Times like now call for good advice

“Times like these certainly show that good financial advice is worth it,” according to MLC Wealth chief executive, Geoff Lloyd.

At the same time as revealing his firm’s support for the Government’s hardship early access to superannuation scheme, Lloyd pointed to the fact that MLC Wealth had seen a significant lift in the need for information on what was happening in the markets and how people’s superannuation was being positioned.

“Some have wanted to switch to more conservative investments, and some have wanted early access given their hardship cases,” he said. “As always in volatile markets, we’ve also seen investors wanting to invest more as they see value in the current market.”

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“Many clients are reaching out to their trusted financial advisers and we are supporting advisers with guidance, processes and communications to help them in this period of intense demand,” Lloyd said. “Times like these certainly show that good financial advice is worth it.”

Lloyd’s comments came as other advisers have canvassed how to assist clients in dealing with issues such as early release super knowing that the clients are already in a hardship position.

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Advisers who have an ongoing service relationship with their clients can quickly provide guidance and reassurance to them in times like these. They don't have to wait until the client requests it. They don't have to force the client to go through complex engagement paperwork before talking to them. They don't have to collect reams of background information from the client (and charge them for doing so) before they can address their specific concern.

Hayne, Frydenberg & ASIC are trying to wipe out ongoing service arrangements. They are deliberately making them impossible to administer in spite of clients' desire to have such a service. They want every piece of contact to be a discrete transaction separately invoiced at the time. That approach will not be in most clients' best interests.

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