“We cannot speak for the whole industry, but from our perspective as independent financial advisers, it is nearly always the strategic advice and emotional support we provide that is of the most importance and has the biggest impact on our clients’ future financial wellbeing.”

This quote is from an article today, where IFA (Independent Financial Adviser) reports on a submission I led in response to the Government’s recent Quality of Advice Report (QAR).

Putting clients’ interests first is behind everything I do as a financial adviser. I’m proud to be a part of a small group of like-minded advisers that are truly independent and who offer conflict-free and strategic advice. Along with 12 other advisers, we made this submission highlighting that the outcomes of the QAR will have far-reaching consequences for both advisers and consumers.

“To adopt many of the recommendations in the current proposal will not only set the industry back to 2010 levels of conflicts of interest but also place consumers at significantly more risk than necessary,” our group said.

Our group fears that the proposals in the QAR consultation paper are centred around the “misbelief” that the main role of financial advisers is to recommend a particular investment or insurance product.

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