What about paying one of your Super Fund's financial advisers?

First 3 Last

Share
Profile

Follow
DmitriMA

3,972 Posts.

247

30/03/25

15:22

Post #: 78470344
Share

Originally posted by Wombat: ↑

Hi, I am now in my later years of life and have simplified my financial affairs a couple of years ago. The only outstanding thing left is to close off my Family Trust.
I have been advised by my accountant that my Family Trust has served its purpose and no longer serves a benefit. Closing my Trust involves selling down some shares that were purchased many years ago, this will trigger a Capital Gain to pay on the sale of shares.
The Capital Gain has been calculated by my accountant, however he is not in a position to advise on the best strategy to minimise the tax component that would be payable. They advise that this advice must be conducted by a Financial Advisor.
I am reasonably up to date with the options available to me, and the no brainer is to make a contribution to superannuation to minimise the CG payable.
My Superannuation Fund has confirmed with me that my account can receive the amount that would be payable on the closure of the Trust as a tax-deductible contribution.
I have had an initial consultation with a new Financial Advisor as my old Financial Advisor firm has now closed. At this meeting I informed them that I did not wish to undertake a full appraisal with subsequent advise on the whole of my financial affairs as this had been completed just a couple of years ago.
My wish was to purely to confirm that transferring the final balance of the Trust following the sale of the shares into superannuation and to provide me with some detail to support this intended action.
In return they have advised that through regulation of the financial industry they are required to look at the big picture of my financials, and provide advice with this in mind, and not just advice on the strategy of where to place the balance of monies on closure of the Family Trust. They advise that their cost for providing such advice is $4400.
I find this a bit daunting as my request for service was for minimal advice to confirm my thoughts which they don't wish to carry out unless they conduct the full assessment of my financial affairs.

My question is, does regulation require a full assessment of ones finances prior to providing advice on a relatively simple matter.

Thanks in advance for any return advice on this matter.

Regards Wombat

Expand

What about paying one of your Super Fund's financial advisers?
Upvote

0 Great analysis

Reply

Top Stories

Week 24 Wrap: WW3 looms (again); US econ data tepid & silver surfing

MEG

Iberian expansion: Megado turns to Europe with Spanish copper mines

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Gold, Brent Crude spike as Israel strikes Iran in worst-case scenario

CUV

Clinuvel shares dip, even as CEO comes back from temp leave

HotCopper Highlights, Week 24: Israel boosts Energy; Meeka eyes production & Mag7 back

Zip's stunning comeback: Is this the start of a $14 revival?

AVM

'Sure to be busy': Advance's Yuquivo drilling gets off to top start with first-hole hits

ASX

ASX Ltd notches upward on sale of company meant to fix CHESS 3 years ago

RML

Resolution's dual-listing to 'expedite growth' – and sets stage for NASDAQ foray

First 3 Last

What about paying one of your Super Fund's financial advisers?

Week 24 Wrap: WW3 looms (again); US econ data tepid & silver surfing

Iberian expansion: Megado turns to Europe with Spanish copper mines

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Gold, Brent Crude spike as Israel strikes Iran in worst-case scenario

Clinuvel shares dip, even as CEO comes back from temp leave

HotCopper Highlights, Week 24: Israel boosts Energy; Meeka eyes production & Mag7 back

Zip's stunning comeback: Is this the start of a $14 revival?

'Sure to be busy': Advance's Yuquivo drilling gets off to top start with first-hole hits

ASX Ltd notches upward on sale of company meant to fix CHESS 3 years ago

Resolution's dual-listing to 'expedite growth' – and sets stage for NASDAQ foray

Featured News

Featured News

What about paying one of your Super Fund's financial advisers?

Top Stories

Week 24 Wrap: WW3 looms (again); US econ data tepid & silver surfing

Iberian expansion: Megado turns to Europe with Spanish copper mines

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Gold, Brent Crude spike as Israel strikes Iran in worst-case scenario

Clinuvel shares dip, even as CEO comes back from temp leave

HotCopper Highlights, Week 24: Israel boosts Energy; Meeka eyes production & Mag7 back

Zip's stunning comeback: Is this the start of a $14 revival?

'Sure to be busy': Advance's Yuquivo drilling gets off to top start with first-hole hits

ASX Ltd notches upward on sale of company meant to fix CHESS 3 years ago

Resolution's dual-listing to 'expedite growth' – and sets stage for NASDAQ foray

Featured News

Featured News