For the past 6 months and the next 6 months we will disengage with 30% of our clients and 50% of the remaining clients fess significantly increase.This justification is made with clients receiving weighty report annually that 90% of the time recommends no change in addition to broad based feel good questions about clients extended family and who they are as people so we have evidence we know our client.The financial planning industry is already a profession and I believe the public at large see us as such already. So I am wondering what this extra navel gazing and regulation has to do other than move old planners on and deter new entrants to the industry.Can the regulators please tell me if accountants, lawyers, or any other profession has their members document not only the recommendation but alternative recommendations (strategies & solutions), require consideration of third party changes in their lifestyles, how important ethical or responsible investments are to them etc...Clients go to an account to lodge tax and ways to minimize tax.Clients go to a lawyer to represent them or lodge a legal document.Clients go to a financial planner to make more money from their investments and/or get insurance product. That's all!Any more documentation than this is guff and simply adds to the cost of advice... and who is it that ultimately pays?The client!
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