Queensland Police Union Journal

General Secretary
and together you will determine
what priority to assign to each. The
adviser should also help you make
a realistic assessment of each goal,
and redefine them if needed.
FEES
Q. How do you get paid?
A. Nothing ever really comes for free,
and that includes financial advice. If
your financial adviser isn’t charging
you a fee, you can bet they are
receiving a commission for the
products they recommend. This
often means clients get pushed into
products that are not right for them,
but pay the adviser very well. The
“Nothing ever really
comes for free, and
that includes financial
advice.”
easiest way for you to guarantee
the advice you are receiving is
independent is to see a fee-forservice
financial adviser. This will
ensure the products recommended
to you are in your best interests, not
the adviser’s! Most fee-for-service
financial advisers will have a set,
scaled fee structure that maps
out the fees for different types of
advice.
Q. How much will this advice cost?
A. Before committing to receiving any
type of financial advice, make sure
the adviser discloses exactly how
much the advice will cost. If you are
receiving comprehensive financial
advice, the final product you should
receive is a Statement of Advice
outlining all the recommendations
made by the financial adviser. This
will include an assessment of your
current financial position and the
steps you need to take to achieve
the goals agreed to by you and the
financial adviser.
Q. What is the total amount of fees
to be paid (in dollars per annum)
if the plan you recommend is
implemented?
A. If you decide to go ahead with the
recommendations in the Statement
of Advice, you need to make sure
the financial adviser discloses the
full cost involved. There may be
one-off or regular fees associated
with the products recommended
to you, and it’s important you are
aware of these before making any
type of commitment.
Q. Are there any ongoing fees?
A. Depending on the type of financial
advice you have decided to receive,
you may be charged an ongoing
fee. If this is the case, you should
expect to be able to ask your
adviser questions and discuss
financial issues as they arise.
Ongoing fees should also provide
you with access to services like
regular reviews of your situation
and your investments, and a
re-balancing of your investment
portfolio if required.
PROFESSIONAL STANDARDS
Q. It seems the law can change
very quickly in financial services.
How do you stay up-to-date with
everything?
A. You want an adviser who keeps upto-date
with everything they need
to know to help them provide good
financial advice. Most financial
advisers will be required to earn
a minimum number of Continuing
Professional Development points,
and they are often members of
professional associations like the
Financial Planning Association of
Australia and the Association of
Financial Advisers (AFA).
QINVEST
QInvest is a financial planning entity
that is now wholly and solely owned
by QSuper. During your enquiries,
I recommend all members contact
the QInvest Team on 1800 643 893 to
explore their services. Find out how
they can assist you to achieve the best
possible outcome in retirement.
Don’t get burnt with some other
companies. There are several changes
being made following the Report into
the Future of Financial Advice.
VALE DAVE STEVENSON
May saw the passing of a great officer,
Inspector Dave Stevenson. Dave will
be sorely missed because he had a
true caring nature for all his fellow
officers. Dave was one of nature’s true
gentlemen. His departure was sudden
and unexpected. Rest in peace, Dave.
Thank you for your friendship.
Mick BARNES
General Secretary
0411 453 335
Queensland Police Union Journal June 2013 5