Hi all, another 2c worth of, I hope, balance.Yes MK, I'm in the...

Hi all, another 2c worth of, I hope, balance.

Yes MK, I'm in the Fp industry and after more than a decade have seen a lot of very good and very bad members of it. I think yo can compare it to the medical industry in it's broader sense. There's the highly trained and skilled specialists that might charge $500 an hour but I'd rather they be holding my heart during an op than a newbie. you've also got the 'miracle cure' and 'all natural' types that are flogging a solution people didn't know they had or haven't worked out they could do better with some exercise and less fags.

Like any industry where plenty of cash slops around and where there is a broad range of work, advice and services on offer, there will be a range of motivations, quality and value (just look at lawyers esp ones getting 60% of litigation wins (from those that are often vulnerable)- where's the parliamentary enquiry? No disrespect to lawyers, mind, it's just a fact.

I too like transperency and valued advice. I advise on Industry Funds where appropriate and charge for this. Problem is - I can't be paid out of the fund, it has to come from client, which is a disincentive to them. If that's not a captured market I don't know what is.

UB, I hope you put a value on your time spent on SMSF admin, because you need to do that to get a proper comparison. the end result is what counts.

Lastly, MK you know I respect your views, but can you tell me where I can get a 2% trail??

Mostly 'trails' or 'commissions' as they are often referred to are 0.6% or less and are disclosed to clients. Anything else is generally a transperent fee for ongoing service (for whatever has been agreed) and usually obvious on the clients statements. Wraps are OK if they suit the clients needs, but I'm often unwinding them in smsf's if the Accountants are just reworking the numbers.

Cheers for now and I think I'd better brace for the comebacks....Ciao