The big banks have effectively been forced to bail out of financial planning and advice.
It’s no secret now that the Banking Royal Commission has revealed some dodgy practice from the big banks – only interested in profiting.
Financial planning arms of said banks came under the firing line – offering advice that is not in the best interest of the client. These commission driven, money grabbing initiatives have started to fall – so where does that leave you?
What banks are involved?
Australia’s “big four banks” Commonwealth Bank, Westpac, ANZ and National Australia Bank are amongst those involved.
They have closed or sold out of the respective businesses like BT Financial Group, CFS and MLC.
The problem with their financial advice?
Banks gain a huge profit from offering their customers financial advice and selling their financial products. Due to the commission and profit gained from this it was found that 75% of advice files that were reviewed failed to comply with the best interests of customers.
What does this mean for Power2 clients?
So what does this mean for Power2 clients… absolutely nothing! We are not tied to any banks, insurance companies or product issuers. We can choose whichever companies and products are in the best interests of our clients.
Are you in a Westpac product but the NAB product is better, then we’ll recommend NAB. Are you in an Industry Super Fund and that is best for you, then that’s what we’ll recommend. We get paid by our clients and not by the product providers, it’s the best way to stay free of conflicts.
Choosing a local, unrestricted financial advisor ensures YOUR best interests not the best interests of the bank.
If you’ve been left orphaned by your big bank financial advisor, then get in touch. We have no connection to any of the big banks and will make sure your interests are protected. It’s time to check your fences!!
Financial Planning services provided as Authorised Representatives of Power 2 Financial Services Pty Ltd ABN 51 164 747 595 Australian Financial Services Licence No. 444078