In the world of SMSFs, an aligned accountant and financial adviser can make a formidable, synergistic team. Specialists who can’t be friends can be the opposite, when the best interests of the client are paramount.
Tag Archives | financial advisers
Financial advice took at battering at the Royal Commission, but if the focus starts on the client’s goals and eliminates conflicts, changes can set the industry up for a better future.
Most financial advisers will say they have faced an increased level of scrutiny from clients due to the Royal Commission. The test is how the industry wins back trust.
Depending on the type of fund you use and whether you pay for advice, there is a large difference in the size of fees. It might be worth paying for extras but choose the fund and advice level that suits you.
Financial adviser education, training and legislating ethical standards will help improve ‘best interests’ practices, but what about adviser experience? This important quality is near impossible to regulate.
Mental Health Commissioner, Lucy Brogden calls on financial industry professionals to better address their clients’ needs for advice that supports both financial and mental health.
More advisers want control over their businesses for the benefit of themselves and their clients rather than operating under institutional guidelines, and software providers are facilitating the change.
Going through ASIC’s pronouncements and corporate plans can help gauge whether a business is at risk. Big and small AFS licensees such as non-bank planners, accountants, and life advisers will be increasingly scrutinised soon.
The Royal Commission will change financial advice, focussing more directly on conflicts of interest and client best interests. What can you flush out of your adviser immediately?
Many people have changed their minds on whether the Royal Commission was a good idea. What the fact-finding reveals though is an age-old lesson in economics: outcomes gravitate toward incentives.
Financial advisers spend an inordinate amount of time selecting fund managers for their clients, but is the impact/effort matrix worth it. It’s hard enough for good managers to even beat the index.
Good financial advice requires finding out a lot about an investor, in the same way a good relationship involves more than a few online questions.
A good financial adviser can become a life-long guide to financial security, which makes taking the time to select one a major part of an investor’s plan. Make it a two-way conversation and learn how the adviser works.
It makes sense for investors to seek quality financial advice, but sorting through the pool of advisers to find the best can be tough. Don’t rely on industry regulation to do the checking for you.
The main benefit a financial adviser can give clients is not in stock picking or selecting an outperforming manager, but acting as a wealth coach and helping to control emotions.
A note from ASIC to Cuffelinks readers regarding the Financial Advisers Register – a comprehensive database of financial advisers’ scope, experience, training and qualifications to assist investors in choosing an adviser.