Updated August 2020
What stage of life are you at? Are you in your 20’s, 30’s, 40’s, 50’s, 60’s or other? Do you want to invest for yourself or your kids – for now, lifestyle, a holiday, the future, your retirement? If you want to buy a house in the next 5 yrs are you better off putting all, or some, of your money into an interest bearing account, would the short term risk of shares work against you.
You may not have a detailed investing plan, or one at all, but if you know your investing timeframe, you can decide which investments you’re more attracted to, and who can help you invest.
Congratulations – you’ve made it to Day 5. Or if you’ve just joined the Challenge – welcome, never fear, you can catch up in no time; Day1, Day 2, Day 3 and Day 4 are waiting just for you.
So far in the Challenge we’ve seen some basics of investing:
- financial planning
- setting and achieving investing goals
- numerous investment options – strategies, specialties and issues
Who can help?
3 main providers of financial advice and information that you find in the media, online – blogs, podcasts, YouTube, forums, even old school magazines and books, are:
- Formal providers – such as licenced financial planners (often affiliated with banks, financial institutions, accountants and others with ‘wealth management teams’). Unless you’re a client, they can only give general information – disclaim they must!
- Less regulated providers – ‘gurus’ and ‘non gurus’ such as analysts, commentators, educators, mentors or coaches – especially in the wealth creation and property investment industries.
They often push the boundaries as their advice is pretty close to financial advice, for which you need a licence.
Oh, but wait – they’re just giving general, educational information AND they’ve got a disclaimer – it’s all good!
But more of that in guru cops and scams.
- Unregulated providers – other investors, friends, family, taxi drivers…
You’ll find some in the many articles, rating, comparison, and “find a” sites, that list and/or analyse the performance of financial planners and the like. (So we don’t ‘rate’ them, only the less regulated ones). In the Big Directory are some:
- general sites – Canstar, Choice, Money Buddy, Mortgage and finance association of Australia, Compare the market, iSelect, Moneyhound, RateCity, InfoChoice (inc stock brokers), financial products such as credit cards, mortgages and insurance
- specific sites – eg accountants and financial planners
MoneySmart (ASIC) Choosing a financial adviser/ CPAAustralia (CPA) “Find a CPA (certified practising accountant) or financial planner”/ Financial Planning Association of Australia – Directory/Find a financial planner/Quotify – Choosing a Financial Planner/ Top10 financial planners,/Yellow Brick Road – “How to pick a planner”
Less regulated providers
Most people get their information and research from the Analysts and Commentators BiG lists. They may be:
- financial planners
- journalists, or
- others with some form of banking or financial qualifications
Usually they don’t give personalised advice, just analysis, commentary, education or networking.
They may cover general wealth creation, or specialise, for example in property (they may also be in the relevant BiG area and not listed here) , shares or business.
Some are (pop them in BiG’s Search Bar to find out more about them):
Australian property forum
Australian Shareholders Association
Bruce Brammal – Debt Man
John Edwards – Residex
Christopher Joyce Rismark International
Alan Kohler – Eureka Report, Business Spectator, InvestSmart
Nicole Pedersen-McKinnon – The Money Mentor Way
Peter Thornhill – Motivated Money
Real Estate Investar
Real Estate Investment Information Australia
Regional Australia Institute
RPData (Core Logic)
Margaret Lomas – Destiny Financial Solutions
Scott Pape – The Barefoot Investor
Phil Ruthven – IbisWorld
Terry Ryder – Hotspotting
Kris Sace – Money Morning
Search Investment Properties
Simple Home Invest
Somersoft Property Investment Forums (now PropertyChat)
The Motley Fool
Kevin Turner – Real Estate Talk
Most of these experts and gurus are BiG’s Analysts and Commentators or the 5 Spending your Money Guru lists. They’re rated using BiG’s Traffic Light system. Tell us about your experiences of them or others not there and they’ll be added.
You’re welcome to send any information, on any gurus and experts.
Unregulated providers – good luck with them, your on your own. Although some of the Guru Cops in BiG will help you avoid scams and scammers.
As you can see you’re spoilt for choice with the huge number of people and players who offer financial information and advice.
Day 9 looks at how to choose one you can trust.
Day 5 Your Task/s:
Days 6, 7 and 8 (Happy long weekend) are all about consolidating and reviewing all you’ve learned over the past 5 days. The goal is to get you moving and starting to invest – hope you’re excited and ready to go!
Day 9 “How to choose a financial adviser and advice you can trust. It’s all about the faith!”
I’d be delighted if you find my work helpful and share it with friends and family.
All the very best with your investing.