Thoughts

Back in March I penned “FoFA has been hijacked“, and given what’s happened over the last few days, I just couldn’t sit on the sideline.

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Whilst sipping your morning coffee over your preferred news service in recent days, you may have encountered some uncomfortable headlines that implied that it seems investors are heading for the exit door, again.  As is often the case when there is a slight correction in the share market, the headline writers of our major newspapers crank up the “doom and gloom” machine:

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In this episode of Financial MasterClass, we wanted to explore one very important aspect of financial planning, your cashflow and at the same time thought it would be a great idea to discuss exactly how does an offset account work?

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I have a confession to make. I am a rugby tragic. To prove the point, I even inserted ‘permission to watch Rugby, including reruns’ into my marriage vows. In my role as a Financial Adviser, I regularly see the impact of vested interests and actually wrote about why I thought FoFA had been hijacked and will continue to do so.  Financial planning aside, I am very disturbed to report that I am seeing the same pattern in Super Rugby. How can Super Rugby be like Financial Planning, I hear you ask?

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What’s wrong with the Future of Financial Advice (FoFA) reforms is that they have been hijacked.  That’s right FoFA has been hijacked! I feel like a load has been lifted just saying those words. The reforms have turned into a battle that is being waged by the industry superannuation funds and banks, driven by ideology, vested interests and a desire for a greater share of the superannuation pie. They are not alone in this now very public “debate” as a range of respected commentators and journalists have sided with one of the two sides.

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A fellow advice professional I met recently said he avoids the term ‘budget’ when meeting with clients as they see it as a dirty word. He went on to explain that if clients think that you are going to make them do a budget, they will think that their lifestyle will suffer … they won’t be able to buy the kids the Christmas presents they want, have their annual family holiday and baked beans will be a regular at meal time.

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We are excited to announce that Evalesco Financial Services has been named the Professional Investment Services (PIS) Financial Planning Practice of the Year. The Practice of the Year award allows businesses to be recognised for their team work and commitment to delivering quality advice.

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I’m always talking about what a great job I have and how much I love what I do.  I’m a lucky man. Last month my wife, Leah, nominated me to put my money where my mouth is by explaining to our son’s kindergarten class what a Financial Planner does and why it’s such a great job.  The class has been learning about things they can be when they grow up, and previous presentations came from an Architect, a Doctor, a Chef, and a woodwork teacher. Some tough acts to follow when it comes to the subject of financial planning for six year olds!

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Following on from my recent post about “the fog of the sharemarket” I took some time out to consider some of the lessons from that short but fateful walk along George Street or soon to be called George Street Index.

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