How to get the right financial advice for you
In this episode, I sit down with award-winning adviser David Lane to break down the different types of advice, and learn how to spot advice that truly serves your retirement.
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How to get the right financial advice for you
An Epic Retirement community member reached out last week with a frustrating experience about getting financial advice. They were referred to an adviser for guidance on preparing for retirement and had a great first meeting. Everything seemed promising—until they received a 70-page Statement of Advice that lacked a clear retirement strategy or any meaningful projections. Instead, the main recommendation was to roll their high-performing super fund into a wrap platform—a move that hadn’t even been discussed in their initial meeting. They were disappointed, especially since they were with one of Australia’s top-ranked super funds and had no plans to leave.
I wrote about it in the weekend’s Nine newspapers, and in my Epic Retirement newsletter too. But this topic deserves a more detailed conversation that you can draw some lessons from. Because I’m a big supporter of financial advice — if you get the right type of advice for your needs. But to get the right advice, you need to know the different types of advice available and ask the right questions going in.
So in this episode I sit down with a good friend of the show, David Lane, the Queensland State Manager and Senior Advisor at Ord Minnett, and one of Australia’s award-winning advisers, to demystify the financial advice market. Together we break down the different types of financial advice, explore how to ask the right questions, and talk about what a good advice relationship should look like. We also unpack the real reasons some advisors recommend wraps and platforms, and help you consider whether you need ongoing investment management at all or can seek out an adviser for one-off strategic advice instead.
If you’re approaching retirement and wondering how to get the best advice—without getting lost in a maze of financial jargon, or getting sold a product or service you don’t necessarily need —this episode will help you walk into your first meeting with confidence.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of this episode:
The five different types of financial advice—and how to know which one you actually need
What to ask in your first meeting to figure out if an advisor is the right fit
Why some advisors recommend rolling super into investment platforms (or wraps)—and whether it’s really necessary
The difference between independent financial advice, advice from super funds, and product-linked advice
What should be in a Statement of Advice (and how to make sense of a 70-page one)
How to separate one-time strategic advice from ongoing investment management
The tax implications of rolling your super before retirement vs. after retirement
How to get financial advice that actually helps you—without unnecessary complexity
And if you missed it, here’s the weekend’s Epic Retirement Newsletter — which shared seven questions you can ask at your first appointment to better understand an adviser.
I’m bunkering down in Brisbane as the cyclone approaches—wishing everyone in its path the best. Stay safe, and hopefully, the damage is minimal and the power outages don’t last long.
Until next week, make your Prime Time count!
And as always, you can reach me at bec@primetimers.net—I love hearing from you, whether it’s a tip, a question, or something I can help with.
Many thanks! Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker