Financial advice – its tough
Financial planning advice is a slow, expensive and, it seems, unprofitable business. Firstly, it can take weeks or even months before a comprehensive statement of advice is ready. Secondly, research conducted by KPMG and commissioned by the Financial Services Council found the average cost of providing comprehensive financial planning advice is $5,335 a client, while…
Will banks return to financial planning
Every bank left financial planning in the wake of the Hayne Commission leaving a lot of money on the table to remediate clients for poor financial advice. Have the risk/reward dynamics improved in such a short time to tempt them to return? Deloitte’s Mark Ryan remarked at the Stockbrokers and Financial Advisers Association (SAFAA) Conference…