Re­tire­ment in­for­ma­tion

The West Australian - - NEWS -

about a prod­uct, it’s about an out­come,” he said.

Mr Bru­in­ing said it was cru­cial that an ad­viser was not a jack-of-all-trades but spe­cialised in re­tire­ment in­come and knew Cen­tre­link back­wards.

“For most of us that will be the bedrock of our re­tire­ment in­come,” he said.

Pay­ment for the ad­vice can be by an an­nual re­tainer or a fee for ser­vice or a per­cent­age of as­sets man­aged.

WA se­niors sur­veyed paid their ad­vis­ers by these meth­ods in roughly even pro­por­tions.

The good news is that more than 70 per cent be­lieved they re­ceived good value for the fees they paid.

Mon­eySmart pro­vides cri­te­ria for judg­ing your first meet­ing with an ad­viser be­fore you com­mit to the re­la­tion­ship.

The ad­viser should have asked about your cir­cum­stances and goals, ex­plained the scope of the ad­vice you will re­ceive for what you are will­ing to pay, and have been happy to go over com­pli­cated fi­nan­cial con­cepts un­til you un­der­stand them.

You should leave the meet­ing with con­fi­dence that the ad­viser un­der­stands your needs and be clear about the ser­vice you will re­ceive and how much it will cost. Also, don’t be in­flu­enced by how con­fi­dent, ap­proach­able or friendly an ad­viser is.

The fi­nal tip from Mon­eySmart may be the most im­por­tant: be re­al­is­tic.

The act of go­ing to an ad­viser will not, by it­self, make you wealthy.

They are they to help you clar­ify your goals, plan to achieve them and help you turn that plan into ac­tion.

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