Media no match for quality advice

Outsider was shocked to hear during a Parliamentary committee that consuming financial news was not recommended as a substitute for obtaining professional financial advice.

In a brief exchange, Liberal member, Julian Simmonds, asked Fiducian chair Drew Vaughan: “For those without a financial adviser or ones that were deciding whether it was worth having a financial adviser, would you ever advise your members to seek their financial advice or upskill their financial literacy by reading online journalism?”  

Now, Outsider never considered himself or any of his contemporaries in the press as capable of giving financial advice, but Outsider felt oddly offended that his worthwhile contributions to advice were unwanted and it left him to wonder why.

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Then again, given what the financial press has covered this year – from sexually-charged cryptocurrency investments to the anti-vaccination views of a certain fund manager – perhaps there’s a fair argument the financial press doesn’t have the best judgement for giving advice.

In case you’re left wondering about Mr Vaughan’s view on the matter, his preference was for people to seek professional financial advice. A humbled Outsider agrees. 




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