Speaking to ifa, William Buck’s director, wealth advisory, Fausto Pastro said that advice from the right adviser can be very confronting if it is to serve its purpose and hold clients accountable.
“A good adviser will learn to have difficult conversations with a client, rather than simply proffering advice,” Mr Pastro said, adding that the role of a financial adviser is to make a difference to the lives of their clients.
“Our role is not just to earn a dollar, our role is not just to pass the day,” he said.
“Our role is to make a difference.”
Mr Pastro believes the notion of putting the client first is an ethical perspective borne out of the professional services.
“Professionals understand that their priorities are first of all the public; secondly the client; and thirdly ourselves,” he said.
“I learned that in my ethics course when I was studying to be a CA a long time ago, and that has never changed.”
William Buck is an accounting and advisory company with six financial advisers and its own AFSL.
The company has been operating in the Sydney and NSW marketplace for over 20 years.
What a valid & timely quote re “a good adviser will learn to have difficult conversations with a client” ,particularly at a time when the industry is fixated on “price of advice” (quality??) & from my experience less than 10% of advisers who claim “affordability” is the # 1 barrier to adequate protection being installed & maintained, actually conduct a “budget” or “spending plan”…. This practice of dealing from the “lowest common denominator” & “least line of defence” does the industry no favours period. Then there is the question of “ethics” & one wonders where that focus might fit in our current regime of “compliance” & “CPD points”….perhaps a bridge too far??
I totally agree.
confront transitive verb k?n-?fr?nt
: to oppose or challenge (someone) especially in a direct and forceful way
: to directly question the action or authority of (someone)
: to deal with (something, such as a problem or danger); especially : to deal with (something) in an honest and direct way