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When a client contacts an adviser in these current circumstances and directs the adviser to switch all their super and/or pension investments to Cash effective immediately, is very anxious, stressed and adamant they do not want to place their funds at any further risk of losses, what does the adviser do?
The adviser says before I can facilitate this action, I need to provide the latest version of my FSG, update your client data/fact find and produce either an SOA or ROA in regard to this matter.
This is the utter impracticality of the real world of advice and what clients expect to be able to be effected in an effective and timely manner.
Secondly, the client lives 2 hours away, does not have the technology to print and re-scan documents back in a timely manner and just wants their trusted adviser to assist them in whatever way they can.
This is the face of reality.
This is why the proposed legislative measures to again significantly increase the compliance burden on advisers and the cost impact of running their business which will in turn be passed on to their client needs to be re-considered.
Significantly increasing compliance responsibilities and red tape and effectively making advice much harder and more expensive to access is disadvantaging those who need advice, guidance, experience and direction from someone they can trust.
It must be sensible and practical to be an advantage to the client.
If it is not, it has and will become a disadvantage to the consumer and the dismantling of financial advice businesses across the country will continue......and that is not good for anyone.
It is time the Govt listened to the voice of reason and to work with, rather than against the financial advice profession to
arrive at an outcome that will deliver effective, cost efficient advice in a timely manner to the Australian public.
If Josh Frydenberg and Jane Hume want to actually do something beneficial for Australians it is to stop the relentless pressure and loading up of ridiculous duplicated compliance requirements.