I wanted to start the financial planning process. So a few months ago attended an appointment with a financial planner within a major ‘industry fund’ service. No one told me the financial planning process was so expensive. They required an up front payment of $2000 which I paid. I am serious about doing some financial planning. I gave them an accurate statement of position.When I returned some time later the staff member basically said didn’t have much to do anything? Now I’m not sure if the financial planning process is complete or if I have been taken advantage of.
I guess I have no recourse and should just get over it. Just annoyed they demanded an up front payment fee knowing most of what I had.
Any low cost financial planning options around?
I assume I have no of recourse by now.
If they did say that you didn’t have to do anything, they should have ‘recommended’ it by providing you with a Statement of Advice. This is part of financail planning. If they haven’t done this, then there may be an issue with the financial planning services they have provided you. You may find that some planners allow for a free first meeting with you, so you could explain to them your past experience with your previous planner and the financial planning process.
Be careful when looking for low cost financial planning advice as you may find you get what you pay for.