What you should know about Financial Planners

Facts about the Financial Planning Industry.

In the latest study conducted Australian Securities and Investment Commission (ASIC) 86% of consumers felt they had received good quality of advice; when independent professionals reviewed the advice, they found that only 3% of the advice could be classified as “good”. This is a very scary statistic. With these figures we consider getting a second opinion not only prudent, but vital, you have nothing to lose.

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Product Bias

Approximately 85% of financial planners are associated with a product manufacturer ; they have been found to receive 75% of their income from related products . ASIC found that non-compliant advice (so bad it’s illegal) was 300% more likely where an adviser recommends an associated product .

Insurance Commissions

A conflict of interest due to remuneration such as insurance commissions have been found to make non-compliant advice (so bad its illegal) 600% more likely .

Large Expenses

The average cost of the financial planning industry to produce a Statement of Advice (Financial Plan) is between $2,500 and $3,500!

This all contributes to the fact that only 3% of financial advice provided can be classed as good!

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