Thread: Pension Age may move to 70

Originally Posted by stevo68

Ah Garry, the ol tar em all with the same brush mentality.

Yep - down there with politicians, car salesmen and snake oil salesmen.

Various reviews of the industry have shown they were (still are) more interested in their own interests and not their clients - that is why the changes were made a few years back.

Garry

http://www.abc.net.au/news/2014-04-1...debate/5396292

I thought this was a sensible column.

Sent from my GT-P5210 using AULRO mobile app

Originally Posted by akelly

The problem is Stevo that by seeking to wind back consumer protection your industry makes itself look dodgy. It reinforces the stereotype of shonky types flogging dud products to bulk up their trail books.

Maybe convince your lobbyists to give it a rest?

I hear what you are saying, I guess in some ways I am doing my bit by perhaps changing peoples minds or perceptions just by participating in a thread such as this. We also have to remember there has only been a small minority who have been as you say "dodgy". It shouldn't mean that we dismiss the thousands and thousands of men and women who do the right thing by their clients and help them in all manner of ways. At the end of the day, I see the changes in peoples outcomes and I know the ilk of the people I work with and those I meet up with at functions. Yes we like to make a coin, who doesn't, but we are also very passionate about what we do. Now days a lot of study and education is required plus PD on top of that to be in this profession and it is only going to become harder in that area.

I know ol Garry's mind won't change, but that's Garry. I would say to people to find out for themselves. Let's put it this way, with 97% of DIYers retiring on less than $36k in retirement, its worth a peek a boo to see what else is out there to change or improve the ball game ,

Regards

Stevo

Originally Posted by stevo68

Ah Garry, the ol tar em all with the same brush mentality.

It's only fair that you take your turn at being stereotyped.

We have already worked our way through:

• All politicians have their snouts in the trough.
• All mechanics are muppets.
• All police are corrupt.
• All highway patrol police are bastards.
• All welfare recipients are undeserving.
• All teachers are illiterate.
• All car salesmen are ignorant.
• All priests are kiddy fiddlers.
• All Australian drivers are hopeless.
• And several others.

It just happens to be the turn of financial advisors this week.

Originally Posted by vnx205

It's only fair that you take your turn at being stereotyped.

We have already worked our way through:

• All politicians have their snouts in the trough.
• All mechanics are muppets.
• All police are corrupt.
• All highway patrol police are bastards.
• All welfare recipients are undeserving.
• All teachers are illiterate.
• All car salesmen are ignorant.
• All priests are kiddy fiddlers.
• All Australian drivers are hopeless.
• And several others.

It just happens to be the turn of financial advisors this week.

I reckon we'd easily come up with an Aussie version of Grumpy Old Men by using just some of the gents in this thread alone ,

Regards

Stevo

All forum posters are trolls.

Originally Posted by Sleepy

As one bloke said to me "What else would I do?"

one could volunteer say for the Rural Fire Service. they always need Radio operators-- you do not have to be on the end of a hose, etc.

Originally Posted by stevo68

A good cross section of experience raised in the last few posts. Arthur, for sure, there are some people that can't be helped or it is difficult to help. For example, I had a potential client, mum/dad, renting, children, $52k in debt. All I could do for them at this stage was set them up with a budget and some discipline, main goal to clear the debt and perhaps for the missus to look at getting a part time job. As an adviser, its not just about investing money as many people think. I look at a clients overall situation. Their super, insurances, Wills and POA's, budget, debts, retirement and everything in between. It all boils down to what that person/s want to achieve from a financial perspective, then make sure it is protected. It's always their plan. Even if you use an adviser, it is still your plan and financial future, one needs to be active in that relationship.

As ramblingboy has pointed out, even on modest wages, things can be achieved with a plan and it all starts with your budget and savings capacity. Here's a blog I wrote on doing it yourself or at least getting yourself started- Financial Planning-It’s not rocket science. | Stevo's General Financial Advice Page it just takes some effort and some advice.

FOFA as I mentioned earlier is all about what akelly has touched on ie snake oil salesmen. FOFA is all about changing the landscape so that the industry is advice driven not product driven and that the focus is on clients best interest, not your own. Hence it is more fee for service driven that it was before. With that has come many changes to the way things have been done before and all for the better for both the professional adviser and for the client.

As for the GFC, that impacted people regardless. My business when I was a finance broker got wiped. People depending on where they had super copped it. People can be greedy and if you are in high growth/ aggressive shares coming near retirement, then that can be dangerous. You should be in a more balanced fund generating income and some capital growth. If you are young though, you can take the hits as overall you will come out ahead. I have mine in high growth/ aggressive funds and averaged between 23-30% returns in last 12 months. Even if it dropped 10-15%, I am still ahead. Again it requires the individual to have a more hands on approach to their super, know what your risk profile is and where your funds are allocated. It's amazing how many people don't know those few questions. It's part of your financial future and you should be all over it like a rash .

Regards

Stevo

What a pity they don't teach that at school...