The Royal Commission and the financial landscape: Who to trust and when

May 8, 2018

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I know. You have probably seen lots of news about the Royal Commission and the financial advice horror stories. I don’t plan to rehash anything that’s already been said.

The only thing I will say is that the publication of these horror stories is a very positive thing. At a minimum, it encourages people to educate themselves about their advice options and maintain a healthy level of scepticism (not blindly trust). At best it will force the industry to change.

The point of this blog is to help you understand who you need to seek advice from, when and what fee (remuneration) arrangements are acceptable. In short, to give you the lay of the land. This will help you navigate the financial industry and put the Royal Commission commentary into context.

Important: There are two types of financial or investment advice

Strategic financial advice will tell you what and how much you need to invest in to achieve your financial and lifestyle goals.
Asset-class investment advice will tell you how to invest in a certain asset class.

It is very important to understand what type of advice you are looking for. The mistake that many people make (which gets them into trouble) is that they seek strategic advice from someone that is only able to provide asset class advice.

https://www.prosolution.com.au/royal-commission-who-to-trust/

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.