One of the obvious outcomes from the ongoing Royal Commission enquiry is increased compliance, according to most reports. However, I am yet to meet a financial adviser who craves more compliance or a client who chooses an adviser because of their “compliance based competitive advantage”. It’s time to rethink the role of compliance in financial advice.
It’s now been around three weeks since Australian retirees have been able to make a super contribution of up to $300,000 from the proceeds of their house – the question is, how should that money best be used?
While we are all gasping at the findings of the Royal Commission, and our industry enters a shocked and silent limbo, I know more business leaders are thinking of the job ahead post Commission.
Unfortunately, there have been systemic cultural issues in many parts of financial services organisations, that has fostered a culture of self-interest over ethical considerations.
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