Seems to be the situation. Some seem consumed on the argument on becoming a "profession" with ever increasing regulation to the point that many clients will no longer receive or be able to afford advice ($3K pa seems to be the minimum). While this discussion and transition is unfolding, Industry Super is simply getting huge amounts of FUM under General Product "Advice" all paid for by members/clients under Intra Fund "Advice" Fees - which are not for "Advice" (and other such as AMP seem to be moving in the same direction).The term "Advice" is used by all but it is only a qualified "Financial Adviser" that has all the regulation - and in the mean time the FUM is rolling on in - and the "Financial Advisers" are out of this as they it seems are "conflicted".But it does seem to be OK to be an employed Adviser thereby eliminating all conflicts if said Adviser only recommends the in-house product. Very convenient if you are a product manufacturer wanting to sell lots of product?
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