After issuing its Quality of Advice Review (QAR) submission to Treasury this month, Mr Swanson joined host Neil Griffiths to talk about what he believes is the biggest issue in advice today – the simplification process.
“The analogy I’d draw, is actually going to see a doctor, right? You go to see a doctor. The doctor says, ‘How are you, Neil?’ And you say, ‘I’ve got a cold.’ So you’ve actually self-diagnosed here. The doctor has actually not diagnosed. You’ve diagnosed yourself, right?
“Then you have a conversation with a doctor who may say, ‘You need a script’, et cetera, et cetera. Does the doctor say, ‘Look, I need to do a statement of advice. I need to recommend three different types of medicine to actually resolve your cold, flu, broken leg, whatever you’ve got. And then I need you to go away for a while I write up a statement of advice. And then I’d like you to come back in two weeks’ time?’ At which stage your broken leg is probably quite sore, right? It’s just a crazy process.
“We’ve got to be in the financial advice game.”
On this episode, Mr Swanson also dissects the survey that ClearView released alongside its QAR submission and his predictions for what the review will bring in December.
