Did you know that the major banks are out or moving out of Financial Advice? Have you previously walked into a bank branch and spoken to a Financial Adviser - there is a good chance that those advisers will no longer be there.
You may have seen the media announcements that Westpac are quitting Financial Advice. But what does this really mean? They have decided to sell their Financial Advisers to a company called Viridian Advisory. But doesn't this mean your adviser will just continue under a different banner - no... Viridian are only taking on the top advisers and what they consider high net worth clients. If you are part of the rest, your fees will be turned off as well as any support you received.
How long until the other banks follow suit. CBA's arm of Financial Planning has already been forced to turn of adviser fees and although they are still providing the service how long will this last??
ANZ has agreed to sell all but it's in branch adviser relationships to IOOF on the back of a history of poor advice costing millions in remediation. How long until the bank advisers go the same way?
NAB is rebranding it's advice model to sit under MLC Adviser - but currently is an unprofitable part of the business due to high remediation and compliance costs.
Why not deal with a Financial Adviser who is self employed and only works for you - not a large company in the background. You can be comfortable that any advice given is in your best interests and aren't focused on protecting hidden commissions. We work to build wealth no matter what products you use because that is the key to a long term and happy relationship.
If you are looking to discuss your options, please feel free to put your details below and we can organise a no cost, no obligation discussion.