The Royal Commission has seen a distinct shift from bank-aligned financial planners towards independents, according to Adviser Ratings managing director, Angus Woods.
Speaking on a panel at the Association of Superannuation Funds of Australia (ASFA) conference in Adelaide, Woods said that his company had noted an upturn in inquiries about financial planners, with activity doubling since the beginning of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
“There has been an increase in the independent space away from the banking aligned type of adviser,” he said.
Woods’ comments came as Link Advice managing director, Duncan McPherson said his company had noted the continuing strength of superannuation brands amid the fallout from the Royal Commission and the level of interest in advice from members.
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Just a reminder that ASIC prohibits any adviser using the term "independent" to describe themselves. Acceptable alternative terms include "non-aligned" or "non bank owned".
There are no winners, except the predetermined ones that Haynes. Kell & Shorten agreed upon - the ISA.
No other way to explain the utter lack of investigation by ASIC, the appointment of ex-ISA exec's to senior ASIC positions, the gentle inane questions & friendly chat Hayne allowed to be conducted with ISA in his RC, except as corruption at worst or collusion at best.
Or Mr Hayne, did a union thug give you an anonymous 1.00am threatening ph call that got to you?
Obviously the RC knew that it made much more sense to dig into commercial banks, wealth management companies and in-house financial advisory firms. And it found plenty. The apologists for the retail funds remain in denial. Forget about looking for scapegoats as these firms and their staff did it to themselves.
The Turnball/Morrison/Dwyer lot would have being doing their upmost to feed whatever dirt they had on the industry funds but guess they were unsuccessful. No union thugs needed.
You seem to have forgotten that it was a couple of National Party MPs who took on the Turnball/Morrison/Dwyer (there's no need for a Royal Commission into our mates) and forced the Coalition into calling the Royal Commission.
Maybe there was nothing worth investigating. You seem to miss the fact that the industry funds boards have 50% employer representatives.
Congrats Hedware, perfect record, you still manage to always never ever address any issues outlined but always your fill your answers with what appears to be a predetermined ISA script! Keep that red flag fluttering, won't you.
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