Financial planners fear ruin..

Discussion in 'Superannuation, SMSF & Personal Insurance' started by willair, 12th Sep, 2019.

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  1. willair

    willair Well-Known Member Premium Member

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  2. TMNT

    TMNT Well-Known Member

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    I have no strong love for financial planners, but for AMP to promise and sell something, only to reneg straight away, is low
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    These planners didn't plan well did they.
     
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Many werent financial planners. They were product floggers.

    If a planner were to compare amp v anything independent the best interest tests would be a challenge. AMP have just woken up to this self evident outcome. Its why every other bank has been selling or winding up inhouse services. ie ruthlessly culling people

    Do you walk into Maccas when you really want KFC ?

    Independently owned financial planners are actually busy.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    PFs rather than FPs!
     
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  6. euro73

    euro73 Well-Known Member Business Member

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    The compliance costs the industry is wearing right now, and will continue to wear.... are getting so exxy that average Mums and Dads wont be able to afford advice soon....

    I have multiple planners who refer clients to me and they are all suffering under the weight of pre- vetting and compliance. Their dealer groups are telling them they will need to charge somwhere approaching 10K + per client to afford to stay in business under these conditions...... and that's just way beyond the means of all but the wealthy. I realise regulators want to make this stuff as safe as possible and their intentions are good, but when you make things so onerous and so expensive that only the wealthy can access it, its the tail wagging the dog ... and even fewer people end up being able to access advice.
     
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  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    PI cover for FPs is going north real quick. Many planners are being told to find new cover if they dont meet certain risk parameters...good luck with that