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Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
There goes the good ole FPA - chasing opportunities to make more money from "training" and "education" and, of course membership of FPA. As if this was ever a training/education issue!
How about more specifics of what these rogue planners did! Let's see what was in the files.
But whilst we are about calling out the problems lets get to the real cause: the institutions and the sales based incentive schemes that prevailed throughout the 90's and 00's. The institutional heads knew exactly what was going on. But the quest for FUM was the main game and the institutions were happy to take the risks.
And where are the architects now? Gone long ago, retired and financially secure. And what of the product manufacturers and their marketing and distribution chains? All ducking for cover, big time!!
I'm not defending inappropriate advice / not acting in the best interest of clients. Not at all!!! Never ever!! But how about some balance to the whole story!
It needs to be said that all we are / have been reading, hearing, watching is clearly politically convenient for the Opposition railing at the Government's intentions to amend flawed, impractical and unworkable FOFA legislation for the better and without watering down 'Best Interests'. The legislation of course was designed by the ALP in its drive to hand the superannuation market to the industry super funds.
How convenient for the ALP, currently reeling in the light of corrupt union practices to launch the CBA story to deflect attention away from itself.
And politicians taking the high moral ground!!! The hypocrisy of it all.
And journalists - what a great cocktail to add with politicians. Balance?? You must be kidding.
And of course the FPA has its own moral compass. Needing a voice in the political capital wouldn't have anything to do with its position would it?
Defend the un-defendable? Probably.
One thing's for sure. So glad I am not a CBA planner. Not to worry; there will be another disaster from a whistle blower at one of the other big 4. I can hear the CEO's groaning already.