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Who really owns the license?
Having decided you will benefit from financial planning advice, you generally have only a handful of choices when it comes to sourcing advice and guidance from a professional and qualified planner. You could seek advice from: Industry funds such as CBUS, First State, REST, HostPlus etc The banking system using CBA, ANZ, Westpac NAB etc […]
‘General advice’ confusion is profitable from a banks perspective.
According to the financial planning lobby, Australia’s largest banking institutions may be taking advantage of consumer confusion over the term “general advice” to sell products via staff that are not qualified advisers and have no legal requirement to put customers interests first. According to the watchdog, general advice fails to take into account the consumer’s […]
Why the banks integrated financial advice model is flawed
It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client. Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to […]
ASIC reveals big bank planners fail with “best interests duty”
When ASIC conducted its detailed reviews between 2015 and 2017, it came as no surprise they found some damning results in relation to advice given by financial planners at our major banks. There is a requirement for advisers to act in their customers best interests called the ‘best interests duty’. ASIC found that 75% of […]
Think twice before getting financial advice from your bank
Next time a friendly bank staff insists on helping you with your money, consider this: 75% of the advice given to customers wasn’t in the clients best interests. This startling figure comes from a recent review of the financial advice offered from the big four banks by the Australian Securities and Investment Commission (ASIC). Even […]
Parental Guarantee Strategy
A step-by-step guide for Parents who are acting as Guarantors With today’s property prices, first home ownership is becoming harder and harder to achieve. Too often, we’re finding that parents want to help their children achieve their home ownership dreams, but are worried about how it may affect them financially. The risks appear to outweigh […]
The Four Most Common Mistakes when Buying Life Insurance
Buying Life Insurance is no easy task. It raises a lot of uncertain questions that leave us wondering what we need to do to make it easier for our loved ones should anything unexpected occur. Here are the four most common mistakes that people make when buying life insurance; 1. Chasing the best price, and […]
Finding the Perfect Financial Planner
With a Royal Commission into the finance industry just around the corner, it’s important now, more than ever, to obtain accurate financial advice. We’ve created a list of go-to questions to ask before partnering with a financial planner. Traditionally, the local Bank Manager was seen as the oracle of all things financial. Our parents would […]
Can my Super pay for insurance?
Can my Superannuation pay for insurance? A Super Way To Insure An essential part of every financial plan is having personal insurance. But it’s also important to make sure you purchase it in a tax-effective way. Benefit From Up-Front Tax Concessions If you buy personal insurances such as Life and Total and Permanent Disability through […]
Financial Case Study: Young Family
Smart Strategies For Families With Young Children The arrival of a new child can present a whole range of financial challenges. Not only does the household income usually drop, costs generally go up. However, there are several Government benefits available to families with young children which may assist: Paid Parental Leave Or The Baby Bonus? […]
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