Marketing is often most effective when it glosses over the smaller details and focusses on just one or two key points... does that lead to better outcomes or is it misrepresentation?
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Thoughts from a Perth Financial Planner
WSP Financial Services Pty Ltd links
This web site is operated by Michael O'Hara, an Authorised Representative of WSP Financial Services Pty Ltd (AFSL 237463), which trades as Wealth & Security Planners.The views expressed within this website are Michael's personal views, and should not be interpreted as necessarily representing the views of WSP Financial Services Pty Ltd.Michael’s Soapbox
A place for Michael to vent on issues, actions and intentions that make his day less fun. Remember that none of this is advice – it’s just Michael getting it off his chest!
Industry Funds – “Compare the Pair”
Wine the big winner post 2011 Budget night
Yes, that’s right. You heard all about it here first. The good news of the day is the successful launch of Fosters’ wine business as a company of its own – Treasury Wine Estates. I for one, intend to celebrate that with a lovely glass of red at the earliest convenience. And while i’m...
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Mining taxes and straight-line projections
Much has been made over the last year on the relative merits of a “mining tax”, which has also been called a “super profits” tax. Very learned folk have invested a lot of time and energy into looking at Australia’s economy and trying to work out how to better spread around the benefits of...
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Investment Advice and Bias
Everyone has a form of bias built into their decision-making processes. It could be based on bad outcomes from past experiences or better than expected results from one activity over another. It may be that you gathered your relevant knowledge from a source that itself contained an inate bias. The trick is to know...
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Pidgin Economics
Financial Planning is all about understanding money. The problem is that traditional financial planning is all about your Financial Planner understanding money and your simply agreeing with whatever it is that they are telling you. How do i know this? i know that this is the case because i am an avid reader of all things financial, and my role as an active Financial Planner in Perth, Western Australia, keeps me up-to-date with the latest trends no what is happening in Western Australia. Constant contact with other planning professionals, and with employees, representatives and management of major financial institutions, helps to bring about a fairly wide picture of how things stand at any given point in time. If there is a "zeitgeist" to financial planning (and i am referring to the "spirit of the times" definition and not the popular conspiracy theory video) then right now that would be a spirit of Inquisition. That's not all good, by the way. Financial Planners and the financial planning world are under the microscope in a way that has not happened before. Fees and bias are being raised in a negative sense, with very little perspective or history being presented to help the average person understand money or how the financial planning world works - and that is a bad thing, as legislative changes as well as consumer group pressure, are combining to fundamentally alter the fabric of financial planning in Australia. All change is not always for the better, and Financial Planning will not necessarily involve less fees and bias in the future. If anything, the changes to legislation for financial planning operators is already working towards a greater reduction in choice and clarity. Bias driven by commercial arrangements are being hidden even further, as financial planning groups take positions in financial products to gain some financial exposure to investment and superannuation funds flows. The term "independent" is mistakenly assumed to mean "free of bias", and that is a mistake that is made by legislators, consumer groups, consumers and even financial planners. This site aims to bring about a greater understanding of money and the financial planning world. It's not a destination but a journey, and not a short one at that. If you are interested in financial planning (especially Perth financial planning) then spend a while to get to know this site, and i believe you will learn far more than you expect. If you do not, click on the "contact" links and tell me where we fall short. I assure you that all input will be attended to and considered. - Michael O'Hara
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