A Note about the Royal Commission
In recent weeks we have seen plenty of media surrounding the Royal Commission into Banking and Financial Services. We felt it would be helpful to you for us to provide you with our preliminary thoughts.
Firstly, we strongly commend the work of the Royal Commission and the practices it has shined a light upon. Importantly, what the Royal Commission has highlighted are many instances where the poor culture of large institutional financial services businesses has led them to prioritise profits over consumer outcomes.
This can only serve to undermine confidence in the advice profession, particularly when it has exposed these types of behaviours from some of our largest and well-known institutions.
Some of the reasons we elected to license our business under Fortnum Private Wealth was to be part of a business: that does not generate its profits out of product; where the culture is first and foremost about client outcomes; and its services are designed to assist us to deliver advice that can be in your interest. Our business is focused solely on these outcomes for you.
Over the coming period, we expect that the landscape in the financial services sector will change dramatically as a result of this Royal Commission. Most notably, we believe there will be a separation of the ability to own investment product manufacturing (ie products like managed funds) and advice businesses. This will see more of the industry moving to a model like the one we operate under today.
If you have any concerns around what you may be hearing or reading with regard to the Royal Commission or any other related matter we would welcome hearing from you directly – you can contact our office on 07 3233 6470, or feel free to email Ryan Dobbrick – ryan[at]liberumfinancial.com.au.
General Advice Warning
Past performance is not an indicator of future performance. The information provided in this article is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions. Liberum Financial Pty Ltd and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.