Not All Advisors Are the Same—Here’s What I See Behind the Scenes
More than money, it's about momentum. Real advice starts with real people—like us.
Written by Karlisle Morocco
If you’ve never worked inside a financial planning firm, you might think our days are all about spreadsheets, suits, and market commentary. But as someone who works in Client Services, I can tell you—this job is much more human than people realise.
I’m often the first voice clients hear on the phone. I’m the one emailing them reminders to book reviews, gathering their super statements, and checking in when they’ve gone quiet. I see the joy when a client reaches retirement, the anxiety when a market dips, and everything in between.
And over time, one thing has become clear to me: so many people don’t realise how much power they have in shaping their financial future—especially when it comes to choosing (or changing) their financial advisor.
In fact, I see the same mistakes happen repeatedly. They're rarely made from ignorance. More often, they're made because of convenience, inertia, or a lack of visibility around what good financial advice looks like.
Today, I want to share the most common mistakes I see, and what you can do differently—because financial advice should feel empowering, not confusing or passive.
Mistake 1: Staying with an Advisor Because It’s “Easier”
Let me tell you about Mark and Ellen. They were clients of another firm for almost a decade before coming to us. They were not getting reviews, their retirement plan hadn’t been updated in six years, and their super was sitting in an underperforming retail fund with high fees. And yet, when we asked why they had not moved sooner, the answer was:
"It just felt like too much effort."
I get it. Life is busy. Nobody wants to deal with the admin of switching. But here's the truth: staying with a disengaged advisor because it's easier will cost you more than just missed opportunities. It can cost you thousands—sometimes hundreds of thousands—over time.
And it’s not just about returns. Mark and Ellen had no estate plan. No insurance review. These are small details with huge consequences.
Loyalty is admirable—but it should be earned, not assumed. If your advisor hasn’t reached out in over a year, it’s time to ask yourself why you are still with them.
Mistake 2: Not Reviewing Your Situation Regularly
Some people treat financial advice like a one-time transaction—have a meeting, get a plan, tick the box. But life doesn’t stay still, and neither should your financial strategy.
Whether it’s a change in income, family dynamics, career shifts, or evolving retirement goals, your financial plan needs to move with you. What made sense a few years ago might be completely out of step with your current needs or risk tolerance today.
Regular reviews aren’t just a formality—they’re the foundation of relevant, responsive advice. A good advisor will proactively revisit your plan, adjusting course as circumstances change. If that’s not happening, it’s worth asking why.
Mistake 3: Focusing Only on the Cost, Not the Return
One of the most common questions we hear—often within the first minute of a conversation—is:
“How much do you charge?”
It’s a fair question. Understanding fees is important. But all too often, the focus is solely on the number, without context or consideration for what that fee delivers.
Financial advice isn’t a simple transaction—it’s an investment in your future. The right advice can help you retire earlier, structure your finances more effectively, reduce tax, grow your wealth, protect your family, and give you peace of mind. That kind of impact doesn’t come from a bargain-bin approach.
Lower fees can often mean minimal engagement, fewer services, or generic, one-size-fits-all advice. Higher fees, on the other hand, should reflect a tailored, comprehensive, and proactive relationship—one where your advisor is genuinely invested in helping you achieve your goals.
So instead of just asking “What does it cost?” ask, “What value will I get, and are the outcomes worth the investment?”
Why Percentage-Based Advisor Fees Often Cost More Than You Think
When you're seeking financial advice, the way an adviser charges can make a huge difference—not just to your wallet, but to the quality and depth of advice you receive.
Many Australians are still paying advisers a percentage of their assets—usually between 0.8% and 1.1% annually—for help managing their super or investments. At first glance, this might seem fair: the more you have, the more they help, right?
But what are you really getting for that fee?
Most percentage-based advisers focus only on:
Managing your super investments
Tactical allocation changes
Reviewing fund performance
They typically don’t help with:
Structuring your assets for tax efficiency
Strategic contributions and withdrawals
Estate planning and asset protection
Cash flow planning, budgeting, or debt
Insurance reviews or family wealth planning
That means you’re paying more—but only getting advice on part of your picture. Flat-fee or fixed-cost models tend to better reflect the actual complexity of your situation and the scope of the advice you’re receiving.
Mistake 4: Working With Advisors Who Aren’t Independent
The financial advice industry in Australia has a complex history. Many people still don’t realise that some advisors are aligned with banks, insurance companies, or product providers—and that this alignment can influence the advice you receive.
We had a case where a woman, Tara, came to us with a portfolio of managed funds—every single one was from the same financial institution her previous advisor worked for. She thought they were the “best options”—but it turned out they were just the only options her advisor was allowed to offer.
At Braeside, we’re proud to be independent. That means we don’t receive commissions from product providers, and we aren’t limited in the solutions we can offer. We work for our clients, not for a bank or fund manager.
If your advisor can’t (or won’t) explain who they’re licensed through and how they get paid, that’s a warning sign. Independence matters—and so does transparency.
Behind Every Great Advisor Is a Great Team
Here’s something many people don’t realise when choosing a financial adviser: your relationship isn’t just with the person giving the advice—it’s with the entire team who brings that advice to life.
At Braeside, we work as a unit. While your adviser is focused on strategy and big-picture thinking, it’s often the support team—people like me—who are making sure everything happens.
We’re the ones on the phone helping you find the form you didn’t know you needed. We’re booking your reviews when life shifts. We’re explaining statements, following up gently, and keeping the wheels turning behind the scenes—so your plan stays on track even when life gets busy.
This is the human side of advice. And it matters more than most people think.
When choosing an advisory firm, it’s easy to focus on credentials, fees, or investment returns. But what’s often overlooked is the experience you’ll have between meetings.
👉 Will someone answer when you call?
👉 Will they know your name?
👉 Will they follow things up before you even think to ask?
These are the touchpoints that build trust and momentum. And they’re also where the cracks show if a firm is stretched too thin or running on autopilot.
Research shows that how supported clients feel between formal reviews plays a huge role in whether they stay long term. So don’t underestimate the power of a good support team. Behind every strong financial plan is a group of people quietly (but passionately) making it happen.
Final Thoughts
If you’ve made any of the mistakes I mentioned—don’t worry. You’re not alone. We’ve all stayed too long in a relationship, ignored the fine print, or chosen convenience over clarity at some point in our lives.
But now that you know what to look for, you have the power to make smarter choices.
Your finances shape your future. The advisor you choose to guide you should be someone who listens, educates, and empowers—not just someone who ticks boxes or emails your tax summary once a year.
I may not be the person giving advice, but I see what happens behind the scenes. And I can tell you—when clients are well-matched with the right advisor, it shows. There’s trust. Momentum. Progress. Peace of mind.
And isn’t that what we’re all looking for?
Click here to book a 15-minute Good Fit Chat
The information in this article is general information and does not take into account any person’s individual situation. You should always do your own research, or seek professional advice to assist you in making an informed decision about what suits your needs.