Whilst I haven’t been inundated with calls on the current royal commission into the banking and financial services sector, I felt compelled to speak with you about it. It is early days into the royal commission inquiry but we have already witnessed shocking revelations of dishonesty and misconduct within some of Australia’s largest financial institutions. To date, the Commission has heard evidence of appalling behaviour at Australia’s major banks – “the big four” – the Commonwealth Bank, Westpac, ANZ, National Australia Bank, and also AMP.
This includes evidence of:
- Hundreds of cases of misconduct related to financial advice.
- Misappropriating customer funds.
- Misleading or deceiving customers.
- Falsifying documents including forging customers’ signatures.
- Allegations of bribery to achieve sales targets.
- Charging clients fees for services that weren’t delivered.
As the investigations continue, I am sure we are set to witness more revelations being uncovered on a daily basis, and while the inquiry still has some way to go, it is clear that in some cases fee revenue from their advice businesses has been a priority when considering the products and services they recommend to their clients.
Many of you would be well aware of my journey into financial advice, this is a pathway I have chosen not just because I could not find the right financial adviser for me but because I wanted to extend the opportunity for you to receive advice that would benefit you. My entire focus as I have evolved my business has been on helping more women make the most of their money, and to take the stress away.
There are many changes afoot in financial services including the education standards of all advisers and setting the industry on a pathway to achieving professional standards. Whilst these are just two of the mandates that are now being undertaken, I believe that this is what we need to do to retain the confidence of our clients and the Australian public.
I wish to assure you that my business is a privately-owned financial advisory and wealth management firm. I am an authorised representative of Capstone Financial Planning, a 100% privately-owned national Australian Financial Services Licensee that has no alignment to any bank or financial institution.
Capstone Financial Planning, my Licensee, has long maintained that there is an inherent conflict of interest between sales and advice when it comes to the financial advisory services offered by the large financial institutions and their associated advisers. There is no doubt that the revelations currently unfolding serve to confirm these suspicions and concerns.
My purpose for selecting Capstone Financial Planning was because they could provide me access to the widest possible range of insurance and researched investment products and services available in Australia. When we assess the most appropriate option for your needs and circumstances we do so with no bias towards any particular product provider. When I recommend a product or service to you it’s because we genuinely believe that particular product or service is the most appropriate solution for your specific needs as I understand them to be.
I am not incentivised to recommend any particular product or service, nor am I compelled to participate in, nor am I motivated by, reaching any sales targets.
My reputation is important to me. I will always act in your best interests first and foremost. Should you have any issues or concerns, or questions in relation to the services and advice I provide, please feel welcome to contact me directly.
