Ray White to launch financial advice dealershipBY JAMES FERNYHOUGH | MONDAY, 15 SEP 2014 12:20PMReal estate business Ray White has confirmed it is moving into financial advice with the launch of planning dealership Wealth Market. Related News |
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
I have no problem with Ray White joining the list of those who wish to derive an income from the business of investments and the like, but I would like to point out the oxymoron included in the words "to launch financial advice dealership". Dealing and advising are completely separate and - by definition - mutually exclusive operations.
A dealership is about selling/dealing in product: an advisory is about discussing various options and recommending one or more as superior - and therefore MUST exclude the completion of or interest in any transaction, if it is to be advice rather than dealing.
Therefore our solution to the age-old conundrum of regulation in this industry (note: NOT profession) is to separate advice from dealing and NOT allow dealers to call what they do advice. Advisers (about product) should be licenced separately from dealers (sellers of product) just as they once were, 30 years ago. It's a simple but to some unpalatable and dare-I-say inconvenient truth.