Not a Bank!

In the old days, our parents would head off to the bank to meet with the 'Bank Manager', often a well respected individual who seemed to have knowledge of all things financial. How things have changed!

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Times have moved on, and now banks employ teams of Financial Planners to give advice, and sell products that in many cases the banks themselves own. How can you be sure you’re getting the best advice, without being sold an in-house product that may not meet your needs?

Whether it’s insurance, super or investment, it’s obvious that people from different walks of life, of different ages, with different needs, will NOT want the same product. Much legislation has been passed to ensure that this type of thing doesn’t happen any more. However banks have a dilemma – they need to provide a return to shareholders, and therefore targets must be met. However they need to try to display to you that they have your best interests at heart. Here’s a simple test: are you being offered only the Bank’s product? For example:

Commonwealth: Colonial First State (CFS);  Westpac/ St George: BT Life, BT, Asgard.

So how can you be sure you’re getting the best advice? Ask the following questions of your Financial Planner:

- Who owns your company?

- How are you remunerated?

- Do you have product based sales targets?

- What do you charge for advice only (ie with no products changing hands)?

At JustInvest, we’re happy to answer these questions. As a family business, we don’t have to report to shareholders or meet product targets  -  we can focus solely on providing strategic advice to our clients.  

Being a family owned business, you can be confident that our advice is customised to your needs, and that your best interests are our first priority. Unlike bank aligned firms, because we own our own business, we aren’t forced to use an in house product.

Talk to us today about our advice process and services: 08 9322 1110 or