The Future Of Financial Advice has been in the media a lot over the last year or so and has created a great deal of interest in certain parts of the community, as the previous and current governments seek to improve the quality of financial advice provided in Australia and protect the retail investor. The focal points of FOFA: the advice that’s given, the way it is documented, the products that are used and the way ‘fees’ are charged and disclosed, are key to a healthy industry/consumer relationship and are not unwelcome.
“Integrity has no need of rules”.
– Albert Camus
The way we see it, is that while FOFA provides a springboard for important changes in our industry, as with any profession, the most important components of real service, sincerity and integrity, cannot be bought or measured with money. They cannot be legislated.
Knowledge, experience, mentoring and support are the cornerstones of a sound financial planning service, not investment ‘products’ as many industry funds would have us believe. These are the reasons why new clients come to our door, not just because they think we can offer them a better product than the one they (may) already have. It’s because they seek our knowledge, experience and support to help them achieve their goals.
If you think back to the days of Peter Costello, it seems that government’s inclination to interchange financial ‘service’ with financial ‘product’ has been long standing. Treasurer Costello famously said many years ago that once he had introduced his ‘Simpler Super’, “you won’t need a financial planner”. Well, thanks to our valued clients whose issues we address and solve daily, this is one financial planning business that is not about to die. We continue to welcome new clients referred to us with open arms and we thank you for your ongoing trust and support.