Shortening the leash on Financial Advisers.
Posted: Thu Apr 28, 2011 12:24 pmI'm pleased to note that Bill Shorten intends to do something about an industry whose "advice" is often dictated by where the trailing commissions are coming from.
When I consulted a series of four in Adelaide about my sister's estate, after it came under my management in 2003, the first three gave totally contrasting advice, and the pattern made it clear the advice was dictated by their affiliations.
This was consistent with my previous experience in Melbourne.
But there are exceptions. I was put on to a fourth by a mutual friend who was a lawyer.
This one looked over what I had already done and said he wouldn't change it [and refused my offer of payment for his time].
Hopefully, those like him will benefit under Bill Shorten's plan where their honesty makes their reputation, and makes them recognised as worth their up front fees.
When I consulted a series of four in Adelaide about my sister's estate, after it came under my management in 2003, the first three gave totally contrasting advice, and the pattern made it clear the advice was dictated by their affiliations.
This was consistent with my previous experience in Melbourne.
But there are exceptions. I was put on to a fourth by a mutual friend who was a lawyer.
This one looked over what I had already done and said he wouldn't change it [and refused my offer of payment for his time].
Hopefully, those like him will benefit under Bill Shorten's plan where their honesty makes their reputation, and makes them recognised as worth their up front fees.