Jim Stackpool

“Thanks to reports like Mr Sedgwick’s more Australians will come to realise the banks are more like drug companies providing product and not like hospitals or doctors providing services.” Says Jim Stackpool Director of a national group of advisory firms – Certainty Advice Group.

“His report highlights that people’s behaviours will always align to how they are rewarded. If Mr Sedgwick’s recommendations are implemented, more Australians will realise how their banker or adviser is being remunerated. Then they will better understand if the advice or product offered is in their best interests.”

“There is a lot of talk about putting the customer first and acting in the best interest of the customer. It would be refreshing if this was done rather than talked” says Certainty Adviser Annette Pulbrook, Director of FinBiz Advisers in Warners Bay.

“Whilst the banks have a right to provide advice, there will always be a natural conflict between shareholder demands (and therefore management’s strategy) of the product manufacturer and advisors providing advice under the licence of the product manufacturer” says Scott Girdlestone, Director of William Buck, Sydney.

Stackpool says “The sales cultures of the banks, insurance companies and other financial institutions won’t change due reports like Mr Sedgwick’s or even a possible banking royal commission. What is changing is consumer’s understanding of a product-pushing sales culture versus a non-conflicted professional advice like they currently obtain from their doctor.”

The post National Financial Advice Group responds to Sedgwick Recommendation appeared first on AdviserVoice.