SIA Response to the Royal Commission into Banking

Around the country there are honest financial planners and bankers frustrated, angry and disappointed by revelations made at Royal Commission into Banking.

What we’ve seen the Royal Commission expose is that it’s the system, not the professional financial planner community, that is at the root of the problem.

Given recent media coverage of the Royal Commission across all platforms, you could forgive someone for feeling that being involved in financial advice resembles behaviour exhibited in films like “The Wolf of Wall Street”, where corporate profitability is put first and clients are last.
It’s not.

In our experience with financial planners, the vast majority aim to look after their client’s best interest. In our experience through lecturing at various universities in Melbourne, we know that the concept of “client’s best interests” is drilled into financial planning students well before they commence their professional career.


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