Advice industry must not rest on laurels: DiamantidisBY JAMIE WILLIAMSON | FRIDAY, 26 MAY 2017 12:11PMThe financial advice industry has resigned itself to underperforming and allowed the public to relegate financial matters. Related News |
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Agree with much of that, Pieta. As a 35 year veteran of the advice industry I've spent 25 of those years teaching clients how to "fish" so they can become independent of me and handle their own decisions, but with my ADVICE rather than me DOING it all for them. They appreciate that, but it requires courage on both sides - me to not fear losing them and them to take responsibility. It is ultimately the only ethical approach to what we do. You wouldn't want your (adult) children to be dependent upon you for the answers, so why would you want that of a client - other than self-interest? It requires that you don't get paid for transactions but rather for teaching. That's a challenge not many in our industry are up for yet and certainly not one that their masters (Dealer Groups - there's a clue in the name) would encourage!