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There are some great comments on this thread and clearly we see ASIC having their own conflict of interest. i thank you for retracting your judgement on me. I have exceeded 3 decades of work as a planner in a small country town and simply grown because of my own service and no complaints and no businesses were bought. i would think that i demonstrates I have done the right thing by my clients over those decades. I feel now that the industry is moving into unethical times. Unethical because it challenges my principles and that of helping those in need and not those who can just afford the much higher fees that would have to be charged. I have always said if I have to consider what im getting from a client to assist them then this role is not for me, and now one would be first working out if the client can afford me. Thats a sick industry. Commissions and trail helped and worked. It allowed us to serve those in genuine need and maybe not able to pay. There is cross subsidies across most industries and thats actually how insurance works, both life and general insurance. A cross subsidy by way of a premium payment for the protection. Now its up to gofundme for these people and the average result is about $4,000 for a cancer or death. sad it is, that most Australians will now no longer afford advice or find a adviser able to do it.
As I said above, Ive based my own career on ethics and now faced or challenged to move into a unethical future where the real needy will be the losers, it breaks my heart and its broken me far worse than you could imagine.