I just called … to say … I WANT ALL YOUR MONEY

Hi Scott,

I got a random call from a financial advisor that I have never dealt with before. I have been meaning to get some advice for a while now, so the timing was great. He projects to add $500,000 to $1 million in compounding interest by the time I retire in 22 years, plus savings on my life insurances and income — for an $8,000 set-up fee, plus a 3.5% ongoing annual management fee on my super. How do I work out if it’s legit?

Belinda

Hi Belinda,

You had me at “random call from a financial advisor that I have never dealt with before”.

What would you do if a random bloke called and began chatting you up – talking about candlelight dinners, long walks on the beach, and getting financially frisky. What would you say to him?

You’d tell the creep to bugger off!

Well, this salesperson is trying to sweet-talk himself into your financial pants, Belinda!

Instead, I’d suggest you call your super fund (hopefully a not-for-profit industry fund) and book an appointment with one of their fee-for-service financial advisors. As a general rule the first hour is free, and there’s no smutty talk.

Scott.