The financial services industry is getting a fair shake up at the moment. It’s not just because of the Royal Commission either. The Federal Government has been looking to raise ethical standards for quite some time now, with new regulations coming in to effect in January 2019.
For us at wetalkmoney, we are largely immune to these changes as our business model of client first, non-conflict advice is the space that regulators would seem to want every adviser to be. So it’s pretty much business as usual for us.
I have a sincere hope for my industry though.
Let’s hope off the back of all the changes that will be forced on the majority, that we can rediscover our core purpose, which I believe to be damn near sacred.
Financial advice is (or at least should be) a deeply personal role. It’s something quite extraordinary, like no other profession.
We have the great privilege to see things that other professions don’t see.
We get to see clients in all manner of circumstances, to see the truth of that relationship. Sometimes husband and wife arguing in front of us. Other times a family dealing with a significant trauma. Or helping someone plan for their last stage of life. Or even the simple truth of bank accounts.
Clients are often in a vulnerable position and need a professional adviser, a sage counsellor or just a wise point of view, not a product flogger or investment guru.
The privilege of this position means ensuring the highest of ethical standards.
The fact that we are privy to clients most personal goals and are charged with helping them fulfil the things in their life that are most important to them means that our obligations are, I think, higher than other professions.
Financial advice should be the most valued profession.
Let’s bring on the changes so we can get there.
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