Connect and engage
Everyone has an opinion, and some people feel compelled to speak out. Share your views, opinions and insights with financial advisers accross Australia today. If you'd like to write a blog or to submit a letter to the editor please contact the editorial team on [email protected] or call 02 9922 3300.
I remember a press conference with Jackie Lambie and Sam Dastyari when Lambie said "it was important to have legislation to protect people from dodgy financial planners like our next speaker received". A lady then fronted the media and said "MY ACCOUNTANT put me into a timber scheme"... The broad use of the term "trusted adviser" to describe "anyone" from Cardinal George Pell to the Financial Controller, has lead to over regulation, red tape, FASEA and ordinary advice being outside of the realm of ordinary Australians. "Financial Advisers" should be up in arms about any misuse.
Service clients better with more honesty. Simple
In relation to your second paragraph, I don't even know where to start with that. If you can't provide an example of why it's wrong or an example of how you're right then what were you hoping to achieve?
If you're undervaluing the magnitude of these obligations that's ok, good luck to you. However even with my anonymity here, I believe that if I even help one person to understand HOW this should be looked at then I'm doing a good thing. Please though, if you're comfortable that your obligations don't extend this far then go about your business. I know which fence I would rather sit on when a I get a knock on the door.
It pisses me off that media and by default the public lump these dodgy bastards into the trusted Financial Adviser arena when they are nothing of the sort.
Its a journalist trying to beat up their own story when there is no need to.
Tell it like it is for god sake.
The fact that no bankers got punished AT ALL (not even named and shamed) for money laundering, funding terrorism, chargiung fees for no service, rigging the exchange rate, pressuring doctors to change their diagnosis is an absolute joke.
Its sad that once all the financial advisers cease to exist due to regulation, copliance education we will not be able to go work for the banks as we have become accustomed to working in the best interests of our clients (not our share holders) and cannot easily change to the bank model which is slash and burn and sell the future for a quick buck now.
We would also fail the critical test in every bankers interview. "Would you ruin the lives of 1000 australians to increase our share price by 0.5%"