PROTECT YOUR NEST EGG
Financial Planning week has just ended and so it is timely to repeat the advice of the Australian Securities and Investments Commission (ASIC).
ASIC has recommend that those approaching retirement should find out as much as they can about investing their nest egg.
They strongly advocate seeking advice from licensed and professional financial advisers.
ASIC offers the following tips for consumers and retail investors seeking the help of a financial adviser on planning for retirement:
- Shop around to find the best adviser for your needs. ASIC’s consumer website, FIDO, has a list of suggested questions to ask potential advisers. Visit www.fido.gov.au/advice.
- Good advice is worth paying for. Ask your adviser how much the advice will cost you, and how they will be paid. Some advisers receive commissions for recommending particular investments. Other advisers charge a fee or charge a combination of both. A professional adviser will be happy to show you the value of the advice they are paid for.
- Ask your adviser if there are any restrictions on the investments they can recommend. Some advisers can only advise you about investments and super from their stable of products (ie. house brands only).
- Get a copy of ASIC’s free booklet, Getting Advice,jointly produced with the Financial Planning Association at www.fido.gov.au/publications. Getting Advice can help investors start on the right foot with tips about finding the right adviser.
- For help with planning your retirement, visit FIDO’s retirees pages at www.fido.gov.au/retirees.
Remember when markets go down and the value of your savings and investments are reduced it is tempting to try to make up the losses by putting money into investment schemes that promise high returns. With high returns comes high risk. Please seek a professional adviser to help you choose investments that suit your needs.
Information quoted and researched from ASIC and National Seniors Australia
© 2009 simple and easy information