Friday, August 26th, 2011
To whom is your Adviser responsible?
Investors confused as to who is behind the advice they are given.
A survey by Roy Morgan Research released several weeks ago found that almost 65 per cent of people who deal with advisers belonging to one of the six largest financial planning groups do not realise who owns the adviser group to which they belong. They assume their adviser is independent, unaware of the potential conflict of interest in the advice and products they are being advised to invest in. ‘Linked’ or ‘owned’ financial planners funnel up to 80 per cent of their client’s money through to their parent company. ‘Most Australians who acquired their superannuation through financial planners are confused as to whether the planner they have used is aligned to a major financial institution or is independent,’ Roy Morgan director Norman Morris said.
If you are unsure call Simon or Joy at Segue to learn who sits behind the advice you are currently receiving.
