Former Wallaby Phil Kearns has been in the hot seat at Centric Wealth for five months and reflects on industry reform and the road ahead. After seven years at Investec, Kearns felt the need for a new challenge and started his new role as CEO of Centric in December last year.
James Hodder A well written article.
I think the FPA have it right . Leave the manufacturing to the manufacturers. Australia is reported to be under insured. What ever regime we have in place for getting this product to where it is needed, is oviously not working, so a better model may be just what is needed..
Financial Planners have best interest duty, full written disclosure , FOS and a strong culture of caring for clients. This has made the industry strong and it will get stronger. Consumers are well informed via multiple channels and will naturally gravitate to advice and products that are fair and reasonable and fit for purpose. The veil that has ben drawn over the big up front commisions is wearing thin and will soon disapear altogether , good riddance. The consumer can then see clearly what they are getting and what they are paying for it. Advice that is appropriate and takes into account the quality of the product and the needs of the client will always win in that environment. ASIC risk advice report draws a disjointed response from industry groups
The Australian financial planning industry is evolving and going through lots of change.
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