Recommendation for a Financial/Wealth Advisor - Melbourne

LiPhoneXR on 05/05/2025 - 09:16
Last edited 05/05/2025 - 09:19

Hi,

Introduction - Family of 4…. 2 young kids - 7 and 5 years old. Both myself and wife working full time and earning well. I earn about 250K per annum and wife 150K per annum. Own house (with mortgage). Plenty of equity available as we haven't really looked/utlised this.

I am planning to do some investments (long term) whether it be a investment property or shares and I am looking for a financial advisor to get a fundamental structure in place.

What i am looking for is:
- Best structure for the family. Buy in individual names or joint names ? Family Trust ? other options ?
- Debt recycling. I currently have a mortgage (PPOR)
- Optimise tax. I have Employee Share Scheme (RSU's) that get vested every year. But the tax bill is creeping up and would like to know what's the best strategy to optimise along with investments.
- Superannuation strategies - SMFM or other options ?

I don't really have much contacts in this space and what would you guys recommend me ? I am happy to pay for a professional who can guide us in the right way. But please share if you know anyone and what the cost might be and any other information that may be valuable.

Thanks

Financial

Comments

  • bemybubble on 05/05/2025 - 09:32

    You can try Jaydon Post at Cruz Financial.

    https://www.cruz.financial/

    • iPhoneXR on 05/05/2025 - 14:11

      Thanks, i will reach out!

  • arkie0 on 05/05/2025 - 09:37
    +1

    I'd recommend an independent advisor, check out Bill

    https://pointbplanning.com.au/

    • iPhoneXR on 05/05/2025 - 14:11

      Thanks, i will reach out!

  • SYLTB on 05/05/2025 - 09:40
    -4

    There is an Eskimo proverb, something like this (I forgot the exact wording):
    If there was a pomade for baldness, a baldhead rubs it all over his own head

  • timthetoolman on 05/05/2025 - 09:56
    +5

    Advisor Advicor

    • JIMB0 on 05/05/2025 - 10:15
      +1

      I was thinking that two. Or is it too? Let me consult a spelling advicor.

      • freefall101 on 05/05/2025 - 10:56

        Just look it up in your distionary.

    • randomusername2017 on 05/05/2025 - 10:46

      Becomes Addvicor when used in conjunction with wealth accumulation.

  • Spookware on 05/05/2025 - 10:54
    +1

    Here are the ones I use, pick one.

    https://www.livewiremarkets.com/funds

    Best of luck

  • dust on 05/05/2025 - 12:11
    +2

    Financial advisors aren't cheap. I'm not one and this is not financial advice but these are likely to be some of the things they'll recommend:

    • Maximising both yours and your spouses super concessional contributions (up to 5 previous financial years if they haven't been maxed out yet)
    • Debt recycle and purchase an investment property
    • Set up an SMSF if you want to purchase property within it. Otherwise select a super fund that lets you select which ETFs to invest in
    • Setting up a family trust to purchase assets (property/shares) to distribute income to your spouse/kids when they turn 18.
    • iPhoneXR on 05/05/2025 - 14:13

      Thanks.. These are great strategies to think about.

  • JohnSy on 05/05/2025 - 12:48
    +1

    I think consultations with financial planners to produce a statement of advice are now quite costly, likely in the $5.5k+ range now. Plus ongoing fees depending on the complexity of what you decide to do.

    If you want to educate yourself further in the planning strategies they may suggest, there is a lot of good stuff buried in these podcasts:

    https://thestrategystacker.com.au/podcast/
    https://www.retireright.com.au/

    • iPhoneXR on 05/05/2025 - 14:14

      Thanks for sharing the podcasts :)

  • brad1-8tsi on 05/05/2025 - 13:20

    Get a fee for service person that doesn't charge ongoing % fees. 2%pa starts getting pricey when you are up into 7 figures.

    A statement of advice will be $5k-10K.

    If you ask a question and they skirt around the answer then I'd move on. Also, note how they treat your wife.

    • iPhoneXR on 05/05/2025 - 14:15

      Yeah, i am not keen on ongoing % fees.. i was thinking more of once off thing

  • Chris Topher on 05/05/2025 - 17:30
    +1

    Go to 3 investment independent advisers.

    When you decide on 1, discuss with that 1 his/her plans and include what the other's plans offered.

  • Some Guy on 06/05/2025 - 18:57

    Debt recycling sounds cool and all but it's not as straight-forward as the social media experts suggest. It's harder to get IP loans based on equity in PPOR as it places your PPOR at risk if your circumstances change. You get the same tax benefits if you bought an IP without using your PPOR equity, which based on your household income is probably not going to be an issue (unless you're borrowing a very large amount and/or starting from a low savings base).

    Definitely max out super contributions if your PPOR mortgage is under control.

  • draaagon on 07/05/2025 - 20:06

    If you get an advisor, make sure they're paid on a per hour basis and not a portfolio % basis = ripoff. I started with property investing 22 years ago, just hit my fat fire number this year. Never had an advisor. I was too stingy to pay money to get advice from anyone whose net worth was less than mine. Made no sense to me. I probably would have got there quicker if I'd had good advice along the way but I think that if you know any high net worth folks willing to share, you could learn a lot more from them than from an advisor. I know they say advisors are there to show you how you can structure entities and what you're allowed to do but there's a ton of stuff on the internet that can teach you that stuff and you can just get such a good financial education nowadays for free. SMSF is a great vehicle; best tax rates and 100% tax free after 60. Try to get good value for whoever you choose ($5000 is a lot to pay someone to do a plan you could work out yourself; it's not that hard, just learn a bit each day; a few youtube videos about whatever topic interests you, and chatGPT is a great resource too). Get an advisor if you feel you can't navigate all this yourself but I feel you could have good strategies and plans on what to do with your own money just by getting a good financial education yourself and put that $5000 towards kickstarting your future. Best investment you can make is in your own education. Good luck.

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