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Amp Financial Planning Updates

The high degree of the property of financial planners by the big four banks means higher sales of in-house financial products to those seeking advice.

Financial institutions have the lion's share of the financial planning industry. Banks are hugely profitable, spend more on marketing and advertising than any other industry and exercise great influence over governments of whatever persuasion. They are developing their own media departments at a time when independent media is struggling, and the regulator, the Australian Securities and Investments Commission (ASIC), appears to be on the rear foot when it is a question of ensuring that consumers' interest is protected.

Most financial planners are now aligned with or employed by using one of the big banks plus AMP. The sales culture of the Commonwealth Bank's financial planning arm has been exposed by Fairfax Media.

Then there was the AMP-aligned planner who recently spoke of the high level of 'systemic bias' towards in-house product at institutional licensees, such as the banks and, presumably, AMP. In a submission to the Financial System Inquiry, he wrote :' The most pressing issue within the advice industry is the presence of bias within the advice process. ' While 'these institutions purport to conduct the investigation into the various financial goods and services available' and 'claim to give attention to the available products across the entire market ', there are biases to recommend the products associated with the institution.

We are the premier, most sophisticated and complete financial planning services organization. We provide high-value, cross-disciplinary consultation for our clients, their businesses, and their families. We pursue our role as 'advisors' with the highest standards of integrity, knowledge, and skill - accessing expertise with the most effective systems, processes and creative ideas to deliver unparalleled experience.

The banks now want to be in a position to sell their super and insurance products over the counter, without even bothering to go by using one of their financial advisers. The advice would be 'general'. no account taken of the customers' circumstances. There would likewise be no restrictions on how the banks could reward their tellers for selling products.

Don't be the product, buy the product!