
While Elston certainly offers expert retirement advice, we also have a number of specialists to manage the expected and unexpected stages of life.
Elston’s Sydney financial planners are tertiary educated with CFP® (Certified Financial Planner) and/or SSA™ (Self Managed Super Fund Specialist Adviser) accreditations and are connected to a national financial network. Make sure your financial planning company is qualified for the advice they are providing you. Is your financial planner a registered member of a financial planning association with a code of ethics? Is the company committed to up-skilling and ongoing professional development for their Sydney financial planners? Education is crucial to providing quality financial advice.
Word of mouth can be a good indicator of quality in a service. Listen to friends and family discuss any positive financial outcomes. Ask them about the solutions and transparency of their financial advisers and if they work with a Sydney financial planner. An honest and ethical firm will be clear when listening to the experiences of others.
The best financial planner in Sydney is unlikely to be the cheapest, however they need to disclose the costs and fees associated with their advice. ASIC recommends getting the cost in dollar terms, not just a percentage. You should receive a Statement of Advice (SOA) outlining all the recommendations. Determine any ongoing advice and what it covers. Has your Sydney financial planner disclosed income they might receive from fees and third party commissions? Is your agreement for a fixed fee (for the agreed services provided) or are you paying a percentage of your investment?
Ask the right questions.
Get in touch with an Elston Sydney Financial Planner
Elston Sydney
Level 13, 227 Elizabeth Street,
Sydney NSW 2000
Ph: 02 5646 2000
* https://www.businessinsider.com.au/sydney-wealthiest-cities-2018-6
^ https://economy.id.com.au/sydney
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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