Eye on the ballBY CHRISTOPHER PAGE | FRIDAY, 8 JUL 2011 1:42PM Financial planning is at its best as a premium service, judging from a recent case study featured in the Australian Journal of Financial Planning. This month's Case Study showcases ... Upgrade your subscription to access this article
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Well done; good article. Send it to all politicians.
While most of the FOFA reforms are positive, the "opt in" provisions will disrupt the businesses of small independent financial planners. Provided that private contracts between financial planners and their clients are fair and are freely entered into, the government should not attempt to regulate these contracts, other then to apply the consumer protections that already exist in law. If an adviser is receiving fees to provide a service and is not doing so, then that raises questions about that adviser's ethical standards. This is the issue that FOFA should address.
While I agree with many of the sentiments in your piece, the reality is you're (unfortunately) referring to a portion of the industry. Not all our colleagues operate in the manner your case study suggests. The reforms are designed to move our industry up a level so ALL of us operate away from the traditional model to one where we are truly viewed along side the solicitor or accountant. Great article......