Recommendation for a good financial planner

Junior said:

Not sure this is correct. My understanding is that accountants can give financial advice providing it isn't product specific....i.e. they can recommend setting up an SMSF and invest in managed funds, but can't recommend specific funds or receive any commission from product providers.

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Krusty the Klown said:

Accountants, unless covered by an AFSL and they are an authorised representative of the licensee or RG146 compliant (like a financial planner) cannot give advice on or recommend ANY investment product, individual share, asset class or even bank account.

They can however provide general information on these things and let the client decide. They cannot formally recommend anything.

Accountants can give advice on trust use and structure, such as SMSF's but not where to invest the funds.

Only AFSL licensees can receive commissions from managed fund providers.

It is common, however, for accountants to recommend forestry investment schemes, based on the idea that it generates an upfront tax deduction on capital invested. The recommendation is based on tax advice not investment appropriateness. Accountants can receive commissions for these forestry schemes at up to 10% of funds invested (or 10% of the money you invest).

ASIC is heavily reviewing these forestry schemes at this point in time due to the failure of a lot of them in the last 12 months.

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blazer121 said:

That is the way I understood this as well. Just one little thing is if you are RG146 compliant you still cant give advice unless you hold an AFSL or are an authorised rep of a licensee

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adobee said:

I have never heard of this monitor ? Are we talking water or gas ?? And calculating individual use of each apartment to bill the tenants ?

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