Financial product providers make nearly all of their income from sales via financial planners but do they actually utilise their services?Read More
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Recently I talked about the findings from a piece of research that Vanguard did in 2016. You can read about that here. I am also pretty keen on the old market research, and did some of my own with consumers who have seen an adviser for the first time in the last year or so. There were lots of interesting findings, but one that was seriously concerning. It turns out, that your clients aren’t really sure if they can trust you, even after they have implemented your advice!Read More
Yesterday I heard about a report that Vanguard put out last year, focusing on what determines trust in an advice relationship. They surveyed 3400 advised clients (in the US but the findings can be applied here I think) and found that the key factors could be grouped into three areas: Functional, Emotional and Ethical. Emotional factors account for 53% of the overall trust that the consumer has, Ethical factors 30% and Functional factors only 17%.Read More
So, life is pretty crappy right now in the land of financial advice. Between the Royal Commission, the Dover implosion, ASIC’s ongoing war on compliance issues, the court cases and the new education standards, you could be mistaken for thinking that we are seeing the beginning of the end of financial planning.
While I agree that the industry is in the middle of a pretty tough time, I really believe that the long-term future for financial advice, and financial advisors, is excellent. And here’s why…Read More
I was lucky enough to meet with the Financial Ombudsman Service recently. I specifically wanted to find out what product providers could be doing differently when it comes to complaints regarding investments, super and insurance. My particular interest is around PDS disclosure, but of course FOS considers much more than just offer documents. It was a fascinating discussion and here is a summary of the key issues that FOS are currently seeing.Read More