Best Interest drives advisers away from productsBY LAURA MILLAN | MONDAY, 29 JUL 2013 11:50AMThe 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." Related News |
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Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
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.