Financial Standard Comments - Best Interest drives advisers away from products The Best Interest Duty provision of the Future of Financial Advice (FoFA) regulation is designed to make planners give comprehensive advice in a process where recommending a product is "the last piece of the puzzle." https://www.financialstandard.com.au/feed/latest?story=33505143 Mon, 29 Jul 2013 13:33:36 +1000 Mon, 29 Jul 2013 13:33:36 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Helen Postle (Financial design pty ltd) Well about time! We have been charging for strategy advice for over ten years to the distaste of the dealer group but I always thought this was what was most important. The product is a means to an end. Without this point of view we would be merely salespeople. Since we want to be recognised as professionals then we should use that professionalism to provide strategy and advice that may not involve product at all. And guess what? Clients will actually pay a review fee for that! We know..we do it! Bring it on I say! When you adopt this attitude, you are clearly operating in the clients best interests as, for instance, their current super fund is probably doing an ok job for them anyway. This will eventually be how financial services operates if we want to be perceived as professional and on a par with accountants in terms of trust.

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]]> Helen Postle (Financial design pty ltd) Mon, 29 Jul 2013 13:33:36 +1000