 |
CLICK HERE to participate in the roundtable poll
The Future of Financial Advice (FoFA) reforms will put financial advice and products on an even playing field, according to Gerard Doherty, managing director (Australia), Fidelity International. In an exclusive interview with Professional Planner, Doherty says the various segments that make up the “broad church” that is the financial services industry should therefore apply a collective focus on the end client.
“The thing that is curious to me is that you’ve got a diverse group of people around the table and there did seem to be still this ongoing, shall we say, debate between difference views about things we’ve been debating for a number of years,” Doherty says.
“One of them is industry funds versus advisers and we’ve seen that on television with advertisements. What FoFA does, and a range of other legislation, is it lifts…advice out and sticks it out as a separate industry; a separate decision for a consumer to make. So it puts product, if you like, on an even playing field.
“The reality is, whether you’re a member of an industry fund or a member of a retail fund, a self-managed super fund investor, at some time in your life you need advice,” he says.
“We actually want the industry collectively to embrace the need for advice and embrace the need for a professional advice industry, wherever you might be in whatever segment of the market.
“At the end of the day, there’s one commonality to us and that’s the end consumer of Australia.”
Leave a Comment
You must be logged in to post a comment.