ASIC finds only 3% of financial plans good:
Here's how you can make sure you get the right advice
According to the recent ASIC Shadow Shop Survey to test the quality of financial advice, only 3 per cent of plans were of good quality.
ASIC commissioner Peter Kell said "there is a clear need for improvement in the quality of advice and a reduction of conflicts of interest" in the financial planning industry.
Kelly also said ASIC fully supported planned measures such as raising the standard of adviser conduct, lifting the quality of advice provided to retail clients and getting retail clients engaged with the advice they receive. It is expected the upcoming FOFA (Future of Financial Advice) reform package will improve communication between advisers and clients, as well as providing a greater focus on strategic financial advice.
Here's where we can help.
PB Insurance has a network of trusted financial advisors we work with and confidently refer to. If you're looking to get a new financial plan, or a review of your current one, let us know and we'll put you in touch. We want to make sure our clients get the best advice every time.
To speak to one of our team or get more information:
Call 07 5495 5355
Email enquiries@pbinsurance.com.au
Website www.pbinsurance.com.au/index.php/contact_us
