I am already using a major accounting firm to handle my affairs and am fairly happy with them so far, however, financial planners are a completely different story.

There were not many, if any, financial planners who are interested in younger people who have less than $200k of assets (ex-property), and it is very frustrating. They take a very condescending, patronizing view of you (some even having openly laughed at my efforts) or refer you to the junior members of their team...unfortunately, I know more about finances than they do.

They all want the 50-plus people with $1M in super, a $1M house and a $1M share portfolio, but fail to realize that their next lunch will be coming from the Gen-X and Gen-Y's, who, right now, are the small caps that will turn into the figurative blue-chips over the next 20-30 years, thanks to compulsory superannuation.

Financial planners cannot afford to neglect anyone "who is not a boomer" and should be paying more attention to the younger generations. They can't all have "the best" and "the richest" clients, and after all, their clients needed to start somewhere to get rich !

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This is a good starting point in looking for a financial planner. There are retired people who have no choice but to depend on their children for financial support because their pension is inadequate or they somehow mismanaged their savings. Let's face it, the costs of food, petrol, utilities, medicine, and healthcare are constantly on the rise. So even though a person has some money set aside for retirement, they'll just quickly spend it all on necessities unless they invest it wisely. Therefore, it's good to have someone who can help you in managing your funds to allocate it appropriately and invest it in high-yield ventures.

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It's a very interesting read and actually still very valid till this day! I think Carol's comment about the cost of living consistently rising and how this is affecting the elderly and their mismanagement of their retirement savings. Thanks for the article!

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So I just about to retire. I have gone through all the necessary steps to select a financial planner following all the guidelines.

On 13 November 2020 we moved $178,108 from Aware Super to a Macquarie Wrap platform managed by my planner. To date, 17 March 2021 I have:

* contributed another $10,870.00

* paid fees of $3,040.00.

Resulting in my contribution less fees an amount of $185,938.

However, over this same time period my balance now is $181,115.

This is a loss of $4,823 over approximately 3mths on what is reported as a slightly growing market even at a Conservative platform of investment.

Should I be handing over my $1M SASS Super to this financial advisor to manage when it crystallises in June 2021?

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Hi Carol,

Thank you for your question. While our team can't answer it here in the comments section, we will pass it on to Paul Clitheroe for his consideration for a future Ask Paul.

- Money team

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