(03) 9020 2905Advisers? Thppppt! Bunch of overpaid Porsche-driving salesmen! Opinions from family and friends are free. Just listen to lots and make up your own mind.
What’s the worst that can happen?
OMG! You have no idea. The disasters I’ve seen. The family feuds!
I switched into business journalism in 1999. I did so because I was passionate about all things finance – shares, property, the economy and what drives wealth creation.
Journalists can write about anything. I came off as authoratative. People would defer to me on financial topics. I had a (generally defensible) opinion on everything.
That eventually led me to becoming a financial adviser. And, wow, did I then go on a learning curve.
The advice industry is not perfect. Not by any stretch. But good advisers are bloody brilliant.
Yes, they come at a cost. But you get what you pay for. Free advice from friends comes with … no care and no responsibility.
Financial advice is not about picking the next stock market penny dreadful that does a 10-bagger. It’s not about getting a 30-1 horse home. It’s not about a hot new property development.
Good financial advice is about managing short and long-term risks. It’s about education. It’s about having a coach who can guide you through life’s nasties. It’s about taking on the right investment risk.
For all the imperfections in the financial advice industry – and there are many –the good ones in the profession you will find invaluable.
For the record, I drive a Holden Commodore, circa 2002, because, here’s some free advice, cars are the greatest wealth-sucking vacuum on Planet Earth.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.