More insight

The industry has to do more to get younger people, who would benefit from good advice, coming though its doors. A survey conducted last year for the Industry Super Network, which represents the industry superannuation funds, showed only 19 per cent of those in households earning less than $100,000 had spoken to an adviser.
The survey found that those on moderate incomes do not seek advice until the age of 55, with only one in 10 seeking advice. Over the age of 55, the proportion rises to one in three. More than half of over-55s on any income seek advice, much of it relating to super.
Further insights into the way the big planning groups treat consumers is on the way. The Financial Ombudsman Service will, reportedly, release the names of planning firms involved in the highest number of consumer disputes.
Under the changes required of the service - outlined by the Australian Securities and Investments Commission in theFinancial Ombudsman Service 2009-10 annual report, to be released in late September - it will need to show the number of complaints received and the outcomes.

Case study 1: A lesson well learned

 Jenny Garvey, 63, used to have a financial planner that she rarely heard from. When she tried to contact the financial planner, who was employed by a big financial institution, during the global financial crisis, she would have to wait. Then she would get a different person each time who did not know her and who was abrupt.
After a while, she realised it was pointless ringing them, yet she was paying fees. She was not getting the personalised advice she needed.
The retired teacher had an accident 16 years ago and has physical limitations. Since being with her current planner, Janne Ashton at Plan Protect, an authorised representative of AXA Financial Planning in Sydney's Frenchs Forest, she says she now knows what service is all about.
''I feel she respected my situation and no longer felt it was pointless coming to see someone for advice,'' Garvey says. ''I had assets but I did not have enough income.''
Garvey (pictured) wanted to be able to stay in her house for a little longer. ''I will downsize but I have young grandchildren and they come here,'' she says. ''I want to keep my house for a while until they are older and Janne has rearranged things so that I have cash flow.
''Within 48 hours of seeing Janne I had a complete plan - where I was going, what I had to do and what she was going to do. I now feel secure and my life is on track and I have more joy in my life as a result.''

Case study 2: Invaluable help

Rikki Bewley, 64, has just returned from swimming in the River Thames in England. She swam 14 kilometres in two days. She's a marathon runner and does tai chi. ''I love adventures. And if you are going to do all of that stuff you need a good financial planner,'' she says.
She first saw Joe Sacco, a financial planner with ANZ in Melbourne, 10 years ago. She did not have much money back then and after she received an inheritance, with the help of Sacco, has been able to support charities.
After training as an occupational therapist, Bewley spent 34 years working with chronically and terminally ill children, supporting their psychological and emotional well-being, before retiring in 1998.
She supports Animals Asia Foundation, a Hong Kong-based charity, which helps with animal welfare in Asia. She also supports Anti-Slavery International, a London-based charity that works to stop child labour.
She meets with Sacco several times a year and he also calls her on the phone. She says he explains everything to her and makes sure she understands.
Sacco remembers everything that is going on in her life and his people skills are terrific, she says.