Henderson Maxwell chief executive Sam Henderson has launched his third financial planning book, called The One Page Financial Plan, aimed at helping individuals get the most out of the financial advice they seek to operate an SMSF.
“It’s a rewrite of the first book, Financial Planning DIY Guide, and again it’s for those people who can’t afford advice. So they can buy a $34.95 book and get a good understanding and good overview of what a financial adviser should be doing for you. I often present on the topic of what your financial adviser should be telling you because there are a lot of advisers out there, but I don’t think they’re giving the right information to their clients,”Henderson said.
The areas Henderson has identified as shortcomings include failing to check binding death benefit nominations and failing to ensure trust deeds are up to date. “Many of them are setting up transition-to-retirement income streams and they haven’t even checked the trust deed first,” he said.
The investment strategy is another topic the book highlights, from having a written investment strategy to understanding the differing financial needs of different SMSF members and how one investment strategy may not suit everyone. “It’s really covering off all of the basics an expert should be disseminating to their clients. That’s what the book is all about,” Henderson said.