Opinion: ‘Red flags all over’: Beware advice from ‘free’ financial planners | NoelWhittaker
I am 55, single, and with no investment experience. My superannuation is invested with a large industry fund and the performance has been very good. I won a financial consultation with a “financial adviser” in a “lottery”. The adviser recommended I start a self-managed super fund and transfer my existing super to it. When I asked what was the rationale for the recommendation, he told me that I could get better returns through my own fund – if I followed his recommendations. I’m now confused.
We want to invest some money in exchange-traded funds for the long term. I am a secondary teacher but, for the past 2.5 years I have been working in the UK. When I try to sign up to Vanguard to buy their Australian shares index, it stipulates that I must be an Australian resident for tax purposes, which I’m not.
It may be a better strategy if she buys a property based on its potential, and borrows a large portion of the purchase price to maximise the tax deductions she is looking for.
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