A few months ago, leading Melbourne radio talk-back host, Neil Mitchell, asked his listeners why he could find not one independent business which could advise him whether it’s better for him to heat his house with gas or electricity.
Every professional that gave Neil their opinion, had a heating product to sell. This bias meant their passionate pitch was compromised. Every recommendation matched the product they installed. If they installed gas heaters, they recommended gas as the best fuel. Electric heater installers, you guessed it, recommended electricity as the best fuel for heating.
This got us thinking.
If approximately 70% of Australia’s financial planners are linked to larger financial institutions, this means that before you even open your mouth, their solution may have already been pre-determined even before taking stock of your specific goals and preferences.
While taking advice about your heating preferences from a gas consultant will inevitably lead you to purchasing a gas heater, when it comes to planning for your retirement and maximising the effectiveness of your capital – contacting a truly Independent Adviser is the only way to go.
If our independence applied to heating installers, before they gave you an answer on the best energy to use, they would look at your property, evaluate your needs and provide independent advice.
When looking for a Financial Planner, it’s not immediately obvious how they are connected with product manufacturers. If a Financial Planner [or heating installer] have alliances with product manufacturers, then the fate of your financial advice [or heating service] may be sealed before your first meeting. The advice they give best suits their organisation (up the chain)– not your situation.
The best way is to look for a truly Independent Advisor – of which there are less than 70 in Australia – and Stephan Strategic is one of them.
