🦒 getting advice - who's who in the finance zoo | starter pack
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What experts should I consult for my financial needs?
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives. So don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes.
G'day Kate Campbell, welcome to this episode. It's good to be back, Owen, for our very final Start a Pack episode.
It is indeed. Today we're talking about getting advice from experts. So we're talking about all of the different experts you'll come across in finance. There are a heap. Yes. I think once upon a time we thought of it like a zoo and all of the different professionals were different types of animals. I can't remember who got the snake, but I can't imagine that's very endearing on that profession.
No, I don't know if we went forward with that imagery.
In any case, the financial world can seem like a bit of a zoo when you try and interact with it. Typically what happens is you go to a, say, accountant and then they're like, oh no, you need to see the financial advisor for that. Financial advisor says, oh no, you need to see the lawyer for that. So in this episode, we're going to break down exactly which expert is for what and then how you can get in touch with them and what types of questions you can ask them.
Yeah, and because many of these roles are regulated, there's only so much they can and can't say. And that's why it's good to have a little bit of an overview of all of the different people involved, just so you know who you should go to for what issues so you don't waste your own time and you know the right questions to ask.
Yeah, that's it. So obviously some of these professionals are going to vary in terms of the price that they charge for their services. I think the important thing is as an industry, as a financial profession, what we've found is that fees have been really shunned. Like they've been really put in the corner, like you can't charge fees. How can you do this? How can you do that? But if you think about it, if we want finance professionals to be professional, we have to be willing to pay a fee. So some of these things do have fees involved. The important point that we kind of advocate for is the transparency and the clarity and just being concise with those fees, whereas like commissions and those types of things probably are a bit more murky, not terrible, but murky.
So we're going to introduce you to some of the costs as well, but just be sure that you check with your professional before you engage with them, basically, like what are the fees exactly and how much will you be paying?
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Sounds like good money advice... But is it?