Are Financial Advisors acting in the best interests of the client?

Are Financial Advisors acting in the best interests of the client?

Article first published in IFA - Independent Financial Advisor in May 2017 as "A finer grain approach to financial advice" A cornerstone of the Future of Financial Advice (FOFA) reforms is the “best interests duty”.  In April, we saw the first reports of advisers being banned with charges including not acting in accordance with these FoFA reforms. What does the “best interests duty” require of an adviser? In part, it requires: Identifying the objectives, financial situation and needs of the client that were identified through instructions; Identifying the objectives, financial situation and needs of the client that would reasonably be considered relevant to the advice sought on that subject matter; If […]
Debt Stress a key concern for Australians

Debt Stress a key concern for Australians

Debt stress and its associated ill health looms as a core issue for Australians. With over 50% of respondents to AMP’s 2016 Financial Wellness Report indicated that they are not confident about their financial position, and struggle to even meet their day to day household expenses. Debt (50%), retirement (35%) and providing for their family (34%) lead the list of financial concerns for people. Just paying the bills was as high at 32% of all respondents citing it as an issue for them. According to AMP’s data, 25% of employees (2.8 million people) are facing financial stress, the worst sectors being Accommodation and Food Services; Health and Social Services; and […]