With the Royal Commission into the banking sector confirmed, it’s refreshing to know some financial industry professionals still put their clients’ interests first.
While the Turnbull government starts their royal commission into the banking sector, which won’t be finalised until early 2019, The Hon. Bernie Ripoll, consumer advocate for Financial Rescue, wants investors to be made aware of both the warning signs and the green lights when looking to engage with a financial planner.
“With wavering trust in our financial services industry, it should be known that there are still many professionals that truly act within their clients’ best interests and enjoy seeing their clients achieve their goals.” Said Mr Ripoll.
When looking to engage with a financial planner, Ripoll advises investors to identify the following key points that could indicate you are receiving ethical advice;
· The advisor is acting with YOUR best interests as a priority
· The adviser is on the ASIC financial adviser register
· The adviser is a member of a professional association with a code of ethics (I.e. Financial Planning Association)
· The adviser understands your goals, and clearly explains how they plan to help you achieve them
· They make sure you understand the advice they are giving you before you sign
In 2013 Australia introduced the Best Interest Duty as part of the Future of Financial Advice (FoFA) reforms which Ripoll played a key role in implementing. This ensures financial planners are accountable to act in their client’s best interests. “We have seen a transformation in the industry in a short amount of time towards better practice, which is now reflected by increased client satisfaction.” Said Mr Ripoll.
With so much information out there, there is a real need to educate potential investors so they can identify the Financial Planners who are operating with honesty and integrity. Everyone has the right to be treated fairly and to be provided with an ethical and sound service.
Financial Rescue offers a simple, streamlined alternative to lodging and managing financial service complaints with the Financial Service’s Ombudsman (FOS). We handle financial service dispute from start to finish. We fill the knowledge gap with the skills and expertise needed to effectively resolve these dispute’s.
If you would like more information about this topic, please contact Stephanie Leary at
1300 095 561 or email at email@example.com.