Geoff discusses the opportunities MLC sees for financial advice in Australia, his thoughts on how financial advisers will integrate changes on the back of the royal commission and the understanding from clients around the difference between independent versus aligned advice.
He also reveals why advisory firms should be using technology to stay connected, tips for advisers feeling overwhelmed by the changes and the tools to use when planning.
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I retired last year after 19 years as a nab senior financial planner. Very clear to me the profession needs to use this time to seize control and move product providers into their rightful place.
Financial planning professionals need to take control of their profession and cease allowing product providers to dominate the profession. The medical profession don’t allow the drug manufacturers to dictate how they should practice.
This bloke definitely likes hearing his own voice, shame he has nothing worth listening to.
Sadly specialist risk advisers with open unlimited APLs, and being remunerated by clients via commissions ( upfront and ongoing) were not mentioned. Shame on you James!. Clients requiring risk only advice will perhaps accept an advice /implementation fee up to $1,500.00 for RISK ONLY ADVICE where the premiums will be more than $4000 for an average Mum & Dad. Specialist risk advisers cannot survive on that low level of fees. No insurance industry!
Geoff has no financial advice qualifications what so ever and will almost certainly never sit the FASEA examination. Why should we listen to anything he has to say ?
So reading Geoff’s bio off the MLC website, we have a guy preaching about professionalism and financial advice, telling planners what they should do to comply with recommendations coming off the Royal Commission. Geoff’s expertise in this area warrants close inspection as it appears he’s telling a whole lot of advisers how to structure their lives for the future.
Does he have any actual planning experience ? Nup.
Does Geoff have any experience of what it means to be a professional, perhaps he’s a lawyer, an accountant, an actuary ? Nup.
Nothing.
In fact, it appears that Geoff has no formal qualifications in anything.
Big trev is spot on. every adviser should be taking very very close interest in the “best Interests” tests. It’s all though the FASEA exam and comes up now in almost every ASIC banning order. Just because you disclosed bias, it won’t save your arse if the client best interest test wasn’t met.
What a load of shite. Geoff has no understanding of the best interest tests. Just because you’re aligned and tell them you are conflicted doesn’t mean you can recommend things that aren’t in their best interest. Get this dinosaur off. His vertical integration model is dead and he doesn’t realise it.
Is this a case of a product provider trying to influence distribution? Better call the Royal Commissioner! Seriously there are stronger voices in this space than a product exec who’s never done anything else. It’s a shame MLC’S advertising budget buys this type of editorial.
Another fund manager rubbing its ego and trying to remain important.