I have come to the same conclusion as you John. Financial advice has been made an illegal profession. It is not possible to produce a Statement of Advice that cannot be legally challenged. There is zero reward and massive risk so why would anyone want to be in this business. The banks are getting out and Macquarie will not work with a client unless they have $1 million or more to invest. It is time to go and let the government deal with all the orphaned clients. It will be a catastrophe for many people.
There is only one thing that puts a smile on my face these day. That is knowing that the mongrel thugs (union Industry Super Funds) who have instigated the destruction of the financial adviser profession are now finally blowing up. We are at the end of the long term debt cycle and Industry Super Funds are caught with large allocations to overvalued unlisted assets. There investment portfolios were structured to deliver a story for their marketing strategy. They thought they could get away with over allocating to unlisted assets so they could use fake valuations to claim high returns. They thought they would never have a liquidity risk event because they have gamed the system perfectly and captured the majority of SG inflows and also captured the regulator. But there arrogance is bringing them undone. It will be music to my ears when I hear that certain Industry Super Funds have had to write down their unlisted assets by over 50%.
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