Well done Paul for highlighting a very important aspect lost by ASIC and fee for ongoing advice. Ongoing review (client meetings) in many cases does not relate to a financial product but it is financial advice the client is seeking. As you have always noted, good Advisers have moved to another level and even after the RC and ASIC asking for every increasing laws, they have not addressed the band-aid approach to regulation is not working for the clients and the advisers.
Although it would be interesting to see how accountants, mortgage brokers, real estate agents would cope with financial advice definition that considers any matter relating to a client financial matters. Maybe this would also fix the lack of attention to the definition of wholesale clients. SOA days could be number and a more sensible approach to provide advice and supervision could be achieved to substantially reduce costs to all clients, as compared to the mindless paperwork we provide to clients base on regulations.
Keep up the good work.
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