Our clients needs determine our choices

posted by harley@task2.com.au on 26.05.2014 in Uncategorized  | Leave a comment

I’d like to start my first blog post by saying how utterly appalled I was when I watched the Four Corners report on Commonwealth Bank’s Financial Planning arm and a particular financial planning brand and business owned by Commonwealth Bank. Within the industry there is a code of ethics to which we should abide. One strong code is our basis for advice. That is, when a client comes to me and if I provide advice to that client, I must have a satisfactory reason to provide that particular adviceā€¦.and I don’t mean to improve my bottom line!

What I saw was a reckless abandonment of ethics, conscience and morals. Mark my word though, I have inherited clients on many occasions where the advice process from some financial institutions has been shocking and what’s more, very, very expensive. What I see a lot is not so much the initial advice being unconscionable but the complete lack of ongoing service when advisers are receiving commissions. You wouldn’t pay a tradesman or woman if they didn’t turn up would you? In some instances, once some advisers are on the gravy train, they don’t bother with any service unless the wheel gets squeaky. Keep squeaking!


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