'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
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
Former financial adviser charged in alleged $160k super fraud case
|Former financial adviser Abdullah Popal has been charged with alleged fraud offences in Sydney's north-west, accused of hoodwinking five individuals out of over $160,000 from their self-managed super funds (SMSFs).
Reducing super tax cap to $2m 'a concern': FAAA
|The FAAA has voiced concerns over the Labor government's proposed superannuation tax, saying if they are negotiating with the Greens, a reduction in the cap to $2 million would be problematic.
FAAA calls for stronger consumer protections in advice reforms
The Financial Advice Association of Australia (FAAA) has opposed collective charging for "always complex and costly" retirement planning advice and emphasised the need for consumer protection in the provision of super nudges in its submission to Treasury on the Delivering Better Financial Outcomes (DBFO) ...
Adviser numbers jump in March quarter: Rainmaker
The March quarter saw the highest number of financial advisers join the sector in the last seven years to reach 15,982, according to Rainmaker Information.
Further Reading
Cover Story
Moving mountains
MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
On top of running a successful practice, Mazi Wealth founder Deline Jacovides is a fierce advocate for closing the superannuation gender gap and has built a highly popular social media presence that takes financial literacy to the next level. She tells Karren Vergara where her passion comes from and how she integrates it all with family life.
Expert Feed
Redefining Pathways: What financial planning can learn from accounting's bold move
When I traded my Chartered Accountant hat for a career in financial planning, I didn't just switch professions - I gained a new perspective on the evolving ...
'Chameleon ETFs': Still groundbreaking and here to stay?
It was coined as a 'gamechanger' - an ETF that can be bought and sold on the ASX or Cboe Australia but that can also be applied for, and redeemed, directly ...
Now is the time to be brave
Recently, the first Delivering Better Financial Outcomes bill passed in both the Senate and the House of Representatives, marking a significant step forward ...
Why philanthropy is an important conversation advisers should have with clients
Financial advisers are in the box seat to assist clients with their philanthropy, yet a lot still don't raise the topic with clients.
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.