Financial Standard Comments - ANZ fears regulation could hamper scaled advice ANZ Wealth head Paul Barrett believes that the current definitions of 'best interest' advice could halt the industry's migration into the world of scaled advice. https://www.financialstandard.com.au/feed/latest?story=12158300 Mon, 08 Aug 2011 12:50:54 +1000 Mon, 08 Aug 2011 12:50:54 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Jason () Scaled advice is inferior advice. the doctor who only looks at the knee and misses the associated headaches and backpain might misdiagnose. Likewise planners who don't ask sufficient questions and know their clients whole situation risk making mistakes. I haven't seen anything in the FOFA reforms removing liability for advisers who "scale" advice to make it cheaper for clients who dont want to pay.
I've met with numerous clients who have come to see me after meeting "advisers" from product groups and who have received advice at a tenth the cost I can do it for. All these clients ended up far better off paying a commercial fee for full advice.
Just because a client initially wants piece by piece advice doesn't mean its in their best interests. Its up to competent advice professionals to demonstrate to clients the value of doing the job properly.
Simple clients need only simple advice but scaling it from the out set is foolish. The only reason scaled advice is getting consideration is that it suits the retail product manufacturers and industry funds who want to limit advice to their particular funds.
Decent adviser will contiune to investigate the whole clients situation and then determine what advice is needed at that particular point in time.

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]]> Jason () Mon, 08 Aug 2011 12:50:54 +1000