Financial Standard Comments - IOOF and SFGA union rattles top ranks The increasingly concentrated Australian financial services industry is about to be shaken by a merger that will position an independent provider on the front row for the first time in years. https://www.financialstandard.com.au/feed/latest?story=40635140 Mon, 02 Jun 2014 13:38:02 +1000 Mon, 02 Jun 2014 13:38:02 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Rob Ferguson (FB Wealth Management Pty Ltd)

The merger does not magically create an independent group. It is just not owned by one of the big four banks.

In many ways these mergers create even more problems for the consumer as CEO's can talk about "maintaining independence" and "letting the adviser flourish", under a banner that looks no different to the genuine intermediaries.

And mergers and acquisition firms who are not sure if a firm is independent or not perhaps should not comment at all. No good for the reputation showing that lack of knowledge

Would love to see ASIC comment on the statements made by this group

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]]> Rob Ferguson (FB Wealth Management Pty Ltd) Mon, 02 Jun 2014 13:38:02 +1000 Comment by John Brown (Wealth Choice Advice) In my view, independent advice is not what SFG currently offer anyway. The advisers within this group have very little flexibility at all and are almost forced to use their own in-house products. If anything there is less independence in this group than is offered by the big 4.

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]]> John Brown (Wealth Choice Advice) Wed, 11 Jun 2014 10:52:49 +1000