What you should know about Financial Planners

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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