What's up with Vanguard?BY CHRIS BRYCKI | SUNDAY, 31 JUL 2022 11:19AMOn my desk sits a copy of Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever by Robin Wigglesworth (Penguin). It's a fantastic ... Upgrade your subscription to access this article
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Passing the baton
LIAM ROCHE
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
Liam Roche's experience in customer relationships and paraplanning has set him up for success as a financial adviser. Now undertaking the Professional Year, the advice associate at Eureka Whittaker Macnaught tells Karren Vergara how a new breed of advisers is flying the flag.
Their submissions is a bit shocking honestly. They're basically ignoring the entire Royal Commission and want to be allowed to flog their own products like salespeople that used to masquerade as "advisers" used to. Whoever signed off on that Vanguard submission should be bloody ashamed of themselves. Talk about not reading the room.
And worse, in my opinion, is that by allowing Vanguard to do this the door will be opened for a legion of the usual shonks and spivs to fleece the unsuspecting public of their money. The Safe Harbour Steps are all that's there to ensure the Best Interest Duty is being met. Vanguard has submitted that "I promise to be good" should be enough to satisfy the regulator.