Sometimes silence is absolutely golden

Outsider is feeling just a little bit sorry for Financial Planning Association (FPA) chief executive, Dante De Gori who, after a somewhat gruelling session at the Royal Commission, then found himself being misquoted in a national daily newspaper on the average cost of financial planning ongoing advice fees.

The FPA went to the trouble of using social media to explain the manner in which De Gori had been misquoted and the fact that the chief executive had asked for a correction only to then find itself being criticised by planners for discussing the fees they charge at all.

The critics, it seems, believe that it is inappropriate for a professional association or industry organisation to be discussing the fees charged by members when those fees will vary according to the nature of the client and the extent of the advice required.

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It seems that between the Royal Commission, implementation of the Financial Adviser Standards and Ethics Authority regime and continuing member demands, these are testing times for the major industry groups.

Sometimes good spin doctors tell their clients that the best strategy is to say nothing at all.

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