Orphan clients evolving into a consumer crisisBY PAUL TYNAN | THURSDAY, 16 FEB 2023 9:26PM The financial services industry dilemma of having sufficient resources and advice practitioners to service the needs of orphan customers is not a new story, it's a crisis ... Upgrade your subscription to access this article
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MAGDELINE JACOVIDES
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FOUNDER AND FINANCIAL ADVISER
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Perfectly explained.
Wow Paul, great read...thank you.
Unfortunately the industry failed themselves when the opportunity to stand up presented itself.
The abolition of commissions in the FP industry whilst maintaining them for mortgage brokers makes absolutely no sense, the only difference being that the mortgage broking industry stood up and fought for their industry.
Whilst Financial Planners and their pathetic associations (FPA particularly) just gave up.
And now as you highlight all the unintended consequences are playing out with the end consumer the ultimate loser.
Great article. So much harm done to a valuable service industry & so many people now unable to afford much needed advice. I am one of the Financial Planners who decided to leave after 20 years - a very tough decision.
great article Paul
Well explained. Such a shame common sense has never been applied to financial planning regulation!
What a pity you weren't part of the debacle called the Hayne RC...or the QAR.