Report on Visit to Rose Hill Retirement Expo

The Expo was well attended but many Baby Boomers were there to see the Winnebago campervans and visit the retirement village stands. I attended all the Financial Seminars which were not well attended at all.a Winnebago Motor Home in Australia

The seminars ran all day. Here is a quick run-down of the ones I liked the best along with some comments by me.

Clearview Retirement Solutions

Here the key thing for me was the financial planners are paid a salary. That means no commissions before or after the sale. The presentation was very informative and covered much of the new legislation about retirement, super contributions and taxation and tax free withdrawal after 60.

One thing I didn’t know though is to apply for the pension bonus which I understood licks in at 65. There is something about having to show proof of working 18 hours a week but you can can check this using the link above.

There is no charge for the first meeting. So it might be worth going along and taking my 10 Questions Baby Boomers should ask their Financial Planners.

Homesafe Solutions

This was not about financial planning as such but I think it might be of interest to Baby Boomers considering a Reverse Mortgage. Reverse Mortgages can be very expensive and need to be considered very carefully.

Homesafe basically allow you to draw down equity out of your home. You may need the money for ever or for a short time. You can buy back their share of your house if you want at a later date. There are no ongoing fees and they do not throw you out of the house.

I understand they base their financial offer on 60% of the value of your land. If the house price goes up then they take a portion of the increase on their portion of the house.

In the half-hour presentation I watched I thought it was well worth considering for those Baby Boomers that might need cash to supplement their retirement but don’t want a reverse mortgage.

Beresfords Personal Wealth Management

James Beresford put on a really dynamic performance. Whilst I found the content very valuable I think his over-the top style might have put some of us Baby Boomers off. But the point is he talked a lot of sense to me. He mentioned two things that resonate with me, avoid large losses and minimise fees. image

He talked about being able to control expenses and strategy – both of which I write about on my blog. He also mentioned that you cannot control return on equity, which I agree with too.

In the time allowed it was hard to get to the real meat of his presentation. Also there was no mention of the fees. So I have emailed Beresfords and asked for information on this.

They offer a complete wealth management service not just financial planning. So they cover tax issues, estate planning and many other areas to do with managing your money in retirement. However you will need to make sure you know how much it will cost you. I understand they are a fee for service provider.

I’d recommend a visit to their site. They do hold seminars where they concentrate on specific case studies of real people they have helped. But you need to pay for them and I think that is a turn-off. Seminars as a cost of sale item and should not be charged for in my view.

However if they answer my 10 questions correctly they may be a goer.

Henderson Maxwell

They provide a total wealth management service too. They offer help with DIY super which may be the way to go when you retire from a company as it can add flexibility to managing your retirement nest egg. image

They promote themselves thorough the media very well. They often appear on financial shows, and write for money magazines. I like it when they do this because I believe they then have a reputation to protect.

They hold free seminars which you can find out about on their web site home page.

I don’t know their fee structure but I understand they are a fee for service organisation too. However high fees should be a turn-off unless they can show real proof they can protect your nest egg by avoiding large losses and make consistent good returns to compensate for their high fees.

In summary I do believe it is in our interest to find a good financial planner. There is no way I will want to keep tabs of my super funds when I am 80 I’m sure. So I need to find someone I can trust to do this for me. If I get a good one now I will have 20 years to find out if I can trust them ;0)

It is in your interest to contact financial planners like those mentioned above and have a meeting with them Ask them the awkward questions I have mentioned on my web site and put them to the test. You are employing them. They are not doing you any favours. So be business-like and vet them for the position of your financial adviser.

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