'Good Advice' is just sales by another nameBY VINCE SCULLY | WEDNESDAY, 14 JUN 2023 3:53PM Words matter. They matter both to the listener and to the speaker. And they matter even more when it comes to money. I would argue that the way regulators and the law currently ... Upgrade your subscription to access this article
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Brilliant and simplified way of explaining this problem. Super funds will always sell the best toaster and the client will be none the wiser, it's no doubt sales and a risk to go back to the worst excesses of the past. Super funds will spend millions of their member's money marketing to them and pushing their "Toaster", and the consumer will be worse off. Good one, Levy.
Finally, a bit of clear thinking from someone who is not trying to apply legal terminology to financial products. QAR will not resolve any issues either for consumers or advisers.
This is what I have been trying to say all along, but perhaps not as simply: FINANCIAL PRODUCT SALES versus ADVICE is indeed two very different beasts. One is conflicted and the other should be independent. Thank you, Mr Vince Scully for putting it so simply.