Financial Planning Association
Thank you Senator Fawcett, we thank the committee for the opportunity to present the views of the FPA.
The issues this committee has been asked to address are complex, indeed what we refer to as the financial services “eco-system” is complex. Financial services has many participants that are mutually reliant upon each other and yet at the same time compete with each other. At the heart of our eco-system must sit the consumer, a point that appears to have been lost by those embroiled in the scandals that have plagued us in recent years.
Financial Service Council (FSC)
The Financial Services Council (FSC) strongly believes in the value that quality financial advice delivers. Research has shown that there are many consumer benefits to receiving financial advice.
KPMG Econtech research has shown that Australians obtaining financial advice save an extra $1,590 per year when compared to someone who does not receive advice.1 The benefits of financial advice extend well beyond financial factors.
Advised clients feel a stronger sense of control of their finances, have lower levels of stress and feel a greater sense of well being.2
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