In the last few years since the Royal Commission into Banking & Financial Services, there has been an exodus of Financial Advisers leaving the Industry.
Many of these worked at the banks.
Where does that leave you if your financial adviser was one of them?
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed instances of fees for no service, excessive fees and conflicts of interest in the industry.
Thankfully, the fallout has led to a drastic cultural shift in the financial planning landscape. Among those positive changes, are higher standards of ethics, better education and improved advice – all good things for people seeking sound financial guidance.
But there are casualties which does have a flow on effect into the community.
The banks’ axing of personal financial advice services has left thousands of people high and dry, unable to manage their financial affairs, let alone access their funds.
This was a necessary change that the industry needed to take.
Look for a long-term financial planner
Financial planners should always act in the best interest of their clients, and where nurturing of long-term client relationships is encouraged throughout all levels of the industry.
Over the last couple of years, we have seen a lot of the bad eggs and poor advice providers removed or leave the industry. It means you can find a financial planner who actually cares about you and your family, wants to fully understand your personal situation, and simplify your financial affairs so that you can reach your goals sooner.
If you are one of those people left out in the cold following the banks’ decision to cut their personal finance services, we’d suggest you see this setback as a positive opportunity to seek out a new financial planner who is going to take the time to understand you, providing you with a sense of security.
Make sure your new financial planner is compliant with the changes
There are a number of compliance requirements Financial Planners need to meet. But it is in how the advice is provided, communicated and value that is delivered which ultimately is the difference between a true and trusted adviser and someone who wants to simply sell you a product to make money.
Choose a financial planner who considers the whole picture
We complete thorough research on our existing financial products, develop the most appropriate strategy aligned to their goals and use them in selection of the most appropriate products for them.
We meet with clients on a regular basis to check-in, identify if their current circumstances have changed since their last plan, and adjust their strategy accordingly to ensure it is still working to achieve their goals.
We ensure complete transparency with disclosure of the fees for our services. We have open and honest conversations about our fees, believe in the value we provide and will only ever proceed with clients who fully understand how we are remunerated for our advice.
Reach your financial goals
Our advice to anyone who has been dumped by their bank and who are now without a financial adviser is to reach out to us. We’ve been proactive as the changes have unfolded. Our forward-thinking systems means we’re prepared and already compliant and practising in line with the new requirements.
We will be with you for the long term.
